CHICAGO, May 17, 2022 /PRNewswire/ — According to research report “SOC as a Service Market by Component, Service Type (Vulnerability Assessment & Threat Detection, and Incident Response), Offering Type (Fully Managed & Co-managed), Application Area, Industry Vertical and Region – Global Forecast to 2027″, published by MarketsandMarkets™, the #market size is expected to grow from an estimated value of USD 6.1 billion in 2022 to USD 10.1 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 10.5% from 2022 to 2027. Some of the factors that are driving the market growth includes cumbersome administration after threat detection, surge in trends such as BYOD, CYOD, and WFH and an exponential rise in security breaches and sophistication of cyberattacks. However, scarcity of skilled cybersecurity professionals among enterprises is expected to hinder the market growth.
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By service type, Incident response segment to grow at a higher CAGR during the forecast period
Based on service types, the SOCaaS market is segmented into two categories such as vulnerability assessment & threat detection and incident response. These services assist organizations in protecting systems from exploitation and data losses. A major trend influencing the SOCaaS market is the complexity of the advanced technologies. The incident response service refers to a predefined and an organized set of procedures and approaches that need to be followed in the event of cyberattacks, which are also known as cyber incidents, security incidents, and Information Technology (IT) incidents. The service is a systematic process to manage and address complex cyberattacks post-detection, and help enterprises recover IT damages and data losses. It helps organizations handle and manage not only the aftermath of attacks but also define a clear set of protocols that need to be followed before and during security incidents.
By organization size, SMEs to grow at a higher CAGR during the forecast period
Based on organization size, the SOCaaS market is segmented into large enterprises and SMEs. This segmentation has been done based on the number of employees working in organizations. Small businesses are expected to witness faster growth in the adoption of SOCaaS. SMEs are defined as organizations with an employee strength ranging from 1 to 1,000. In the current scenario, SMEs face different IT challenges due to their small staff and tight financial budget. Managed services are becoming necessary for SMEs due to high-security risks as they do not follow any formal security policies. In the case of SMEs, cybersecurity comes into consideration after a cyberattack has happened. The increasing demand for security from SMEs for improving their productivity and pooling of knowledge base has triggered vendors to provide services at a lower cost. SOCaaS is the best fit for SMEs as cost-effectiveness is the biggest advantage. The adoption and acceptance of SOCaaS by SMEs will help expand their customer base and enhance business efficiency.
By region, Asia Pacific to grow at the highest CAGR during the forecast period
In recent years, APAC has undergone tremendous economic growth, political transformations, and social changes. Due to the increasing sophistication levels of threats, countries such as China, India, and Japan have all updated or introduced new national cybersecurity policies. These countries have many established SMEs, which are growing at an exponential rate to cater to their large customer base. To increase production speed and business performance organizations are transforming their businesses to cloud. cloud-based applications is widely being adopted by verticals such as BFSI, government, and IT and telecom to reduce their overall cost, which is driving the demand for cloud-based security solutions. Increasing frequency of security breaches, the growing stringent government regulations, and the rising adoption of standard security or traditional security solutions
Major vendors in the SOC as a Service Market include AT&T (US), IBM (US), NTT (Japan), Verizon (US), Proficio (US), ConnectWise (US), Fortinet (US), Atos (France), TCS (India), Check Point (Israel), Cloudflare (US), Kaseya (US), Arctic Wolf (US), ESDS Software Solutions (India), Suma Soft (India), Clear Network (US), Stratosphere Network (US), Silversky (US), Expel (US), Binary Defense (US), eSentite (Canada), Cyrebro (Israel), Segra (US), SecureKloud (India), Nettitude Ltd (UK), Radar Cybersecurity (Austria), IARM Information Security (India), CyberSecOp (US), eSec Forte(India), Cysiv (US), Airbus Cybersecurity (France), Novacoast (US), Cyflare (US), Tracelay (India), Bitlyft (US), SafeAeon (US), SOCwise (Hungary), Eventus Tech Solutions (India).
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