Global Security Operations Center as a Service Market Trends, Business Strategies, Regional Outlook, Challenges and Analysis Through, 2030

According to the latest market research study published by P&S Intelligence, the global security operations center as a service (SOCaaS) market is poised for significant growth, with an estimated valuation of $5.5 billion in 2024. Projections indicate a compound annual growth rate (CAGR) of 13.6% from 2024 to 2030, culminating in a market size of approximately $11.8 billion by 2030.

This upward trajectory is primarily driven by the escalating frequency of security breaches and cyberattacks. Notably, there has been a 50% year-on-year increase in cyberattacks globally. Additionally, the widespread adoption of bring-your-own-device (BYOD) policies and the shift toward remote work have expanded the attack surface for organizations, further emphasizing the need for robust SOCaaS solutions.

Browse the full report with a detailed analysis on: https://www.psmarketresearch.com/market-analysis/soc-as-a-service-market

Key Insights

Component Analysis

The SOCaaS market is segmented into solutions and services. Solutions account for approximately 60% of the market share, addressing the need for advanced tools to monitor, detect, and respond to cyber threats. Services, however, are anticipated to experience a higher growth rate of 14.1% during the forecast period, as organizations increasingly seek expertise to manage complex security landscapes.

Offering Type

Co-managed SOCaaS offerings dominate the market, holding around 80% share in 2024. This model allows organizations to collaborate with external experts while maintaining control over certain security operations, offering a balanced approach to cybersecurity management.

Service Type

Detection services are paramount, providing continuous monitoring to identify potential threats in real-time. Prevention services focus on implementing measures to avert attacks, while incident response services are crucial for mitigating the impact of security breaches.

Enterprise Size

Large enterprises currently represent approximately 60% of the market revenue. However, small and medium-sized enterprises (SMEs) are projected to witness a higher growth rate in the coming years, as cybercriminals increasingly target smaller businesses that may lack comprehensive cybersecurity measures.

Application Areas

SOCaaS is extensively applied across various domains, including network security, application security, endpoint security, and cloud security. The rising adoption of cloud services and the proliferation of connected devices necessitate robust security measures across these areas.

End-User Industries

The Banking, Financial Services, and Insurance (BFSI) sector is the largest end-user category, accounting for around 45% of the market revenue in 2021. This is attributed to the high value of financial data and the sector's susceptibility to cyber threats. The healthcare sector is also expected to gain momentum, with a projected CAGR of around 14% during the forecast period, due to the increasing targeting of medical data by cybercriminals.

Regional Trends

North America leads the SOCaaS market, with approximately 40% revenue share in 2021, driven by technological advancements, a developed IT infrastructure, and stringent data protection regulations. The Asia-Pacific region is projected to witness the fastest growth during the forecast period, with countries like China, Japan, and India leading the market. This growth is attributed to increasing government initiatives related to cybersecurity and the rapid digital transformation in these economies.

Download free report sample at: https://www.psmarketresearch.com/market-analysis/soc-as-a-service-market/report-sample

Technological Advancements

Vendors are modernizing their offerings by integrating advanced technologies such as artificial intelligence (AI) and machine learning (ML). These enhancements enable predictive analysis of cyber threats, automated responses, and improved threat hunting capabilities, thereby increasing the effectiveness of SOCaaS solutions.

Competitive Landscape

The SOCaaS market is characterized by the presence of major players such as AT&T Inc., IBM Corporation, Verizon Communications Inc., Nippon Telegraph and Telephone Corporation, Proficio, ConnectWise LLC, Fortinet Inc., Atos SE, Tata Consultancy Services, and Check Point Software Technologies Ltd. These companies are focusing on strategic initiatives like new service launches and partnerships to enhance their market positions.

In summary, the SOC as a Service market is experiencing robust growth, driven by the increasing complexity of cyber threats and the need for specialized security operations. Organizations across various sectors are recognizing the value of SOCaaS in safeguarding their digital assets and ensuring compliance with evolving regulatory requirements.

Browse More Related Reports Published by P&S:

Public Safety and Security Market Report - https://www.psmarketresearch.com/market-analysis/public-safety-security-market

BFSI Security Market Report - https://www.psmarketresearch.com/market-analysis/bfsi-security-market

About P&S Intelligence

P&S Intelligence offers custom and syndicated market research and consulting services to clients across the globe. Our team of young and dynamic researchers, guided by mentors with years of experience, create data-rich reports tailored to the needs of MNCs as well as startups and SMEs. We remain in a perennial quest to offer exhaustive insights into every aspect of the market, allowing businesses of all sizes to seize even the smallest of opportunities and tackle even the biggest of challenges.

Contact:
Chandra Mohan
AVP - Business Development
Phone: +1-347-960-6455
Email: enquiry@psmarketresearch.com
Web: https://www.psmarketresearch.com
Blog: https://psintelligence.blogspot.com

This release was published on openPR.