Dublin, Jan. 16, 2024 (GLOBE NEWSWIRE) -- The "SOC as a Service Market by Service Type, Offering, Application, Sector, Vertical and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global SOCaaS market is projected to grow from USD 6.7 billion in 2023 to USD 11.4 billion by 2028 at a CAGR of 11.2% during the forecast period. The market growth in SOCaaS is fueled by factors such as rapid technological advancements, the growing trend of BYOD, CYOD, and WFH, the growing complexity of cyber threats, and complex threat response.
Market Dynamics
- Drivers
- Increase in Complexity of Cyber Threats
- Rapid Technological Advancements Along with Growing Trends of BYOD, CYOD, and WFH
- Complex Threat Response Process
- Restraints
- Data Privacy and Compliance Concerns
- Integration Complexity with Compatibility and Interoperability Issues
- Cost Constraints
- Opportunities
- Rise in Adoption of Cloud-based Solutions Among SMEs
- Harnessing Power of AI, ML, and Blockchain Technologies for Cyber Defense Advancements
- Challenges
- Limited Skilled Cybersecurity Professionals
- Non-Standardized Log Formats
Case Study Analysis
- Inspira Enhanced Cybersecurity with Modernized SOC Powered by IBM QRadar
- Chillisoft and Advantage Empowered Fiji National University's Cybersecurity with SOC as a Service
- CyberSecOp Helped Multiple Industries in Enhancing Cyber Security with SOC as a Service
By application, the cloud security segment will grow at the highest CAGR during the forecast period
The cloud security segment attained the highest CAGR in the SOCaaS market's application segmentation due to increasing cloud adoption and its distinct security challenges. Cloud security SOCaaS services offer tailored monitoring and threat detection, catering to the complexities of securing cloud data and applications. The urgency to counter cloud-specific threats, comply with regulations, and safeguard assets drives demand. As cloud services become integral, the segment's specialized capabilities for real-time monitoring and responsive incident management contribute to its significant growth. Thus, the cloud security segment accounts for the largest market size during the forecasted period.
By organization size, the co-managed segment will grow at the largest market size during the forecast period
The co-managed segment achieved the highest CAGR in the SOCaaS market's offering segmentation due to its adaptable and collaborative cybersecurity management approach. The model addresses the challenge of harmonizing internal security efforts with external expertise. Additionally, the co-managed SOCaaS empowers organizations to control specific security aspects while harnessing external providers' specialized skills for monitoring, threat detection, and incident response. Furthermore, merging internal knowledge with external support in co-managed SOCaaS delivers a cost-effective and efficient response to evolving cyber threats, propelling its significant growth. Thus, the co-managed offering segment has the highest CAGR during the forecasted period.
North America is expected to account for the largest market size during the forecasted period
During the forecast period, North America leads in regional market share due to key industry players such as Fortinet, Cloudflare, and Proficio, among others, increased cyberattacks, rapid cloud-based technology adoption, and stringent security regulations. This dominance reflects the region's vulnerability to cyber threats, driving demand for robust solutions like SOCaaS. The rise in cloud-based applications further fuels the need for enhanced cybersecurity, pushing North American enterprises to embrace SOCaaS for vigilant monitoring and protection. The region's proactive response to compliance requirements solidifies its frontrunner status in the SOCaaS market, catering to various stringent security standards.
Asia Pacific is anticipated to account for the highest CAGR during the forecasted period
The Asia Pacific region, comprising developed economies like China, Japan, Australia, and New Zealand, and emerging ones like India and Singapore, is poised for the highest CAGR during the projected period. With robust governmental regulations and technological progress, the SOCaaS market is flourishing in Asia. Additionally, technology adoption, including analytics, cloud computing, and business infrastructure, is rapidly advancing in the region. Moreover, the Asia Pacific region leads in adopting SOCaaS solutions, driven by cybersecurity concerns and the shift to cloud-based solutions in industry verticals such as BFSI, government, IT, and telecom. Security breaches, strict regulations, and the shift toward standardized security solutions further fuel the growth.
The Asia Pacific region experienced a significant surge in cyberattacks, prompting national cybersecurity policy updates and adopting encryption solutions. This escalation in threats has led prominent vendors like IBM and TCS to expand SOCaaS operations in the region to bolster security and business profitability in the face of intensifying cyber risk. Thus, the Asia Pacific region has the highest CAGR during the forecasted period.
Research Coverage
The report segments the SOCaaS market and forecasts its size by service type (managed SIEM & log management, vulnerability scanning & assessment, threat detection & incident response, and GRC), offering (fully managed and co-managed), application (network security, cloud security, endpoint security, and application security), sectors (public and private), verticals (BFSI, healthcare, government, manufacturing, energy and utilities, IT and ITeS, telecommunications, transportation, and logistics, and other verticals), and region (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America). The study includes in-depth competitive intelligence covering company profiles, recent developments, and key market strategies.
Companies Mentioned
- Atos
- AT&T
- Arctic Wolf
- Airbus
- Ascend Technologies
- Cloudflare
- Connectwise
- Clearnetwork, Inc.
- Cybersafe Solutions
- Cybersecop
- Esec Forte
- Esentire
- Eventus Security
- Fortinet
- Foresite Cybersecurity
- Insoc
- Kaseya
- Lumen Technology
- NTT
- Netsurion
- Proficio
- Stratosphere Networks
- Safeaeon
- SOCwise
- Thales
- Trustwave
- Teceze
- Verizon
- Wizardcyber
Key Attributes
| Report Attribute | Details |
| No. of Pages | 393 |
| Forecast Period | 2023-2028 |
| Estimated Market Value (USD) in 2023 | $6.7 Billion |
| Forecasted Market Value (USD) by 2028 | $11.4 Billion |
| Compound Annual Growth Rate | 11.2% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/eu3q93
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