The study categorizes the SOCaaS market by service type, offering, application, sectors, verticals, and regions.
Northbrook, IL 60062 -- (SBWIRE) -- 09/20/2023 -- The global SOC as a Service Market size is projected to grow from USD 6.7 billion in 2023 to USD 11.4 billion by 2028 at a CAGR of 11.2% during the forecast period, according to research report by MarketsandMarkets™.
The SOCaaS market experienced substantial growth due to the rising complexity of cyber threats, rapid technological progress, the high trend of BYOD, CYOD, and WFH, and complex threat response. Organizations are pursuing robust SOCaaS solutions to secure their data amid modern cybersecurity practices. Additionally, SOCaaS providers are responding with innovative solutions to preserve digital assets, privacy, and data integrity, capitalizing on the heightened demand.
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516 - Tables
51 - Figures
392 – Pages
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By vertical segment, the healthcare vertical will grow at the highest CAGR during the forecasted period.
The healthcare vertical is projected to achieve the highest CAGR in the SOCaaS market due to its unique blend of factors. The sector's emphasis on safeguarding sensitive patient data, complying with strict regulations like HIPAA, addressing escalating cyber threats, managing digital transformation, securing healthcare IoT devices, ensuring patient safety, preserving reputation against breaches, and protecting critical research data all drive its need for robust cybersecurity solutions. With the increasing digitization of healthcare services and data security's vital role in patient care, healthcare organizations are turning to SOCaaS to provide comprehensive protection, regulatory adherence, and uninterrupted healthcare services. This convergence of challenges and demands positions the healthcare vertical as a pivotal driver of SOCaaS market growth in the forecasted period.
By Sectors, the Private sector holds the largest market size during the forecast period.
The private sector holds the largest size in the SOCaaS market for a compelling array of reasons. Its significant data sensitivity, substantial financial resources, risk management concerns, compliance obligations, the potential economic impact of breaches, complex infrastructure, adoption of advanced technologies, customer trust focus, third-party risks, and global operations all contribute to its demand for robust cybersecurity. SOCaaS meets these needs by providing tailored security solutions, initiative-taking monitoring, rapid incident response, and the efficient allocation of resources. As private sector companies prioritize safeguarding operations and customer trust, SOCaaS emerges as a central solution, solidifying the sector's dominant position in the evolving landscape of cybersecurity services.
By region, the Asia Pacific market is to grow at the highest CAGR during the forecast period.
The Asia Pacific region, encompassing well-established economies like China, Japan, Australia, and New Zealand and emerging players like India and Singapore, is poised for the most significant CAGR during the anticipated period. The following ascent owes its momentum to rigorous regulatory frameworks, substantial technological advancements, and notable strides in adopting innovative technologies such as analytics, cloud computing, and fortified business infrastructure.
Asia Pacific region stands out as a pioneer in embracing SOCaaS solutions, primarily spurred by mounting cybersecurity apprehensions, notably within sectors like BFSI, government, IT, and telecommunications. The surge in cyber threats has catalyzed policy revisions on a national scale, prompting an uptick in the uptake of encryption solutions to safeguard sensitive data. In response to the intensifying cyber landscape, prominent industry players such as IBM and TCS are strategically expanding their SOCaaS footprint across Asia, aiming to fortify security measures and regional enterprises' bottom line. Thus, the region accounts for the highest CAGR during the forecasted period.
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The bare metal cloud market includes major vendors, such as IBM (US), Oracle (US), Lumen (US), Internap (US), Rackspace (US), AWS (US), Dell (US), Equinix (US), Google (US), Microsoft (US), Alibaba Cloud (China), Scaleway (France), Joyent (US), HPE (US), OVHcloud (France), Limestone Networks (US), Media Temple (US), Bigstep (UK), Zenlayer (US), and phoenixNAP (US). The major players have implemented various growth strategies to expand their global presence and increase their market shares. Key players such as IBM, Oracle, Lumen, Internap and Rackspace have majorly adopted many growth strategies, such as new product launches, acquisitions, and partnerships, to expand their product portfolios and grow further in the bare metal cloud market.
Key Dynamic Factors For SOC as a Service Market:
Threats to cybersecurity are growing:
SOC as a Service is required because to the increase in cyber threats and attacks on a global scale, which has increased the necessity for adequate security measures. To safeguard their digital assets against emerging and sophisticated cyber threats, organisations are looking for specialised skills.
Efficacy and Scalability at a Low Cost:
Comparing SOC as a Service versus building an internal SOC, the former offers a more affordable method. It makes a compelling choice for both small and large businesses since it enables organisations to expand their security capabilities based on their needs.
Lack of qualified cybersecurity specialists and the expertise gap present problems for many organisations. By providing access to a group of seasoned security analysts and professionals, SOC as a Service providers close this gap and guarantee a high degree of expertise in threat detection, incident response, and vulnerability management.
Compliance and Regulatory Requirements: It is essential for organisations to comply with general and sector-specific legislation governing data protection. Offerings from SOC as a Service providers are frequently tailored to these compliance standards, helping businesses follow the rules that are necessary.
Remote Workforce and Cloud Adoption: As a result of the increase in attack surfaces brought about by the adoption of cloud-based infrastructure and remote work, security monitoring and incident response have never been more important. SOC as a Service companies assist businesses in properly securing their cloud environments and remote workforces.
Education and Awareness: Organisations are turning to expert security services like SOC as a Service as they become more aware of the hazards associated with cybersecurity and the value of preventative security measures. Efforts to educate people about the importance of cybersecurity aid in the development of the sector.
Collaboration and Integration: SOC as a Service integration with other security solutions and cooperation with Incident Response (IR) teams, Managed Security Service Providers (MSSPs), and other IR teams improve overall security posture. The integration ensures that cybersecurity is approached from all angles.
Automation and technological advancements: SOC as a Service products are rapidly incorporating automation, machine learning, and advanced technologies like artificial intelligence (AI). These tools improve the effectiveness of security operations overall and incident response, threat detection, and incident response.
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Competitive and Segmentation Analysis:
Competition is growing among service providers in the quickly changing Security Operations Centre (SOC) as a Service market as they work to differentiate their products and acquire a competitive advantage. To boost their market position and increase their consumer base, major market players are collaborating strategically, merging, acquiring, and developing new products. To improve threat detection and response capabilities, these players are concentrating on incorporating cutting-edge technologies like automation, machine learning, and artificial intelligence into their products. Additionally, they are customising their offerings to adhere to industry-specific regulations and satisfy the wide range of demands of different business sectors.
Based on organisation size, industry vertical, and geographic location, the SOC as a Service market may be divided. Small and medium-sized businesses (SMEs) and large businesses are often included in the segments when it comes to organisation size. SOC as a Service adoption by SMEs is rising as a result of their limited financial resources and lack of internal cybersecurity expertise. Large businesses, on the other hand, are utilising SOC as a Service to supplement their current security procedures and guarantee thorough threat monitoring and incident response.
The SOC as a Service market serves a variety of business verticals, including banking, financial services, and insurance (BFSI), healthcare, retail, government and defence, IT and telecom, energy and utilities, and others.
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