Security Operations Centre as a Service Market: Segmented: By Component (Solutions and Services); By Service Type (Prevention Service, Detection Service and Incident Response Service); By Offering (Fully Managed and Co-managed/Hybrid); By Application Area (Network Security, End-point Security, Application Security, Database Security and Others); By End-users (BFSI, Government & Public Sector, IT & Telecom, Healthcare, Retail, Manufacturing, Energy & Utilities and Others); and Region - Analysis of Market Size, Shares & Trends for 2016-2019 and Forecast To 2019-2030
Security Operations Centre as a Service Market is anticipated to exceed USD 1,765 million by 2030 from USD 731 million in 2021 at a CAGR of 19.15% throughout the forecast period i.e. 2020-2030.
SOC as a service is a cloud-based security provision, which assists organizations to outsource the complete security procedure, such as handling networks, endpoints, applications, server websites, and databases. The service offers a real-time evaluation of security signals and upholds a secure environment across an organization's IT organization by guaranteeing the steadiness of business maneuvers. The service also offers the required cybersecurity assistance needed to fight complex cyber-attacks. SOC as a service supplier consists of an enthusiastic group of information security professionals that are in charge of examining and monitoring the company security position the entire day. The service integrates several guidelines into its contributions to preserve the security and privacy of the customers' data and guarantee agreement across organization assets.
Security Operations Centre as a Service Market is expected to project a CAGR of 11.2% during the forecast period, 2022-2032
The market is anticipated to grow on the back of rising trends such as BYOD, CYOD, and WFH. Growing comprehension of the internet and the rising need for linked devices raises the possibility of being pounced online. With substantial growth in high-level cyber-attacks, the need for SOC as a service (Security Operations Centre) has amplified immensely. Furthermore, burdensome supervision post-risk spotting has also increased demand in the global soc as a service (Security Operations Centre) market. Moreover, rising vigorousness in business surroundings has empowered industries to implement SOC as a service (Security Operations Centre) solution to certify enhanced security of their data. Likewise, the critical need for an agreement with a separate governing association such as GDPR, PCI DSS, and HIPAA will most likely lead to growth in this market.
The Solutions segment to grow with the fastest CAGR of xx% during 2020-2030
Global SOC as a service market is segmented by Component into Solutions and Services. Among these, the solutions segment is estimated to hold the largest market share of xx% in 2019. SOC as a service trader assists industries in offering the required knowledge, awareness, and hazard context to comprehend risks to its surroundings and respond suitably. The solution assists organizations in recognizing the ongoing security bearing of their information programs and infrastructure, and fighting against cybersecurity threats. Thus, industries are implementing SOC as a service solution to achieve their business-sensitive applications.
The Co-managed/Hybrid segment to boost at the fastest CAGR of xx% during 2020-2030
Global SOC as a service market is segmented by Offering into Fully Managed and Co-managed/Hybrid. Among these, the co-managed/hybrid segment is witnessed to hold the largest market share of xx% in the year 2019. The hybrid or co-managed representation for SOC and SIEM (Security Information and Event Management) offers enterprises better power and perceptibility in their IT organization. Enterprises can outspread their core security group by implementing hybrid or co-managed SIEM and SOC applications. The hybrid service offers widespread data fortification and averts the indemnities caused by security violations. Owing to these factors, industries are implementing the co-managed or hybrid model.
The Government & Public Sector segment to grow with the fastest CAGR of xx% during 2020-2030
The global market for SOC as a service is divided based on End-users into BFSI, Government & Public Sector, IT & Telecom, Healthcare, Retail, Manufacturing, Energy & Utilities, and Others. Among these, the government & public sector segments accounted for the largest market share of xx% in 2019. Government and public sector institutions manage crucial data and information. These institutions have faced the sturdy implementation of modern technologies in recent times. Through the schemes of digital supremacy and smart cities, governments are profoundly organizing advanced technological solutions. The applications used in the government and public sector industry verticals are turning out to be the key objectives for cybercriminals to approach sensitive data. Hence, the government and the public sector are portraying the maximum growth rate during the forecast period.
The rise in Trends such as BYOD< CYOD, and WFH
Initially, industries had complete power over restricting the utilization of technology among the workforce. Consequently, industries used to offer them modified laptops and cell phones strictly Set-up with custom alignments that convene company strategies. By adopting this method, industries were fruitful in upholding data reliability and also the complete security position industries. With the introduction of digitalization and swift changes in technology, industries globally are implementing modern trends such as Bring Your Device (BYOD) and Choose Your Device (CYOD) (laptops, tablets, and smartphones) for their workforce. Another trend is Work from Home (WFH), in which the workforce is approved to WFH from their devices. When employees WFH, they use personal networks such as mobile networks or broadband whose security intensity is not known by industries. As these devices are usually used for personal work, they could be at threat of malware and other cybersecurity attacks that did not start-of within the organization. To safeguard organizations from possible damages that could be caused. As a result, industries are implementing SOC as a service for declining the threat panorama. Thus, the rise in trends such as BYOD, CYOD, and WFH is pushing the growth of SOC as a service market.
Lack of Trust among Organizations to let Full Control of System Structure to SOC as a Service Suppliers
Organizations doubt that if things go absurd between SOC as a service and institutions, SOC as a service having full power over system structure can turn out to be inconvenient for enterprises. This is one of the explanations why enterprises are reluctant in handing complete power over their program structure to SOC as a service supplier. Other factors like hidden costs, the value of service offered, and the absence of trust in service suppliers may restrict the development of this market. Nonetheless, as per company professionals, if SOC as a service can turn out to be trustworthy at every point to raise the level of management and guarantee that the industrial data is safe, industries build a sense of confidence and can spread reach to SOC as a service.
Asia Pacific to surge at the highest CAGR of xx% during 2020-2030
Region-wise, the market for SOC as a service across the globe is segmented into North America, Latin America, Europe, Middle East & Africa, and the Asia Pacific. Among these, Asia Pacific is witnessed to constitute xx% of the total market share in the year 2019. Asia Pacific comprises key economies, like China, Japan, Singapore, Australia, and New Zealand, which are anticipated to record high growth rates in the SOC as a service market. Enterprises like financial organizations, government and public sector, healthcare, retail, manufacturing, energy and utilities, and others are estimated to implement SOC as a service solution at the maximum rate in the region. Industries functioning in the Asia Pacific would gain from the supple economic circumstances, industrialization-enthused strategies of the governments, and also from the emerging digitalization, which is portrayed to have a significant impact on the business community.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
The Security Operations Centre as a Service Market size was estimated at USD 731 million in 2021 and is expected to reach USD 1,765 million by 2030
Radar Cyber Security, Thales E-Security, Arctic Wolf Networks, Binary Defense, Alert Logic, QAM Technologies, ESDS Software Solution, Suma Soft, GA Systems, Black Stratus
The Solutions segment and The Co-managed/Hybrid segment are anticipated to hold the Security Operations Centre as a Service Market
Drivers The rise in Trends such as BYOD< CYOD, and WFH
SOC as a service is a cloud-based security provision, which assists organizations to outsource the complete security procedure, such as handling networks, endpoints, applications, server websites, and databases.
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