According to a new report, published by KBV research, The Global SOC as a Service Market size is expected to reach $10.9 billion by 2028, rising at a market growth of 10.2% CAGR during the forecast period.
The Vulnerability Assessment & Threat Detection segment dominated the Global SOC as a Service Market by Type in 2021, thereby, achieving a market value of $7.51 billion by 2028. Detection services have witnessed a significant increase in demand as a result of the increased usage of digital technologies. Targeted attacks are getting more common as individuals become more dependent on digital information and transport vast volumes of data around the world. Advanced technologies give new powers and functions, but they also increase the risk. This is because the cyber security landscape is always changing, businesses cannot protect the assets from all types of cyber-attacks and data breaches. As a response, detection services are in high demand across a wide range of industries.
The BFSI segment is leading the Global SOC as a Service Market by Vertical in 2021, thereby, achieving a market value of $2.18 billion by 2028. Managing sensitive financial data and combating cyber-threats frequently necessitates discovering ways to do more with less. IT teams with limited resources are frequently overburdened and pressured to complete projects that help the bottom line while also enhancing the cyber-security maturity and complying with regulatory requirements. With such a broad scope of responsibilities, how can small and mid-sized financial institutions combat sophisticated cyber-threats, provide the necessary monitoring and incident response for compliance, and do so on a budget that doesn't allow for staffing or the construction of a sophisticated security operations center.
The Solution segment is experiencing a CAGR of 12% during (2022 - 2028). A security operations center (SOC) is a security team that team up with businesses to safeguard them against cyber assaults. Cyber security professionals, analysts, and engineers’ staff SOCs, which know how to detect and react to security breaches as well as avoid future events help companies to protect their environment. To achieve the objectives, organizations employ policies, procedures, and specialized technologies such as a SIEM solution.
The Fully Managed segment has shown growth rate of 12.1% during (2022 - 2028). Fully Managed Services are proactive IT (Information Technology) asset or object management services provided by a third party, generally an MSP, on behalf of a customer. The services provide a premier customer-facing security support desk manned by highly skilled security engineers who can quickly handle the issues.
The Large Enterprises segment acquired maximum revenue share in the Global SOC as a Service Market by Organization Size in 2021, thereby, achieving a market value of $6.9 billion by 2028. Large firms require the SOC as a Service because of greater IT-related complexities and more interference from highly skilled intruders and unauthorized access. In simple words, large enterprises face cyber-attacks more frequently. Large enterprises have no concerns related to financial budgets and can easily implement SOC as a Service.
The Network Security segment is showcasing a CAGR of 10.6% during (2022 - 2028). As the number of mobile devices grows, networks are becoming more exposed to cyber-attacks and malware. Additionally, the SOCaaS market is observing the trend of mobile workers, BYOD, social media, and cloud synchronization technologies. The COVID-19 pandemic has accelerated the BYOD/CYOD trend, with enterprises conducting the majority of their company processes through remotely linked personal devices. Tracking personal devices and the actions is a time-consuming task that requires the expertise of a trained professional.
The North America market dominated the Global SOC as a Service Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $3.77 billion by 2028. The Europe market is estimated to witness a CAGR of 9.7% during (2022 - 2028). Additionally, The Asia Pacific market would experience a CAGR of 10.7% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/soc-as-a-service-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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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