Global SOC as a Service Market was valued at US$ 400.79 Mn in 2018 and is expected to reach US$ 1878.7 Mn by 2026, at a CAGR of 24.7% during a forecast period.
SOC as a service (security operations center as a service) provider comprises a dedicated team of information security experts that are responsible for exploring and monitoring the organization security posture 24/7. The services allow organization’s security incident detection of sophisticated cyber-attacks, like malware, phishing and social engineering, web-based attacks, botnets, malicious codes, and Denial of Service (DoS).
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Driving factors responsible for the growth of SOC as service market includes demand for network security, cryptanalysis and malware reverse engineering to investigate network incidence. In addition, demand for a network strategy implementing protective measures as well adds to the market growth of SOC Industry. However, lack of knowledge about security operations is a concerning factor which is predictable to hamper the growth of the market during forecast period.
Solution segment is expected to register major share in terms of revenue during the forecast period. SOC as a service solutions are gaining traction owing to the growing demand among enterprises to effectively secure their internal and external infrastructure in order to protect critical business information and infrastructure.
North America is expected to dominate the SOC as service market during the forecast period followed by the Asia Pacific. The US and Canada are anticipated to drive the growth of SOC as a service market. This is because of the presence of a large number of security vendors in that region.
Additionally, the region also has a well-established infrastructure and allows high penetration of devices, while the growing adoption of advanced technologies is another reason for the growth of SOC as a service market. The major forces driving the Asia Pacific market growth are rising technology adoption, huge opportunities across government and public sector, and rise in the number of startups in the Asia Pacific economies, especially India. In recent years, the Asia Pacific region has witnessed tremendous economic growth, political transformations, and social changes.
Key development in SOC as a service market, In January 2018, SecureWorks Inc. a cyber-security company formed an alliance with Carahsoft, an IT solution supplier to deliver and protect critical data with the help of managed cyber security solutions focusing on the public sector. This alliance allows the protection of vital government and citizen data by adapting security policies and digital transformation of an organizations core services.
Major players operating in the SOC as a Service market, AlienVault, a provider of unified security management acquired by AT&T Inc revealed its OTX Endpoint Threat Hunter service which scans threat in the administrations environment in April 2018. It offers on-demand visibility of endpoint devices and critical security insights that diminish business risks. This allows organization to work efficiently without data breach concerns.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding Global SOC as a Service Market dynamics, structure by identifying and analyzing the market segments and project the global market size.
Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in the Global SOC as a Service Market.
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Scope of the Global SOC as a Service Market
Global SOC as a Service Market, By Component
o Training and Education
o Support and Maintenance
Global SOC as a Service Market, By Service Type
• Prevention Service
• Detection Service
• Incident Response Service
Global SOC as a Service Market, By Offering Type
• Fully Managed
• Co-Managed or Hybrid
Global SOC as a Service Market, By Application
• Network Security
• Endpoint Security
• Application Security
• Database Security
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