SOC as a Service Market to Hit $12.98 Billion by 2030, Driven by Healthcare Adoption and Technological Advancements

According to the new research report on "SOC as a Service Market Size and Forecast (2020-2030), Global and Regional Share, Trends, and Growth Opportunity Analysis," published by The Insight Partners, the market is expected to reach US$ 12.98 billion by 2030 and register a CAGR of 10.7% from 2022 to 2030.

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The growing digitization in the healthcare sector is raising the need for data security due to numerous cases of data breaches. According to Fortified Health Security's mid-year report, the healthcare sector suffered approximately 337 breaches in the first half of 2022. Also, as per the US Department of Health and Human Services, 337 healthcare incidents affected 19,992,810 individuals. Out of this, 80% of the reported healthcare breaches were caused by hacking, while 15% resulted from unauthorized access. In addition, it was also witnessed that approximately 90% of healthcare institutions experienced at least one security breach in 2021 and 2022. Out of this, 30% of data breaches occurred in large hospitals where details of patients' private health information were exposed. Hence, to protect the data and improve the network security of healthcare institutions, SOCaaS can be a great solution, driving the growth of the SOC as a service market. With the implementation of SOCaaS, organizations can detect, prevent, investigate, respond to, and analyze cyber threats, providing overall security.

SOCaaS can help organizations discover all the significant weaknesses in the network and build an active detection system, which further provides more collaborative and faster security functions. Furthermore, several healthcare organizations are subjected to various regulations, which include the Health Insurance Portability and Accountability Act (HIPAA) and the General Data Protection Regulation (GDPR). Here, SOC 2 compliance can help organizations meet regulatory requirements and avoid various penalties, including fines. Thus, various healthcare institutions worldwide are adopting the SOCaaS solution to secure their network and data, which is expected to propel the SOC as a service market during the forecast period.

Germany holds the largest SOC as a service market share in Europe. The German SOC as a service market is driven by rising cybercrimes, which increases the adoption of SOCs among small-, medium-, and large-sized enterprises. For instance, according to an AAG study, in 2022, 72.6% of German organizations faced at least one successful cyberattack. In Germany, organizations are encouraging the adoption of cybersecurity services in order to protect their data from cyberattacks, boosting the growth of the SOC as a service market. SOC providers support these enterprises to protect their sensitive and customer data from cyberattacks. The increasing adoption of SOC as a service helps organizations protect their data by improving incident detection and response times against attacks. Moreover, establishing a SOC team helps the organization to quickly detect signs of an attack, conduct an initial investigation, and initiate appropriate action to stop the threat. This supports organizations in limiting the level of damage and helps prevent threats against valuable assets and sensitive information, propelling the SOC as a service market growth.

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Key Findings of Study: SOC as a Service Market
Based on application, the SOC as a service market is segmented into network security, endpoint security, application security, and cloud security. The endpoint security segment held the largest SOC as a service market share in 2022. Endpoint security protects or secures endpoint devices such as workstations, servers, and other devices from malicious threats and cyberattacks. Endpoints are the most common targets for attackers due to increasing remote work worldwide, which is raising the need for robust protection solutions. SOC as a Service's endpoint security offers significant benefits to the user, including real-time monitoring, rapid threat detection, and incident response for devices like smartphones, laptops, computers, and loT gadgets. The growing data breaches and various attacks are mandating organizations to prioritize endpoint security solutions for comprehensive protection. The Increasing complexity of threats drives the demand for endpoint security among consumers to protect data and information, fueling the SOC as a service market growth.

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