NEW YORK, Dec. 9, 2022 /PRNewswire/ — Major players in the soc as a service market are AT&T Inc, IBM Corporation, NTT, Verizon Communications, ConnectWise LLC, Proficio, Fortinet, Atos SE, Arctic Wolf Networks, ESDS Software Solutions, Suma Soft Pvt Ltd, Expel Inc, Cyrebro, SilverSky and Thales E-Security.
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The global SOC as a service market is expected to grow from $3.24 billion in 2021 to $3.87 billion in 2022 at a compound annual growth rate (CAGR) of 13.13%. The Russia–Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The SOC as a service market is expected to grow to $6.36 billion in 2026 at a compound annual growth rate (CAGR) of 13.22%.
The SOC as a service market consists of sales of SOC as a service solutions by entities (organizations, sole traders, and partnerships) that are used to reduce the burden on in-house security teams.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 types of services in SOC as a service are vulnerability assessment and threat detection, and incident response.Vulnerability assessment refers to a systematic review of security weaknesses in an information system, whereas threat detection is the practice of analyzing the entirety of a safety ecosystem to identify any hostile activity that could compromise the network.
The components involved professional services, and solutions.The types of offerings are fully managed, and co-managed.
The applications include endpoint security, network security, cloud security, and other applications. The various verticals include BFSI, IT and ITeS, manufacturing, telecommunications, government and public sector, healthcare and life sciences, transportation and logistics, energy and utilities, and other verticals.
North America was the largest region in the SOC as a service market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the SOC as a service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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 cyber-attacks through faster detection and remediation and uses automation and data science to speed up detection and deliver high-confidence alerts.For instance, in 2020, according to the Microsoft Digital Defense Report by Microsoft, a US-based technology company, cyber-attacks have become more sophisticated in recent years with new techniques.
IoT threats increased by 35% in the first half of 2020 as compared to the second half of 2019.Also in 2019, 12 billion malicious emails were blocked, of which 1 billion were sent from URLs set up, especially for explicit purposes.
Therefore, the drastic growth in the sophistication of cyber-attacks and security breaches is driving 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.
In January 2022, SilverSky, a US-based company engaged in managed services providing for business email and network security, acquired Cygilant for an undisclosed amount.With this acquisition, SilverSky is expected to enhance its cyber defenses and strengthen its security posture.
Cygilant is a US-based company engaged in cyber security-as-a-service to mid-sized organizations.
The countries covered in the SOC as a service market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The SOC as a service market research report is one of a series of new reports that provides SOC as a service market statistics, including SOC as a service industry global market size, regional shares, competitors with a SOC as a service market share, detailed SOC as a service market segments, market trends and opportunities, and any further data you may need to thrive in the SOC as a service industry. This SOC as a service market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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