Middle East & Africa SOC as a Service Market Forecast to 2030 - Regional Analysis - by Service Type, Enterprise Size, Application, and Industry

The Middle East & Africa SOC as a service market is expected to grow from US$ 300.66 million in 2022 to US$ 612.59 million by 2030. It is estimated to register a CAGR of 9.3% from 2022 to 2030.

Technological Advancements in SOCaaS Fuel Middle East & Africa SOC as a Service Market

To detect cyber threats and take appropriate action in real-time, various market players are continuously working on technological advancement in the SOCaaS. With the integration of AI, the market players are providing advanced SOC to their customers. AI-driven SOC offers organizations the latest and most advanced security technologies to keep their systems, networks, and data safe. It also helps in providing an ability to identify and respond to potential threats at an unprecedented speed and accuracy.

In addition, AI-driven SOC provides automation of threat response processes, which can help neutralize potential threats quickly, thus reducing the fatigue of SOC analysts and enabling them to focus on more complex threats and investigations. Moreover, AI-powered tools can collect and analyze data from various sources, including blogs, social media, and dark web forums, to identify emerging threats and vulnerabilities. The information from these sources can then be used to form an organization's security strategy, thus proactively addressing potential risks before they result in huge incidents. Furthermore, integrating machine learning algorithms and predictive analytics into the operations will help increase network and system security. These algorithms can further help analyze large amounts of data, identify patterns associated with data, and make predictions based on those patterns. Thus, the above technological advancements can help in shifting the focus of SOCaaS from reactive to proactive security measures, which is likely to create future growth in the SOC as a service market.

Middle East & Africa SOC as a Service Market Overview

The SOC as a Service market in the Middle East & Africa is segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East and Africa. The increasing number of data breach activities in the region is increasing the adoption of SOC as a Service among industries for protecting confidential information. The financial sector in the Middle East & Africa is experiencing the highest volume of data breach activities, which incurred huge losses on company revenue.

For instance, according to the Cost of a Data Breach Report by IBM Security, in August 2023, the Middle East faced a loss of US$ 8 billion from data breach activities, registering a 15% increase in data breach cases compared to 2020. The rise in data breach activity is associated with the increasing adoption of advanced solutions such as IoT and connected devices. These devices are highly vulnerable to cyberattacks, which increases the adoption of SOC as a Service among consumers. The growth in data breach activities in the region is mandating companies to adopt SOC as a Service to protect their data from breach.

The market in Africa is projected to expand during the forecast period due to the growing need for cybersecurity solutions among consumers and businesses to protect data from theft. A few established domestic players are also driving the market growth in the region. These players are expanding their presence to other countries in Africa to help consumers and businesses protect data from cyberattacks. For instance, in February 2023, Zora Communications Limited launched the Network and Security Operations Center (NSOC) in Lagos to provide cybersecurity solutions to public and private enterprises. The center offers a wide range of cybersecurity solutions, including cyber mitigation, monitoring, and training/capacity building for an organization. This helps consumers and organizations to defend their operations, data, and information within their network.

Middle East & Africa SOC as a Service Market Revenue and Forecast to 2030 (US$ Million)

Middle East & Africa SOC as a Service Market Segmentation

The Middle East & Africa SOC as a service market is segmented into service type, enterprise size, application, industry, and country.

Based on service type, the Middle East & Africa SOC as a service market is segmented into prevention service, detection service, and incident response service. The prevention service segment held the largest share of the Middle East & Africa SOC as a service market in 2022.

In terms of enterprise size, the Middle East & Africa SOC as a service market is bifurcated into large enterprises and SMEs. The large enterprises segment held a larger share of the Middle East & Africa SOC as a service market in 2022.

Based on application, the Middle East & Africa SOC as a service market is segmented into network security, endpoint security, application security, and cloud security. The endpoint security segment held the largest share of the Middle East & Africa SOC as a service market in 2022.

Based on industry, the Middle East & Africa SOC as a service market is segmented into BFSI, IT and telecom, manufacturing, retail, government and public sector, healthcare, and others. The BFSI segment held the largest share of the Middle East & Africa SOC as a service market in 2022.

Based on country, the Middle East & Africa SOC as a service market is segmented into Saudi Arabia, South Africa, the UAE, and the Rest of Middle East & Africa. The UAE dominated the Middle East & Africa SOC as a service market in 2022.

AT&T Inc, Atos SE, Cloudflare Inc, ConnectWise LLC, Fortinet Inc, NTT Data Corp, Thales SA, and Verizon Communications Inc are some of the leading companies operating in the Middle East & Africa SOC as a service market.

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