Security Operation Center (SOC) As A Service Market - Growth, Trends, Covid-19 Impact, And Forecast (2023 - 2029)

Market Overview:

The Global Security Operation Center (SOC) as a Service Market Is Expected To Grow At A Significant Growth Rate, And The Analysis Period Is 2022-2028, Considering The Base Year As 2021.

An organization's whole IT infrastructure is monitored by a team of analysts and IT security experts working together at a location known as a security operations centre (SOC), sometimes known as an information security operations centre (ISOC). SOC services can be used internally or externally and are available around-the-clock to detect cybersecurity events in real-time, address any problems, or stop any cyberattacks with the utmost efficiency.

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Market Dynamics

Driver:

To safeguard their digital assets from the escalating cyberthreats, enterprises now cannot function without cybersecurity. Some of the most well-known cyber risks include spear phishing, phishing assaults, ransomware, malware, vishing, browser gateway frauds, Distributed Denial of Service (DDoS), whaling, and ransomware. Cyber terrorists target endpoints, networks, data, and other IT infrastructure, causing enormous financial losses for people, businesses, and governments. Cyber threats hinder corporate productivity while also endangering enterprises' sensitive data and vital IT infrastructure. Cybercrimes are occurring more frequently as a result of the quick expansion of digital commerce across all industry sectors worldwide.

Opportunities:

Organizations must implement security controls and policies to accomplish and demonstrate compliance with regulations as the regulatory landscape quickly becomes more complicated. The usage of a third-party provider may complicate regulatory compliance requirements and necessitates faith in the service provider to carry out their compliance-related obligations, even though a managed SOC provider may provide support for regulatory compliance. Over the years, highly effective cyberattacks have severely damaged numerous enterprises, causing enormous financial losses. Organizations today are constantly looking to sign up for SOCaaS to defend against these disruptive attacks. It is necessary to abide by the current countries' data protection rules when using SOCaaS for cyber defense.

The Report Will Include A Major Chapter

•Patent Analysis
•Regulatory Framework
•Technology Roadmap
•BCG Matrix
•Heat Map Analysis
•Price Trend Analysis
•Investment Analysis
•Company Profiling and Competitive Positioning
•Industry Value Chain Analysis
•Market Dynamics and Factors
•Porter's Five Forces Analysis
•Pestle Analysis

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Moreover, the report includes significant chapters such as Patent Analysis, Regulatory Framework, Technology Roadmap, BCG Matrix, Heat Map Analysis, Price Trend Analysis, and Investment Analysis which help to understand the market direction and movement in the current and upcoming years.

Market Segmentation

By Service:

•Incident Response
•Threat Monitoring
•Detection, Analytics

By Application:

•Database Security
•Endpoint Security
•Network Security

By Deployment Mode:

•Cloud
•On-Premise

By Organization:

•Small and Medium Enterprises (SMEs)
•Large Enterprises

By End User:

•BFSI
•IT & Telecommunication
•Healthcare
•Manufacturing
•Others

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Regional Analysis In Security Operation Center (SOC) as a Service Market

North America dominates the Global Security Operation Center as a Service Market by having more than one-third of the total revenue share in 2021. The reason behind the success of the market in North America is the number of Security Operation Center as a Service Providers across the region. Also, North American Countries like the United States and Canada are the early adopters of any new technology in the market, due to which the count of SOC service providers has been increasing as the region is undergoing advancements in its tech industry. For the last few years Organizations operating in North America are been witnessing the maximum number of data breaches and cyberattacks which is leading to a rise in the demand for SOC solutions certainly for Incident Response and Detection. Moreover, higher penetration of the internet with the increasing usage of cloud-based software and platforms is forcing the development of stronger security solutions, to protect customers' sensitive personal and payment-related information. All these factors along with the regulatory mandates regarding cybersecurity are boosting the market growth in North American countries.

By Region:

•North America (U.S., Canada, Mexico)
•Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
•Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
•Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
•South America (Brazil, Argentina, Rest of SA)

Key Players For The Global Security Operation Center (SOC) as a Service Market

•AT&T Cybersecurity Inc. (US)
•IBM Corporation (US)
•Cygilant Inc. (US)
•Tata Consultancy Services (India)
•Atos (France)
•Arctic Wolf Networks (US)
•Airbus Cybersecurity (France)
•Binary Defense (US)
•Thales Group (France)
•SecureWorks Inc. (US)
•CyberSecOp (US)
•Check Point Software Technologies Ltd. (Israel)
•BlackStratus Inc. (US)
•eSentire Inc. (Canada)
•Verizon Communication (US)
•Proficio(US)
•RadarServices Smart IT-Security GmbH (Austria)
•Netsurion (US) and Other Major Players

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Key Industry Development In The Security Operation Center (SOC) as a Service Market

In April 2022, Proficio, a leading provider of Managed Detection and Response service provider, launched its new ProSOC Identity Threat Detection and Response service. The service is the industry's only vendor-agnostic Open XDR solution that supports Identity Threat Detection and Response and works with existing security tools without proprietary agents or any sensors. This new service protects the client organizations from Identity-based Attacks and Credentials Abuse.

In July 2020, Thales Launches a New Integrated 24/7 NOC-SOC in the Netherlands, with the launch the company expanded its managed services for customers in the Netherlands. With the help of trained experts present 24/7, the integrated NOC-SOC can provide organizations with premium services for IS-IT asset management and cybersecurity supervision, which is a critical necessity to fulfill remote working tech needs during the Covid-19 crisis.

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•Strong qualitative and quantitative market analysis based on the segment breakdown within the consideration of both economic as well as non-economic factors.
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•Analysis of geography highlighting, the region vice consumption of the product/service and an indication of the factors that are affecting the market within each region.
•The competitive landscape encompasses the market ranking of the major market competitors, new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled.

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