Rise in demand for work-from-home and remote working policies since the COVID-19 pandemic which has propelled the demand for better security and endpoint management policies, and the increasing number of cyber-attacks and fraud cases fuel the growth of the global SOC as a service market. However, data privacy and customization challenges of SOC as service platforms hinder the market growth. On the other hand, the development of advanced communication technologies such as 5G communication networks and cloud technology present new opportunities in the market in the coming years.
According to the report, the global SOC as a service market is estimated to generate $4.6 billion in 2021 and $9.9 billion by 2031, witnessing a CAGR of 8.2% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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Covid-19 Scenario:
- The global SOC as a service market witnessed stable growth during the COVID-19 pandemic, owing to a 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.
Based on enterprise size, the large enterprises segment held the largest share of three-fourths of the global SOC as a service market in 2021, and is expected to maintain a prominent growth during the forecast period, owing to the large-scale operations of SOC as a service in large enterprises. However, the SMEs segment is likely to exhibit the highest CAGR of 10.2% in 2031. This is owing to the growing innovations in SMEs.
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Based on service type, the prevention services segment contributed to the largest share of more than two-fifths of the global SOC as a service market in 2021, and is expected to lead the trail during the forecast period. This is owing to the high demand for preventive security solutions globally. However, the detection services segment is projected to witness the fastest CAGR of 8.9% from 2022 to 2031. This is owing to the growing demand for detection security services worldwide.
Based on application area, the network security segment was the largest market in 2021, accounting for more than one-third of the global SOC as a service market, and is likely to lead the trail throughout the forecast period. This is owing to the growing need for network security solutions globally. However, the endpoint security segment is anticipated to manifest the fastest CAGR of 11.9% during the forecast period. This is due to the growing remote working trends worldwide.
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Based on region, North America was the largest market in 2021, accounting for more than two-fifths of the global SOC as a service market, and is anticipated to manifest the largest revenue growth during the forecast period, owing to the growing number of cyber-attacks in the region. However, the market in Asia-Pacific is likely to grow at the fastest CAGR of 9.1% during the forecast period, due to the adoption of innovation technologies and advancements in the retail sector in the region.
Leading Market Players:
- Atos SE
- AT&T
- IBM CORPORATION
- NTT Ltd.
- Cloudflare, Inc.
- Fortinet Inc.
- Arctic Wolf Networks
- Verizon International
- Check Point Software Technologies
- Thales
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