SOC as a Service Market will reach $1,137 million by 2024
According to a new market research report "SOC as a Service Market by Component (Solutions and Services), Service Type (Prevention, Detection, and Incident Response), Offering Type (Fully Managed and Co-Managed), Application Area, Industry Vertical, and Region - Global Forecast to 2024", The global SOC as a service market is expected to grow from USD 372 million in 2019 to USD 1,137 million by 2024, at a Compound Annual Growth Rate (CAGR) of 25.0% during 2019–2024.
The major forces driving the SOC as a service market are exponential rise and sophistication of cyber-attacks, manadate to follow regulatory and data protection directives for cyber defense, leveraging Artificial Intelligence (AI), machine learning, blockchain technologies for cyber defense, and demand for cloud-based solutions among SMEs. The SOC as a service market is growing rapidly, because of rising need among the organizations to secure their IT infrastructure.
Browse 71 market data Tables and 32 Figures spread through 129 Pages and in-depth TOC on "SOC as a Service Market by Component (Solutions and Services), Service Type (Prevention, Detection, and Incident Response), Offering Type (Fully Managed and Co-Managed), Application Area, Industry Vertical, and Region - Global Forecast to 2024"
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Government and public sector segment to grow at the highest CAGR from 2019 to 2024
The applications used in the government and public sector are becoming prime targets for the cybercriminals to access sensitive data. The data stored by the industry vertical might be related to a small project or may be of national importance. In the era of cyber warfare between the public sector organizations, it is very important to maintain data integrity. Therefore, the government and public sector organizations are increasingly adopting SOC as a service solutions and services.
Support and maintenance services to grow at the highest CAGR during 2019–2024
As there is an increase in the number of customers demanding for managed services across the globe, subsequently demand for solution to prevent enterprise digital assets from sophisticated cyber-attacks. The professional services segment is further segmented into consulting services, training and education, and support and maintenance. The support and maintenance services segment is expected to grow at the highest CAGR, due to the growing need for need for emergency response management services. SOC as a service vendors provide technical support during the implementation and use of the SOC as a service, thereby assisting customers in queries related to using and maintaining the software.
APAC to grow at the highest CAGR in the market during the forecast period
The primary forces driving the APAC market growth are increasing technology adoption, huge opportunities across government and public sector, and increase in the number of startups in APAC countries, especially India. In recent years, the APAC region has witnessed tremendous economic growth, political transformations, and social changes. The region has a large number of established SMEs, which are growing at an exponential rate to cater to their broad customer base. Due to the increasing sophistication levels of threats, China, India, and Japan have all updated or introduced new national cybersecurity policies. Although initially the APAC region was outsourcing its network infrastructure security as it was not in a position to handle complex and multiple cyber threats, the scenario is changing gradually due to the emergence of a wide range of security players, high penetration of cloud-based services, and increased cloud security offerings by vendors in the region.
The report details various growth strategies, such as mergers and acquisitions, partnerships and collaborations, business expansions, and product developments, adopted by the major players to increase their market share. Some of the major technology vendors in the SOC as a service are AlienVault (US), BlackStratus (US), Cygilant (US), Thales e-Security (France), Alert Logic (US), Proficio (US), Netmagic Solutions (India), Arctic Wolf Networks (US), AQM Technologies (India), ESDS Software Solution (India), Suma (India), GA Systems (Australia), Expel (US), RadarServices (Austria), and StratoZen (US)