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The SOC-as-a-Service market is estimated to grow at a CAGR of 11.21% between 2022 and 2027. The size of the market is forecast to increase by USD 2,795.9 million. The growth of the market depends on several factors, including rising bring-your-own-device and work-from-home model, increasing cyber risks and threats, and increasing demand for IoT-managed services.
This report extensively covers market segmentation by end-user (large enterprises and SMEs), service (prevention services, incident response services, and detection services), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The reports categorize the global SOC-as-a-Service market as a part of the global data processing and outsourced services market within the global IT services market. The parent global IT services market covers companies offering IT consulting and system integration services, application services, electronic data processing services, business process outsourcing services, infrastructure services, and Internet services. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The rising bring-your-own-device and work-from-home model are notably driving the market growth, although factors such as growing demand for limited trust in SOC-as-a-Service vendors may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key SOC-as-a-Service Market Driver
The rise in work-from-home trend is one of major factors driving the market growth. Covid-19 greatly influenced the working environment giving the employers complete control over how their employees are using technology. Customized laptops and cell phones with default configurations were provided to employees to connect to the company's network. Due to the bring your own device and work form home trend the market for SOC-as-a-Service is growing significantly.
Additionally, Choose-Your-Own-Device (CYOD) and remote working have given the employees the freedom to use their own devices for work. This includes private networks, which fall outside the company's security expertise, like mobile hotspots or the Internet. Data breaches and cyber theft are quite likely in such cases. Therefore, digitization and technological developments have ushered in new trends which will drive the market growth during the forecast period.
Significant SOC-as-a-Service Market Trend
Data protection regulations and directives for cyber crime are another major factor driving the market growth. Organizations all across the world are becoming more aware of the devastating effects of cyber theft as a result of the COVID-19 outbreak since all operations must either be stopped or handled remotely using rudimentary security infrastructures. They are requiring the implementation of SOC-as-a-Service in order to comply with the present government's data protection regulations. To manage risks and address growing concerns over the privacy of an individual's data, data protection is expected to be essential. Governments all around the world are investing a large sum of money in modernizing their IT infrastructure, particularly in developing countries like China and India. Businesses that violate these rules must pay the government substantial fines. Such activities are anticipated to boost the growth of SOC-as-a-Service during the forecast period.
Major SOC-as-a-Service Market Challenge
One of the major challenge impeding market growth is the limited trust in SOC-as-a-Service vendors. Companies want to prevent third parties from controlling their entire network infrastructure. It may be terrible for businesses and the people who work for them if something goes wrong. The anticipated market expansion is being severely hampered by this predicament.
Additional expenditures related to service quality, upper-level management, and data security that could impede the growth of the targeted market during the projected period add to the uncertainty faced by business owners. The growing complexity of the network infrastructure is another significant issue that manufacturers competing in the market deal with. Thus, the limited trust in SOC-as-a-Service is becoming a challenge for vendors and could hinder the growth of the market in focus growth during the forecast period.
Key SOC-as-a-Service Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global SOC-as-a-Service Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Suma Soft Pvt. Ltd - The company offers SOC-as-a-Service solutions such as Cloud Security Monitoring, Vulnerability Scanning, Managed Detection and Response, Security Device Support, Security Device Management. Through its unified segment, it focuses on providing IT solutions and consulting services.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth of the large enterprises segment will be significant during the forecast period. Large enterprises have broad corporate networks and diverse income streams. Therefore, they can install an intelligent SOC and a strong security service management architecture to handle threats and hazards in their working environments.
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The large enterprises segment was valued at USD 1,688.78 million in 2017 and continued to grow until 2021. To enable secure access to financial resources, large enterprises are frequently using SOC-as-a-Service solutions. Large enterprises have numerous operations. Thus, they continuously implement new and improved technology to identify, stop, and respond to any sort of cyberattack. SOC can be implemented using a variety of models, including internal, co-managed, and completely managed models. Such factors are expected to drive the growth of the segment in the global market during the forecast period.
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North America is estimated to contribute 40% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The number of vendors has been rising with an increase in the number of data breaches and cyberattacks. Hackers are constantly improving the evasiveness and destructiveness of their cyberattacks. The advent of new technologies and innovations in cloud and IoT, along with the growing popularity of digital transformation, raised the importance of cybersecurity. This is one of the major factors which are expected to increase the need for SOC-as-a-Service and help the market record a high growth rate during the forecast period.
The demand for Security Operations Center (SOC) staff witnessed an exponential increase due to COVID-19 as the number of cyber threats rose. Thus, the cloud-based SOC-as-a-Service contributed to the growth of the market in focus in 2020-2021 due to its remote access capabilities. Moreover, increased smartphone and internet penetrations encouraged the adoption of SOC-as-a-Service solution among individuals.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
SOC-as-a-Service Market Scope |
|
Report Coverage |
Details |
Page number |
154 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 11.21% |
Market growth 2023-2027 |
USD 2,795.9 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
10.54 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 40% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Arctic Wolf Networks Inc., AT & T Inc., Atos SE, Binary Defense Systems Inc., Check Point Software Technologies Ltd., Clearnetwork Inc., Cloudflare Inc., ConnectWise LLC, CYREBRO, eSentire Inc., Fortinet Inc., International Business Machines Corp., Kaseya Ltd., NTT Corp., ProSOC Inc., SilverSky Inc., Stratospherer Networks, Suma Soft Pvt. Ltd., Tata Consultancy Services Ltd., and Verizon Communications Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Service
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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