SOC-as-a-Service market to hit CAGR of 24.3% in next decade
The global SOC-as-a-Service market is expected to reach a valuation of US$11844.1 million by 2032, with the market growing at a CAGR of 24.3% from 2022 to 2032, according to Future Market Insights.
Predicted to reach an estimated US$1340.3 million in 2022, the target market is likely fuelled by rising cyber security threats, the researchers state.
With the prevalence of remote work culture, the risk of cyber crime and phishing also increases. The SOC-as-a-service market is witnessing heightened demand to counteract this threat.
With the surge in the prevalence of data breaches and cyber-attacks in small, medium, and large-scale businesses all across the globe, the demand for efficient and reliable SOC-as-a-Service solutions is also on the rise.
Cyber security has become a crucial aspect for organisations around the world to protect and conserve their digital assets from rising cyber threats.
Cyber security threats such as phishing attacks, ransomware, browser gateway frauds, distributed-denial-of-service (DDoS), whaling, malware, and spear phishing are growing in the frequency of occurrence and becoming a serious concern for various organisations, the researchers state. Consequently, as a counterattack, SOC-as-a-service solutions are registering heightened demand.
Cyber threats not only diminish business productivity but also threaten critical IT infrastructure and present a risk to sensitive information.
The swift growth of digital transactions across industries is further increasing the frequency of cyber crime. All of these considerations underpin the demand for the SOC-as-a-Service market as it can enhance the security and consumer trust of an organisation.
“Rise in security breaches along with increasing cyber attack complexity is expected to spearhead the global growth of the SOC-as-a-service market over the forecast period,” states an FMI analyst.
Key takeaways from the report include:
- The use of third-party service providers may leave enterprises vulnerable, resulting in an obstacle to market growth
- Integration of IoT will strengthen market prospects for SOC-as-a-Service
- By application, the cloud security segment will register a CAGR of 30.7%
- The network security segment accounts for the highest share of 34.7%
- By service type, the detection segment will expand at 28.5% CAGR
- Based on enterprise size, the SME segment will grow at a CAGR of 27.4%
- The SOC-as-a-service market in the United States will acquire 36% of the market share while growing at 21.3% CAGR
According to the latest FMI reports, based on segmentation, the cloud security application segment will continue to observe strong demand throughout 2031 and register a CAGR of 30.7%. The adoption of the detection service segment will record a spike due to the heightened implementation of digital technologies in the past few years. This segment will likely grow at a CAGR of 28.5% during 2022-2032.
When it comes to key brands in the space, Check Point Software, IBM Corporation, AlienVault (AT & T Cybersecurity), Tata Consultancy Services, BlackStratus, Cygilant, Thales e-Security, Alert Logic, Proficio and CYREBRO among others are some of the major players in the SOC-as-a-service market.
According to the researchers, leading market players are concentrating on product innovation and development to cater to consumer demands. These enterprises also employ strategic partnerships and collaboration tactics to expand their product portfolio.