SOC as a Service Market 2023: Innovation and Product Optimization to Boost Growth in Future

According to the report published by Allied Market Research, The SOC as a Service Market 2023: Innovation and Product Optimization to Boost Growth in Future. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers valuable able guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.

Rise in demand for work-from-home and remote working policies since the COVID-19 pandemic which has propelled the demand for better security and endpoint management policies, and the increasing number of cyber-attacks and fraud cases fuel the growth of the global SOC as a service market. However, data privacy and customization challenges of SOC as service platforms hinder the market growth. On the other hand, the development of advanced communication technologies such as 5G communication networks and cloud technology present new opportunities in the market in the coming years.

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The global soc as a service market was valued at USD 4.6 billion in 2021, and is projected to reach USD 9.9 billion by 2031, growing at a CAGR of 8.2% from 2022 to 2031.

The SOC as a service market is segmented on the basis of service type, enterprise size, application area, industry vertical, and region. Depending on the service type, the market is classified into prevention services, detection services, and incident response services. Based on enterprise size, the market is bifurcated into large enterprises and SMEs. The application area covered in the study includes network security, endpoint security, application security, database security, and others. On the basis of industry vertical, the market is classified into BFSI, healthcare, government and public sector, IT and telecom, retail, manufacturing, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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Based on service type, the prevention services segment contributed to the largest share of more than two-fifths of the global SOC as a service market in 2021 and is expected to lead the trail during the forecast period. This is owing to the high demand for preventive security solutions globally. However, the detection services segment is projected to witness the fastest CAGR of 8.9% from 2022 to 2031. This is owing to the growing demand for security services worldwide.

Based on enterprise size, the large enterprises segment held the largest share of three-fourths of the global SOC as a service market in 2021 and is expected to maintain a prominent growth during the forecast period, owing to the large-scale operations of SOC as a service in large enterprises. However, the SMEs segment is likely to exhibit the highest CAGR of 10.2% in 2031. This is owing to the growing innovations in SMEs.

Based on application area, the network security segment was the largest market in 2021, accounting for more than one-third of the global SOC as a service market and is likely to lead the trail throughout the forecast period. This is owing to the growing need for network security solutions globally. However, the endpoint security segment is anticipated to manifest the fastest CAGR of 11.9% during the forecast period. This is due to the growing remote working trends worldwide.

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Based on region, North America was the largest market in 2021, accounting for more than two-fifths of the global SOC as a service market and is anticipated to manifest the largest revenue growth during the forecast period, owing to the growing number of cyber-attacks in the region. However, the market in Asia-Pacific is likely to grow at the fastest CAGR of 9.1% during the forecast period, due to the adoption of innovative technologies and advancements in the retail sector in the region.

The key players profiled in the SOC as a service market analysis are Atos SE, AT&T, Arctic Wolf Networks, Check Point Software Technologies, Cloudflare, Inc., Fortinet Inc., IBM CORPORATION, NTT, THALES Group, and Verizon. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

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Covid-19 Scenario

● The global SOC as a service market witnessed stable growth during the COVID-19 pandemic, owing to a rise in the drift of work from home and remote working trends during the period.

● Moreover, business organizations were busy handling the impact of the COVID-19 pandemic and additional security & risk management considerations that became apparent during the period. This, in turn, heightened the demand for building advanced security operation centers to monitor the spectrum of an organization's IT infrastructure, including network, endpoints, and cloud.

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