The global SOC-as-a-Service market is projected to reach US$ 1.08 Bn in 2021, finds Future Market Insights (FMI) in a recent market survey. With a favorable demand outlook, the market is poised to grow at a prolific 24.3% CAGR, totaling US$ 9.5 Bn in 2031.
Remote working is a flexible arrangement offered by corporate offices in the wake of the novel COVID-19 pandemic. In recent years, the telework and teleconferencing technology has been seen significant advancement where many of businesses are able to thrive with completely remote teams.
Remote working helps companies to avoid loss of public health and productivity. However, this trend has doubled the chances of cyberattacks, phishing and transaction frauds. As a result, demand for cyber security solutions has been witnessing upticks.
For instance, as per Forbes, an estimated 70% of the workforce will be working remotely at least five days a month by 2025. Companies such as Twitter, Shopify and Dropbox have already announced that they will be moving to permanent work-from-home setups.
In May 2020, Facebook CEO Mark Zuckerberg predicted that 50% of the company’s employees could be working remotely within the next five to 10 years. This trend will continue bolstering adoption and sales of SOC-as-a-Service in the forthcoming years.
Further, the introduction of connective technologies such as IoT, machine learning (ML), artificial intelligence (AI) and cloud computing is highlighting the need for effective cycber security solutions in organizations.
As a result, IoT users and software designers are aiming to launch a wide range of current and future technology solutions to tackle the cyber-attack risk associated with their IoT devices.
In addition to this, increasing adoption of artificial intelligence (AI) driven SOC-as-a-Service will continue augmenting market growth. AI-based SOC services
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Key Takeaways
- Based on service type, the detection service segment is estimated to grow the fastest during the forecast period, expanding at a 28.5% CAGR through 2031.
- In terms of application, the cloud security segment is projected to grow at an impressive 30.7% CAGR over the forecast period.
- The large enterprises segment is anticipated to account for 60.5% of the total SOC-as-a-Service sales during the assessment period.
- Applications of SOC-as-a-Service are projected to remain high in the BSFI sector, accounting for 28.1% of the total market share.
- The U.S. is expected to dominate the North America SOC-as-a-Service market, accounting for 89.6% of the market share.
- The U.K. will emerge as a lucrative market, with total revenue reaching US$ 668.5 Mn by 2031.
- India will continue witnessing high demand for SOC-as-a-Service, with sales growing at a 33.6% CAGR through 2031.
- Sales of SOC-as-a-Service in Japan and South Korea are projected to growt a 20.0% and 24.3% CAGR respectively.
“Many organizations rely on SOCs as a valuable resource to detect, analyze, and respond to cybersecurity threats. However, most businesses can’t afford to run in-house SOC, and choose to outsource security monitoring operations to a third-party SOC as a Service provider” said a lead FMI Analyst.
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AI Driven SOC-as-a-Service to Showcase the Productive Future Opportunities for Key Players
Artificial Intelligence (AI) driven SOC as a services is an in-house team of skilled, dedicated, and trained information security personnel. It monitor real-time security posture of organizations and helps to analyze, detect, investigate, defend, and report cybersecurity issues before it occurs.
AI in SOC-as-a-service helps to eliminate cumbersome manual tasks, streamlines business processes, reduce operating costs, and improves service quality. AI SOC tool prevent organizations from security breaches instead of using manual methods and processes typically used after the breach has occurred. AI driven SOC as a services generates reports about SOC security levels automatically and helps to create the reports understandable for the business executives.
Competitive Landscape
Check Point Software Technologies Ltd., AlienVault (AT&T Cybersecurity), BlackStratus, Cygilant, Inc., Thales e-Security, Inc., Alert Logic, Inc., Proficio, Netmagic Solutions (NTT DATA), Arctic Wolf Networks Inc., ESDS Software Solution Pvt. Ltd., Suma Soft Private Limited, GA Systems, Expel, Inc, RadarServices Smart IT-Security GmbH, Fortinet, Inc., Binary Defense, eSentire, Inc., CYREBRO, Cybersafe Solutions Llc, and Digital Hands are some of the leading players operating in the global SOC-as-a-Service market, as profiled by FMI.
Key players operating in the market are investing in research and development to launch effective and innovative cybersecurity solutions to cater to the growing consumer demand. Apart from this, mergers, acquisitions, and strategic collaborations will remain prominent growth strategies adopted by leading players over the forecast period. For instance:
- In February 2021, Cygilant and SentinelOne announced partnership which offers businesses automated cybersecurity for the cloud and endpoint. It helps to access SentinelOne which encompasses AI-powered prevention, response, cloud workloads hunting across endpoints, detection, containers, and IoT devices in a single autonomous XDR platform.
- The cloud security segment is expected to register high Y-o-Y growth rates throughout the forecast period. In terms of value, this segment is expected to expand at a CAGR of 30.7% during the forecast period.
- Among regions, South Asia & Pacific SOC-as-a-service market is estimated to register high CAGR of 32.8% during the forecast period, as government across several developing countries like Indonesia and India are investing more into advanced technologies.
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SOC-as-a-service Market by Category
By Service Type:
- Prevention Service
- Detection Service
- Incident Response Service
By Offering Type:
- Fully Managed Service
- Co-Managed Service
By Enterprise Size:
- Small and Mid-Sized Enterprises (SMEs)
- Large Enterprises
By Applications Area:
- Network Security
- Application Security
- Endpoint Security
- Cloud Security
- Others
By Industry:
- BFSI
- IT & Telecom
- Healthcare
- Government & Public Sector
- Retail
- Manufacturing
- Energy & Utilities
- Others
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