The North America SOC as a Service Market would witness market growth of 9.6% CAGR during the forecast period (2022-2028).
Most organizations have deeply invested in security monitoring tools on-premise and in the cloud in order to safeguard sensitive data and adhere to an increasing raft of data protection regulations across the world, as well as to defend intellectual property and other commercially sensitive information. Although, it has led to an outpouring of security alerts being issued on a regular basis for many organizations. This is hard or impossible for most organizations, particularly small and medium-sized firms (SMEs), to examine and analyze every alert. Moreover, SOCaaS solutions allow a comprehensive and harmonized threat detection and response capacity, indicating to auditors a concentrated effort to address all cyber security concerns. Another important factor is the scarcity of cyber security capabilities, which affects businesses of all sizes. SOCaaS allows businesses to take advantage of the benefits of a security operations center (SOC) or extra SOC resources without the hassle of finding and keeping qualified personnel. This service also enables rapid capacity expansion at a fraction of the cost of sustaining additional capacity in-house.
Hackers are always improving the cyber-attacks to make them more evasive and dangerous. Therefore, a developed region like North America requires the incorporation of SOC as a service in every relevant organization in order to safeguard the rich and sensitive data of the organization. For instance, as per the Identity Theft Resource Center, there were multiple thousands of data breaches in the United States in 2020. Moreover, in 2020, a significant cyber-attack supported by a foreign government breached hundreds of organizations around the world, including multiple elements of the US federal government, resulting in a series of data breaches.
The security operations center (SOC) team has become more sophisticated as a result of the Internet of Things. SOC personnel must learn the nuances of cyber-attacks that make use of the hyper-connectivity provided by enterprise IoT. For example, with the establishment of its Mississauga-based security operations center in March 2020, Optiv Security, a security solutions integrator delivering end-to-end cyber-security solutions, underscored its continuous engagement in defending Canadian enterprises and government institutions. To deliver local, real-time, 24/7 threat monitoring and remediation services for Canadian clients, the center brings together a varied team of cyber-security experts, comprising SOC engineers, developers, and threat analysts.
The US market dominated the North America SOC as a Service Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2,726.9 million by 2028. The Canada market is estimated to grow at a CAGR of 12.1% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 11.1% during (2022 - 2028).
Based on Type, the market is segmented into Vulnerability Assessment & Threat Detection and Incident Response. Based on Vertical, the market is segmented into BFSI, IT & ITeS, Manufacturing, Telecommunications, Government & Public Sector, Healthcare & Life Sciences, Transportation & Logistics, Energy & Utilities, and Others. Based on Component, the market is segmented into Professional Services and Solution. Based on Offering Type, the market is segmented into Co-managed and Fully Managed. Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on Application, the market is segmented into Endpoint Security, Network Security, Cloud Security, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global SOC as a Service Market is Estimated to reach $10.9 Billion by 2028, at a CAGR of 10.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include AT&T, Inc., IBM Corporation, NTT Data Corporation, Verizon Communications, Inc., Cloudflare, Inc., Fortinet, Inc., Check Point Software Technologies Ltd., Atos Group, Tata Consultancy Services Ltd., and Profico.
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