In a recent market study by Future Market Insights (FMI), the global SOC-as-a-Service market is expected to reach $1.08 billion in 2021 . Favorable demand forecasts make the market poised to grow to a total of $9.5 billion in 2031 at a 24.3% CAGR.
Teleworking is a flexible arrangement offered by corporate offices in the wake of the novel COVID-19 pandemic. In recent years, teleworking and teleconferencing technologies have seen significant advances that have allowed many businesses to thrive with fully remote teams.
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Teleworking helps businesses avoid public health and productivity losses. However, this trend has doubled the chances of cyberattacks, phishing and transaction fraud. As a result, the demand for cybersecurity solutions is skyrocketing.
For example, according to Forbes, by 2025, about 70% of the workforce will be working remotely five or more days a month. Companies like Twitter, Shopify, and Dropbox have already announced that they will transition to permanent telecommuting. Set.
In May 2020, Facebook CEO Mark Zuckerberg predicted that within the next 5-10 years, 50% of the company’s employees will work remotely. This trend will continue to drive adoption and sales of SOC-as-a-Service going forward.
Additionally, the adoption of connected technologies such as IoT, machine learning (ML), artificial intelligence (AI) and cloud computing is underscoring the need for effective cybersecurity solutions in organizations.
As a result, IoT users and software architects are aiming to launch a wide range of current and future technology solutions to address the cyberattack risks associated with IoT devices.
In addition to this, increasing adoption of artificial intelligence (AI) based SOC-as-a-Service will continue to propel the market growth. AI-based SOC service
- By service type, the detection services segment is projected to grow at the fastest pace during the forecast period, expanding at a 28.5% CAGR by 2031.
- In terms of applications, the cloud security segment is projected to grow at an impressive 30.7% CAGR over the forecast period.
- The Enterprise segment is expected to account for 60.5% of total SOC-as-a-Service revenue during the evaluation period.
- The application of SOC-as-a-Service remains high in the BSFI sector and is expected to account for 28.1% of the overall market share.
- The US is expected to dominate the North American SOC-as-a-Service market with an 89.6% share.
- The UK will emerge as a lucrative market with a total revenue of US$668.5 million by 2031.
- India will continue to witness high demand for SOC-as-a-Service, with revenue growing at a 33.6% CAGR through 2031.
- SOC-as-a-Service sales in Japan and Korea are expected to grow at a CAGR of 20.0% and 24.3%, respectively.
“Many organizations use SOCs as a valuable resource to detect, analyze, and respond to cybersecurity threats. However, most enterprises cannot afford to operate an in-house SOC and have chosen to outsource their security monitoring work to a third-party SOC as a service provider,” said Senior FMI Analyst.
Unveiling productive future opportunities for key players with AI-powered SOC-as-a-Service
Artificial Intelligence as a Service (AI)-powered SOC is an in-house team of skilled, dedicated and trained information security personnel. It monitors your organization’s real-time security posture and helps you analyze, detect, investigate, defend, and report on cybersecurity issues before they occur.
AI in SOC-as-a-service helps eliminate cumbersome manual tasks, streamline business processes, reduce operational costs and improve service quality. AI SOC tools help organizations prevent a security breach after a breach has occurred, instead of using commonly used manual methods and processes. AI-powered SOC as a services automatically generates reports on SOC security levels and helps business executives generate understandable reports.
Check Point Software Technologies Ltd., AlienVault (AT&T Cybersecurity), BlackStratus, Cygilant, Inc., Thales e-Security, Inc., Alert Logic, Inc., Proficio, Netmagic Solutions (NTT DATA), Arctic Wolf Networks Inc., ESDS Software Solutions Pvt. Ltd., Suma Soft Private Limited, GA Systems, Expel, Inc, RadarServices Smart IT-Security GmbH, Fortinet, Inc., Binary Defense, eSentire, Inc., CYREBRO, Cybersafe Solutions Llc and Digital Hands are major players. It operates in the global SOC-as-a-Service market profiled by FMI.
Key players operating in the market are investing in research and development to launch effective and innovative cybersecurity solutions to meet growing consumer demand. Apart from this, mergers, acquisitions and strategic cooperation will remain the key growth strategies adopted by key players during the forecast period. E.g:
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SOC-as-a-service Market by Category
By service type:
- preventive service
- detection service
- Incident Response Services
By type of offer:
- Fully managed service
- joint management service
By company size:
- Small and Medium Business (SME)
- major company
- network security
- application security
- Endpoint Security
- cloud security
- IT & Telecommunications
- health care
- Government and public sector
- Energy and Utilities