The rise in demand for work-from-home and remote working policies during the period of the COVID-19 pandemic aided in propelling the demand for better security and endpoint management policies, hence empowering the growth of the SOC as a Service Market. The development of advanced communication technologies such as 5G communication networks and cloud technology is expected to offer remunerative opportunities for the expansion of the SOC as a service industry during the forecast period.
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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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Region wise, the SOC as a service market was dominated by North America in 2021 and is expected to retain its position during the forecast period, owing to high concentration of security services vendors in the region, which is expected to drive the market for SOC as a service within the region during the forecast period. However, LAMEA is expected to witness significant growth during the forecast period, owing to rapid economic and technological developments in the region, which is expected to fuel the growth of the SOC as a service industry in the region in the coming few years.
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 a stable growth during the COVID-19 pandemic, owing to 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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