SOC as a Service Market
The number of data breaches are increasing through the course of the period, which is increasingly focusing on the cybersecurity process, driving the market.
PORTLAND, PORTLAND, OR, UNITED STATE, August 8, 2023/EINPresswire.com/ — Allied Market Research published a new report, titled, ” The SOC as a Service Market Expected to Reach USD 9.9 Billion by 2031 | Top Players Such as – Atos, Fortinet and Verizon.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global soc as a service market was valued at USD 4.6 billion in 2021, and is projected to reach USD 9.9 billion by 2031, growing at a CAGR of 8.2% from 2022 to 2031.
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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 industry. However, data privacy and customization challenges of SOC as service platforms can hamper the SOC as a service market during the forecast period. On the contrary, 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.
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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Depending on the service type, the prevention services segment dominated the SOC as a service market share in 2021 and is expected to continue this trend during the forecast period owing to the various government and industry standards that are put in place to ensure the safety of customer and user data. However, the detection services segment is expected to witness the highest growth in the upcoming years, owing to the rising number of cyber-attacks on business enterprises and public sector organizations.
On the basis of enterprise size, the large enterprise segment dominated the overall SOC as a service market in 2021 and is expected to continue this trend during the forecast period. This is attributed to the complex security requirements of various large corporations needing custom management solutions. However, the SMEs segment is expected to witness the highest growth owing to its growth in technological investments and surge in innovation, which is expected to further fuel the growth of the global SOC as a service industry.
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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.
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