SOC as a Service Market Growth at USD 15.66 Billion by 2031 | SkyQuest Technology
Westford, USA, Sept. 24, 2024 (GLOBE NEWSWIRE) -- The demand for SOC as a service market is growing rapidly owing to the increasing complexity of cyber threats and the rising security measures across various sectors. SOC as a service consists of outsourcing security operations like threat identification, incident response, and constant monitoring for specialized third-part providers. Furthermore, SOC as a service provides a cost-efficient prevention services, enabling companies to use expert risk detection, incident response, and compliance management. All these can be done without significant investment in infrastructure and staffing necessary for an in-house SOC.
The popularity for SOC as a service is increasing at a rapid space mainly due to the increasing prevalence and complexity of cyberattacks, cost efficiency from decreased infrastructure investments, and regulatory compliance. The lack of skilled cybersecurity professionals is also boosting the SOC as a service market. Growing advanced technologies like AI and machine learning is also being used for threat detection, cloud-based SOC prevention services, SIEM integration, and zero trust security structure are driving innovation in the market. Moreover, the increasing focus on cybersecurity, regulatory compliance, and the necessity for real-tome threat intelligence are propelling the growth of SOC as a service market.
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Browse in-depth TOC on the "SOC as a Service Market"
- Pages - 179
- Tables - 95
- Figures – 76
Soc as a Service Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 6.70 Billion |
| Estimated Value by 2031 | $ 15.66 Billion |
| Growth Rate | Poised to grow at a CAGR of 11.2 % |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Vertical, Service Type and Application |
| Geographies Covered | North America, Europe, Asia-Pacific, and the Rest of the world |
| Report Highlights | Growing demand for managed IT services to safeguard data |
| Key Market Opportunities | Increasing remote work culture to present immense opportunities to the market |
| Key Market Drivers | Rising prevalence of cyber threats to increase adoption of SOCaaS market |
Increasing Incorporation of AI and ML Technologies to Improve SOCaaS Solutions to Boost Market Growth
The incorporation of artificial intelligence and machine learning in SOCaaS solutions helps to improve the abilities of threat identification, incident response, and other cyber security technologies. These innovative technologies offer organization with advanced threat identification, irregularity recognition, behavioral analysis, automated response, and threat intelligence integration. Furthermore, the popularity of these technologies is increasing as they can also be used for understanding user & entity behavior analytics, constant learning, predictive analytics, phishing detection, and many other features. AI algorithms have the potential to analyze huge number of datasets in real-time for recognizing patterns revealing complex cyberthreats like zero-day attacks or polymorphic malware. ML models can also forecast possible security incidents by measuring previous data and recognizing patterns that leads to common kind of attacks. Therefore, the incorporation of AI and ML in SOCaaS not only improves the effectiveness of security operations but also allows more adaptive and proactive method to cybersecurity.
Increasing Number of Companies to Shift their Workloads to Cloud to Increase More Opportunities for Market
In recent times, more companies are migrating their workloads to the cloud. This is primarily because cloud-based solutions provide companies the capability to avail a vast range of services like storage and computing. They will get such advantages without investing in costly hardware and software. Furthermore, cloud-based solutions offer companies with the robustness and versatility necessary to accomplish their objectives. Moreover, cloud-based solutions allow businesses to minimize expenses with IT infrastructure and maintenance. This is one of the main factors that is encouraging the companies to invest more in robust security solutions to safeguard their confidential data and save it from cyberattacks.
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Increasing Demand for Managed Security Services to Improve Security Solutions Leads North America to Dominate Market
North America is dominating the SOC as a service market with the largest market share. This is mainly owing to the rising demand for managed security services from companies of every sizes. The region is also hub to many prominent businesses who are trying to outsource their security operations to manage service providers. This is propelling the growth of the SOC aaS market in the North American region. The place is also witnessing an increasing adoption of cloud-based security solutions because they are cost-efficient and robust. Moreover, the growing number of cyberattacks is encouraging more businesses to invest in innovative security solutions, further pushing the market growth. The region is also experiencing immense competition as companies are going into mergers and acquisitions to gain access to innovative security solutions. These factors are driving the growth of SOC as a service market further and expanding it globally.
SOC as a Service Market Insights
Drivers
- Increasing demand for personalized digital experience
- High adoption of cloud-based solutions
- Growing investment in digital transformation
- Growing demand for AI-driven solutions
Restraints
- High expense of implementing advanced security solutions
- Growing data security concerns
- High competition in the market among key players
- Difficulty to maintain compliance with various regulations
Key Players Operating in the SOC as a Service Marke
The following are the Top SOC as a Service Companies
- NTT (Japan)
- Verizon (US)
- Lumen Technology (US)
- Atos (France)
- Fortinet (US)
- Thales (France)
- Kaseya (US)
- Cloudflare (US)
- AT&T (US)
- Arctic Wolf (US)
- Trustwave (US)
- Proficio (US)
- Airbus (France)
- ConnectWise (US)
- Clearnetwork, Inc (US)
Key Questions Answered in SOC as a Service Market
- What are the key factors driving the global SOC as a service market?
- Who are the major players in the SOC as a service market?
- Which region is experiencing the highest share in the market?
- What are the latest trends of SOC as a service market?
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This report provides the following insights:
- Analysis of key drivers (Increasing adoption of cloud-based solutions, high demand for managed IT services, and high adoption of cost-efficient solution), restraints (High expense of SOC as a service solutions, complexity of managing multiple vendors for SOCaaS, and fragmented market), opportunities (Emergence of innovative technologies like AI and increasing number of businesses moving to cloud-based solutions), and challenges (Lack of skilled workforce to manage SOCaaS and absence of standardized services and abilities) influencing the growth of SOC as a service market
- Market Penetration: Comprehensive information on the product offered by the top players in the SOC as a service market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the SOC as a service market
- Market Development: Comprehensive information on emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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