SOC as a Service Market Growth Drivers, Opportunities & Statistics

(EMAILWIRE.COM, March 11, 2024 ) According to a research report “SOC as a Service Market by Service Type (Managed SIEM and log Management, Vulnerability Scanning and assessment, Threat Detection & Incident Response, and GRC), Offering, Application, Sectors, Vertical and Region – Global Forecast to 2028″ published by MarketsandMarkets, the global SOCaaS 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. 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.
Download PDF Brochure : https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=31262563
Browse 516 market data Tables and 51 Figures spread through 392 Pages and in-depth TOC on “SOC as a Service Market – Global Forecast to 2028”
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.
Market Players:
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)., Stratosphere Networks (US), eSec Forte (India), Cybersafe Solutions (US), eSentire (Canada), CyberSecOp (US), TECEZE (UK), Netsurion (US), Foresite Cybersecurity (US), Ascend Technologies (US), inSOC (US), SafeAeon (US), SOCWISE (Hungary), Wizard Cyber (UK), and Eventus Security (India) are the key players and other players in the SOCaaS market.
About MarketsandMarkets™
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ’GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com