East Africa SOC as a Service Market To Generate $131.5 Million in 2030

In 2022, the East Africa SOC as a service market reached $67.8 million revenue, which is forecast to grow to $131.5 million by the end of this decade, at an 8.3% CAGR, according to P&S Intelligence.

This is ascribed to the increasing need for the efficient management of digital transactions, rising government support, evolving IT sector, and growing security concerns across companies in Uganda, Kenya, Rwanda, Burundi, and Tanzania.

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In addition, the rising uptake of connected devices and expanding retail market are projected to boost the requirement for cloud-delivered security operations centers across East Africa.

Increasing Incidence of Cyberattacks Fueling SOC as a Service Demand

● Cloud computing and the internet facilitate consumers and organizations in buying and selling products online. But, this raises the risk of data breaches and digital frauds.

● Globally, cases of cyberattacks have increased by 50% annually in the last few years. In this regard, the growing acceptance of remote working models and the BYOD culture boosts the industry growth.

SOC as a Service Widely Adopted in Large Enterprises

● Large enterprises would dominate the market in 2030, with $114.8 million in revenue. These companies have a huge number of enterprise applications and databases; therefore, they need advanced solutions for detecting, preventing, and effectively tackling cyberattacks.

● Furthermore, MNCs with multiple streams of revenue and large corporate networks opt for SOC as a service solutions to comply with the government mandates for customer data protection.

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High Susceptibility to Cyberattacks Driving Solution Demand in BFSI Sector

● On the basis of end user, the market is dominated by the BFSI sector, because it lures cybercriminals due to the very nature of its business. On an average, on the first working day, a finance professional in an MNC can access around 11 million digital files.

● The BFSI sector is the target of 70% of the cyberattacks. Moreover, more than 30 billion accounts could experience a breach by 2030. Financial organizations are at a perpetual risk of phishing attacks, wherein each data breach leads to losses of about $6 million.

Kenya Is Largest User of SOC as a Service in East Africa

The market in Kenya is projected to generate $59.1 million revenue in 2030, compared to $29.4 million in 2022, witnessing an 8.8% CAGR. It is ascribed to the growing adoption of cloud-based SOCs in the IT and telecom, retail, BFSI, and healthcare industries and supportive laws for data protection in the nation, including the Data Protection Act 2019.

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