SOC as a Service Market: Global Industry Analysis and Forecast (2023-2029)

SOC as a Service Market size was valued at US$ 782.55 Mn. in 2022 and the total revenue is expected to grow at a CAGR of 28.9% through 2023 to 2029, reaching nearly US$ 4626.83 Mn.

SOC as a Service Market Overview:

The capability to identify, investigate, and resolve targeted cyber threats are introduced by SOC. SOC is supported by both technology and people. Prevention Service, Detection Service, and Incident Response Service are the service types of the SOC as a service market. Network Security, Endpoint Security, Application Security, and Database Security are some of the applications of the SOC as a service market. Banking, Financial Services, and Insurance (BFSI), Government and Public Sector, IT and Telecom, Healthcare, Retail, Manufacturing, and Energy and Utilities are some of the end-users of the SOC as a service market. SOC as a Service MarketTo know about the Research Methodology :- Request Free Sample Report

SOC as a Service Market Dynamics:

Efforts to promote digital transformation and cloud services to improve efficiency, increase agility, and cut costs have rapidly and greatly expanded the attack surface of most organizations. As the workforce becomes more mobile and remote, cyber attackers take advantage of these trends to access internal and cloud applications, systems, services, and data from outside the corporate network. During the COVID-19 pandemic, the number of people working from home increased rapidly, accelerating this trend and exacerbating risks. Most organisations have heavily invested in security monitoring tools on-premise and in the cloud in order to secure sensitive data and comply with a growing raft of data protection regulations around the world, as well as to protect intellectual property and other commercially sensitive information. However, this has resulted in an avalanche of security alerts being issued on a regular basis for many organisations. It is difficult or impossible for most of these organisations, particularly small and medium-sized firms (SMEs), to investigate and analyse every alert. SOC as a service solutions allow a comprehensive and harmonised threat detection and response capacity, indicating to auditors a concentrated effort to address all cyber security concerns. Another important factor has been the scarcity of cyber security capabilities, which has affected businesses of all sizes. SOC as a service allows you to take advantage of the benefits of a security operations centre (SOC) or additional SOC resources without having to worry about hiring and retaining qualified personnel. SOC as a service also enables rapid capacity growth at a fraction of the cost of maintaining additional capacity in-house. Globally, the total addressable market (TAM) for SOC was reached at US$ 21 Billion in 2019. Whereas, the total addressable market (TAM) for SOC was reached at US$ 25 Billion in 2021. The key major restraining factor that are expected to hamper the growth of the global SOC as a service market during the forecast period 2023-2029 are the hidden costs, the quality of SOC as a service provided, and lack of trust in SOC as a service providers.

SOC as a Service Market Segment Analysis:

Based on the Service Type, the market is segmented into Prevention Service, Detection Service, and Incident Response Service. Detection Service segment is expected to hold the largest market shares of xx% by 2029. This is due to the increasing use of digital technologies, detection services have seen a substantial surge in popularity. Targeted attacks are becoming more common as people become more reliant on digital information and share massive amounts of data around the world. New capabilities and features are provided by advanced technologies, but they also raise the risk. Organizations cannot defend their assets from all sorts of cyber-attacks and data breaches since the cyber security landscape is constantly changing. As a result, detection services are in high demand in a variety of organisations. These are the key drivers that are expected to drives the growth of the detection service segment in the global market during the forecast period 2023-2029. Based on the Industry Vertical, the market is segmented into Banking, Financial Services, and Insurance, Government and Public Sector, IT and Telecom, Healthcare, Retail, Manufacturing, Energy and Utilities, and Others. Banking, Financial Services, and Insurance (BFSI) segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2023-2029. Due to various factors such as increased third-party transaction frauds, operational and deployment issues, and state-sponsored attacks, BFSI is one of the most appealing industries for hacktivists or cybercriminals. In the BFSI sector, SOC tools help to reduce fraud and threats. These are the factors that boost the growth of the BFSI segment in the global market during the forecast period 2023-2029. Government and Public Sector segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2023-2029. Critical data and information are handled by government and public sector organisations. These businesses have experienced a significant increase in the adoption of new technologies. Governments are heavily employing modern technical solutions through programmes such as digital governance and smart cities. Cybercriminals are increasingly targeting applications used in the government and public sector industrial vertical to gain access to sensitive data.  SOC as a Service Market

SOC as a Service Market Regional Insights:

Asia Pacific dominates the SOC as a Service market during the forecast period 2023-2029. Asia Pacific is expected hold the largest market share of xx% by 2029. Asia Pacific has seen advanced and rapid adoption of new technologies. Asia Pacific includes significant markets like China, Japan, Singapore, Australia, and New Zealand, all of which are expected to grow rapidly in the SOC as a Service market during the forecast period. Financial institutions, government and public sector, healthcare, retail, manufacturing, energy and utilities, and other industries are expected to embrace SOC as a Service solutions at a faster rate than the rest of the region. Companies operating in Asia Pacific are expected to get profit from the region's flexible economic conditions, government-driven industrialization programmes, and the expanding digitalization, which is expected to have a big impact on the business community. These are the major factors that drive the growth of this region in the SOC as a Service market during the forecast period 2023-2029. The objective of the report is to present a comprehensive analysis of the Global SOC as a Service Market to the stakeholders in the industry. The past and current status of the industry with the forecast market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The reports also help in understanding the Global SOC as a Service Market dynamic, structure by analyzing the market segments and project the Global SOC as a Service Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Global SOC as a Service Market make the report investor’s guide.

SOC as a Service Market Scope: Inquiry Before Buying

Global SOC as a Service Market
Report Coverage Details
Base Year: 2022 Forecast Period: 2023-2029
Historical Data: 2017 to 2022 Market Size in 2022: US $ 782.55 Mn.
Forecast Period 2023 to 2029 CAGR: 28.9% Market Size in 2029: US $ 4626.9 Mn.
Segments Covered: by Component Solution Services
by Service Type Prevention Service Detection Service Incident Response Service
by Offering Type Fully Managed Co-Managed or Hybrid
by Application Network Security Endpoint Security Application Security Database Security Others
by Industry Vertical Banking, Financial Services, and Insurance Government and Public Sector IT and Telecom Healthcare Retail Manufacturing Energy and Utilities Others

SOC as a Service Market, by Region

North America (United States, Canada and Mexico) Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe) Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC) Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A) South America (Brazil, Argentina Rest of South America)

SOC as a Service Market, Key Players are

1.AlienVault 2. BlackStratus 3. Cygilant 4. Thales e-Security 5. Alert Logic 6. Proficio 7. Netmagic Solutions 8. Arctic Wolf Networks 9. AQM Technologies 10. ESDS Software Solution 11. Suma Soft 12. GA Systems 13. Expel 14. RadarServices 15. StratoZen Frequently Asked Questions: 1] What segments are covered in SOC as a Service Market report? Ans. The segments covered in SOC as a Service Market report are based on Component, Service Type, Offering Type, Application, and Industry Vertical. 2] Which region is expected to hold the highest share in the SOC as a Service Market? Ans. Asia Pacific is expected to hold the highest share in the SOC as a Service Market. 3] Who are the top key players in the SOC as a Service Market? Ans. AlienVault, BlackStratus, Cygilant, Thales e-Security, Alert Logic, and Proficio are the top key players in the Global SOC as a Service Market. 4] Which segment holds the largest market share in the SOC as a Service market by 2029? Ans. Detection Service segment hold the largest market share in the SOC as a Service market by 2029. 5] What is the market size of the SOC as a Service market by 2029? Ans. The market size of the SOC as a Service market is US $4626.83 Mn. by 2029. 6] What was the market size of the SOC as a Service market in 2022? Ans. The market size of the SOC as a Service market was worth US $782.55 Mn. in 2022.
1. Global SOC as a Service Market: Research Methodology 2. Global SOC as a Service Market: Executive Summary 2.1 Market Overview and Definitions 2.1.1. Introduction to Global SOC as a Service Market 2.2. Summary 2.1.1. Key Findings 2.1.2. Recommendations for Investors 2.1.3. Recommendations for Market Leaders 2.1.4. Recommendations for New Market Entry 3. Global SOC as a Service Market: Competitive Analysis 3.1 MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2 Consolidation in the Market 3.2.1 M&A by region 3.3 Key Developments by Companies 3.4 Market Drivers 3.5 Market Restraints 3.6 Market Opportunities 3.7 Market Challenges 3.8 Market Dynamics 3.9 PORTERS Five Forces Analysis 3.10 PESTLE 3.11 Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • Latin America 3.12 COVID-19 Impact 4. Global SOC as a Service Market Segmentation 4.1 Global SOC as a Service Market, by Component (2022-2029) • Solution • Services 4.2 Global SOC as a Service Market, by Service Type (2022-2029) • Prevention Service • Detection Service • Incident Response Service 4.3 Global SOC as a Service Market, by Offering Type (2022-2029) • Fully Managed • Co-Managed or Hybrid 4.4 Global SOC as a Service Market, by Application (2022-2029) • Network Security • Endpoint Security • Application Security • Database Security • Others 4.5 Global SOC as a Service Market, by Industry Vertical (2022-2029) • Banking, Financial Services, and Insurance • Government and Public Sector • IT and Telecom • Healthcare • Retail • Manufacturing • Energy and Utilities • Others 5. North America SOC as a Service Market (2022-2029) 5.1 Global SOC as a Service Market, by Component (2022-2029) • Solution • Services 5.2 Global SOC as a Service Market, by Service Type (2022-2029) • Prevention Service • Detection Service • Incident Response Service 5.3 Global SOC as a Service Market, by Offering Type (2022-2029) • Fully Managed • Co-Managed or Hybrid 5.4 Global SOC as a Service Market, by Application (2022-2029) • Network Security • Endpoint Security • Application Security • Database Security • Others 5.5 Global SOC as a Service Market, by Industry Vertical (2022-2029) • Banking, Financial Services, and Insurance • Government and Public Sector • IT and Telecom • Healthcare • Retail • Manufacturing • Energy and Utilities • Others 5.6 North America SOC as a Service Market, by Country (2022-2029) • United States • Canada • Mexico 6. Asia Pacific SOC as a Service Market (2022-2029) 6.1. Asia Pacific SOC as a Service Market, by Component (2022-2029) 6.2. Asia Pacific SOC as a Service Market, by Service Type (2022-2029) 6.3. Asia Pacific SOC as a Service Market, by Offering Type (2022-2029) 6.4. Asia Pacific SOC as a Service Market, by Application (2022-2029) 6.5. Asia Pacific SOC as a Service Market, by Industry Vertical (2022-2029) 6.6. Asia Pacific SOC as a Service Market, by Country (2022-2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 7. Middle East and Africa SOC as a Service Market (2022-2029) 7.1 Middle East and Africa SOC as a Service Market, by Component (2022-2029) 7.2. Middle East and Africa SOC as a Service Market, by Service Type (2022-2029) 7.3. Middle East and Africa SOC as a Service Market, by Offering Type (2022-2029) 7.4. Middle East and Africa SOC as a Service Market, by Application (2022-2029) 7.5. Middle East and Africa SOC as a Service Market, by Industry Vertical (2022-2029) 7.6. Middle East and Africa SOC as a Service Market, by Country (2022-2029) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 8. Latin America SOC as a Service Market (2022-2029) 8.1. Latin America SOC as a Service Market, by Component (2022-2029) 8.2. Latin America SOC as a Service Market, by Service Type (2022-2029) 8.3. Latin America SOC as a Service Market, by Offering Type (2022-2029) 8.4. Latin America SOC as a Service Market, by Application (2022-2029) 8.5. Latin America SOC as a Service Market, by Industry Vertical (2022-2029) 8.6. Latin America SOC as a Service Market, by Country (2022-2029) • Brazil • Argentina • Rest Of Latin America 9. European SOC as a Service Market (2022-2029) 9.1. European SOC as a Service Market, by Component (2022-2029) 9.2. European SOC as a Service Market, by Service Type (2022-2029) 9.3. European SOC as a Service Market, by Offering Type (2022-2029) 9.4. European SOC as a Service Market, by Application (2022-2029) 9.5. European SOC as a Service Market, by Industry Vertical (2022-2029) 9.6. European SOC as a Service Market, by Country (2022-2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 10. Company Profile: Key players 10.1. AlianVault 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. BlackStratus 10.3. Cygilant 10.4. Thales e-Security 10.5. Alert Logic 10.6. Proficio 10.7. Netmagic Solutions 10.8. Arctic Wolf Networks 10.9. AQM Technologies 10.10. ESDS Software Solution 10.11. Suma Soft 10.12. GA Systems 10.13. Expel 10.14. RadarServices 10.15. StratoZen
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