Global SOC as a Service Market Report, Industry Analysis and Forecast to 2029

The global SOC as a service market was valued at USD 4.63 billion in 2021 and is projected to reach USD 9.87 billion in 2029, at a Compound Annual Growth Rate (CAGR) of 8.5% during the forecast period 2022-2029.

A Security Operations Center (SOC) is the team within an organization responsible for detecting, preventing, investigating, and responding to cyber threats. A SOC should perform round-the-clock monitoring of an organization’s network and address potential threats to sensitive data, computing systems, and an organization’s other digital resources. However, achieving a high level of security via an in-house SOC can be expensive and time-consuming. For this reason, many organizations are considering outsourced security services, such as SOC-as-a-Service offerings.

There are different types of services like prevention services, detection services and incident response services. Additionally, there are various application areas for implementing SOC as services depending on enterprise size across various industry verticals. This report emphasizes the service type, enterprise size and application areas of SOC as s service in different regions and countries over the forecast period.

Global SOC as a Service Market Overview

The global SOC as s service demand is driven by the growing threat of cyberattacks and rise in remote work culture due to pandemic has created a new avenue for cyber security solutions in the market and thus also facilitating the demand for SOC as a service in the market. SOCaaS vendors are modernizing and evolving their services in order to compete with the increasing competition which leads to advance research in this domain. However, lack of trust becomes a hurdle in providing complete control of the infrastructure to SOC service providers

SOC as a Service Market Dynamics

With the growing number of security threats and cyber-attacks among enterprises, security operation centers are proving to be an crucial in safeguarding the safeguarding customer's data, maintaining the security of shared data and defending cyber-attacks. Productivity of business processes is hampered by such cyber-attacks and loss of sensitive data along with affecting the IT Infrastructure. Increasing number of digital transactions and use of online applications across various industry verticals is the major factor contributing to the increasing number of cyber-attacks.

Additionally, after the pandemic, organizations across the globe have witnessed an exponential increase in the number of cyber-attacks. With the help of an appropriate security operation center in place, they can monitor, detect and investigate such threats round the clock. SOC works to restore the system and recover the compromised data from a system affected by a cyber-attack. Development of technologies like cloud technology and 5G communication network can create lucrative opportunities for the expansion of SOC as s service market.

Data privacy and customization challenges while implementing SOC as service can restrict the market growth during the forecast period. Lack of trust among organization while collaborating with SOC service providers and lack of security skills to manage SOC can also hamper the market growth.

SOC as a Service Market Report Outlook

The SOC as a service market report focuses on different aspects regarding service type of SOCaaS, application area and enterprise size across the different industry verticals. The research analyses the different service types, application area and enterprise size of the service in order to obtain a better understanding regarding the growth and trends of the market since 2019 which also facilitates the estimation of the upcoming growth of the market in the next 7 years.

SOC as a Service Market Competitive Landscape

The report also holds competitive analysis which can be used to differentiate different types of services; technologies used in building the services; prices; innovation in R&D; organic and inorganic growth strategies; financial analysis to determine the revenue generation and other key aspects of the finance; new partnership, joint ventures, collaborations, and acquisitions; market share of the top competitors in the market; and understand the growth strategies being undertaken by these major players to analyse the future market trends.

For instance, in June 2022, Fortinet launched a complete DRPS, FortiRecon. This uses a powerful combination of FortiGuard Labs cybersecurity experts, automation capabilities, and machine learning to manage companies’ risk posture and advise meaningful action to shield their enterprise assets, brand reputation, and data. Additionally, in April 2022, Proficio launched ProSOC, an Open XDR solution that works with existing security tools and supports identity threat detection and response without proprietary sensors or agents.

Other major players holding prominent share in the automotive lubricants market includes Atos SE,AT&T, IBM Corporation, NTT, Cloudflare Inc., Fortinet Inc., Arctic Wolf Networks, Verizon, Check Point Software Technologies and Thales. There are several regional and local players in this market across the globe which are contributing towards the revenue growth of the market and thus expected to flourish with new launches and expansion in the upcoming years.

SOC as a Service Market Regional Analysis

The market synopsis will also cover the regional dynamics and growth prospects which would include regions- North America, Asia Pacific, Europe, Latin America, Middle East and Africa. These regions will be analysed per countries on the basis of market drivers, restraints, opportunities, and trends to get a closer view of the market studied.

North America dominated the SOC as a Service Market in 2021 and is expected to retain the highest market share during the forecast period due to the presence of major service providers in the region. The increasing inclination towards cloud - based application is contributing towards the growth of SOC as s service market in the region as these cloud-based applications store customer's data and payment related information which necessitates the deployment of more reliable and responsive security solutions. Additionally, government regulations like mandatory PCI DSS and HIPPA policies for privacy, security and breach notifications rules for organizations are expected to create lucrative opportunities during the forecast period.

Asia - Pacific region is expected to account the fastest growth with significant CAGR during the forecast period. Companies are increasingly adopting SOC as s service to overcome potential internal and external threats, rise in cyber security awareness, increase cases of cyber-attacks and rapid digitalization of the business processes is driving the market growth in this region. China retains the largest market share in the market during 2021 followed by India and is expected to witness significant growth during the forecast period. Scrutinizing these factors for the countries are expected to enhance the value chain of the Automotive Lubricants market and aid us with better insights about the same.

SOC as a Service Market In-depth Analysis Aspects

To mention certain other aspects which will include the Porter Five Forces, Pricing analysis, PESTEL Analysis, Export-Import data, and Industry Value Chain will also bind the analysis of the report.

Research Methodology

The study period of the market is considered to be 7 years (2022-2029) which will be analysed through the two major research techniques – Primary and Secondary Research methods. The primary research method includes the interviews of the key personnel in the industry considered as the industry experts, major distributors, suppliers, and consumer base sample survey to understand the direct perspective of the market. Additionally, these data are backed by the secondary research method which includes company overview through websites, annual reports, SEC filings, investor presentations, news, and databases. The growth trends are always measured on the basis of current and past scenarios considering any recent news which can drastically impact the growth rate of the market studied. Moreover, the consumption forecast depends on the company’s upcoming plans and revenue generation aspects.

Benefits of The Report

• The report is designed to understand the past, present and future market scenarios considering all the growth, restraining, and other factors influencing the market studied.
• The report is designed with the assistance of the industry experts for better understanding on the market studied
• The market is analysed with in-depth study of the company’s view on the market considering the present economic, political, social, geographical, and legal factors.
• To gain a clear insight for better future perspective of the market studied in 360-degree synopsis.
• Understand the competition in the market being a part of the market or a new entrant in the market.
• Analyse the different aspects in different geographies influencing the growth of the market through diverse consumer base.