SOC as a Service Market Archiving Market Forecast Report 2024-2033 | Share, Overview, Outlook

The soc as a service market size has grown strongly in recent years. It will grow from $4.05 billion in 2023 to $4.43 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to increased cybersecurity threats, lack of in-house security expertise, compliance and regulatory requirements, proliferation of advanced persistent threats (apts), rising volume of security alerts.

The soc as a service market size is expected to see rapid growth in the next few years. It will grow to $6.83 billion in 2028 at a compound annual growth rate (CAGR) of 11.4%. The growth in the forecast period can be attributed to growing sophistication of cyber attacks, integration of artificial intelligence in soc services, expansion of cloud-based security solutions, increased adoption by small and medium enterprises (smes), emphasis on threat intelligence and information sharing. Major trends in the forecast period include automation and orchestration in soc operations, continuous monitoring and incident response, zero trust security models, managed detection and response (mdr) services, focus on user and entity behavior analytics (ueba) in soc

Market Overview -
A security operations center (SOC) refers to a team within a company tasked with researching, identifying, preventing, and responding to cyber threats. SOC as a service monitors security 24/7 and uses automation and data science to speed up detection and deliver high-confidence alerts. The SOC as a service is used to reduce the burden on in-house security teams.

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The Role Of Cybersecurity Threats In Fueling The Soc-As-A-Service Market
The drastic growth in the sophistication of cyber-attacks and security breaches is expected to propel the growth of the SOC as a service market going forward. Cyber-attacks refer to attempts to gain unauthorized access to a computer or a system. The SOC-as-a-service helps prevent cyberattacks through faster detection and remediation and uses automation and data science to speed up detection and deliver high-confidence alerts. For instance, in January 2023, according to the new data provided by Checkpoint, an Israel-based provider of software and hardware products for IT security global cyberattacks increased by 38% in 2022, compared to 2021. Also, according to ESET Threat Report T2 2021, researchers found a 7.3% increase in email-based attacks between May and August 2021, the majority of which were part of phishing campaigns, a sca*m created by cybercriminals to steal financial resources. Therefore, the drastic growth in the sophistication of cyber-attacks and security breaches is driving the SOC-as-a-service market growth.

Competitive Landscape -
Major companies operating in the soc as a service market report are AT&T Inc., International Business Machines Corporation., Nippon Telegraph and Telephone Corporation., Verizon Communications Inc., ConnectWise LLC, Alert Logic Inc., Arctic Wolf Networks Inc., CrowdStrike Holdings Inc., Cybereason Inc., Darktrace Limited, Exabeam Inc., Fortinet Inc., F-Secure Corporation, McAfee Corp., Palo Alto Networks Inc., Rapid7 Inc., RSA Security LLC., Dell Technologies Company, SentinelOne Inc., Sumo Logic Inc., Trustwave Holdings Inc., Varonis Systems Inc., Zscaler Inc., Cynet Ltd., Netsurion LLC, Proficio Inc., Expel Inc., CYDERES Inc., Securonix Inc., Vectra AI Inc.

Innovative Product Offerings Drive Advancements In The Soc As A Service Market
Product innovations are a key trend gaining popularity in the SOC as a service market. Major market players are concentrating their efforts on creating innovative technologies for improving cybersecurity and tackling threats. For instance, in April 2022, Proficio, an India-based cybersecurity service provider, introduced a detection and response service to tackle identity-based threats that utilize cutting-edge technology mixed with human-led investigations to detect threats to an organization's identity and access management (IAM) infrastructure. The solution seeks to boost visibility, accelerate responses, and minimize ransomware.

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Key Segments -

The soc as a service market covered in this report is segmented -
1) By Service Type: Vulnerability Assessment And Threat Detection, Incident Response
2) By Component: Professional Services, Solution
3) By Offering Type: Fully Managed, Co-Managed
4) By Application: Endpoint Security, Network Security, Cloud Security, Other Applications
5) By Verticals: Banking, Financial Services And Insurance (BFSI), Information Technology (IT) And Information Technology Enabled Services (ITeS), Manufacturing, Telecommunications, Government And Public Sector, Healthcare And Life Sciences, Transportation And Logistics, Energy And Utilities, Other Verticals

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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