The Global SOC as a Service Market size is expected to reach $10.9 billion by 2028, rising at a market growth of 10.2% CAGR during the forecast period.
SOC as a service is a cloud-based solution that allows businesses to outsource the complete security operation, including endpoint management, network management, application management, database management, and server website management. It primarily provides the critical cyber security expertise required to combat sophisticated cyber-attacks. Moreover, this service offers commendable reaction and detection services for reducing threats early on. This cloud service is made up of a dedicated group of information security experts that are in charge of monitoring and evaluating the organization's security posture.
In terms of volume and complexity, cyber-attacks are fast expanding across emerging economies, and incident response units are straining the limits in terms of time, talent, and resources to obtain responsive measures at the correct time to prevent such incidents. Simultaneously, organizations face an unprecedented number of security threats and dangers as the workforce, customers, and partners grow, requiring them to embrace new trends and innovations via digital transformation. For instance, As per IBM, the average cost of a data breach across all industry sectors in 2020 will be multiple million dollars.
Enterprises may make fundamental changes in the way organizations manage and address threats and hazards in the business environments by implementing an intelligent SOC and an effective security service management architecture. The strategy gives managers a complete, end-to-end view of security issues, allowing users to improve response times and better protect the company's data. With proactive policy enforcement and audit & compliance reports, such solutions have also made it easier to comply with audit and compliance standards.
The demand for security services to combat various cyber risks and attacks is increasing within organizations as a result of the COVID-19 pandemic in 2020. During the COVID-19 pandemic, digital transformation in the banking, financial services, and insurance industries, as well as healthcare, government, and IT and ITeS, is accelerated. The adoption of the remote work trend has resulted in increased web and cloud traffic, which is why managed security services are blooming in every industry. Almost every industry around the globe has been badly impacted by the COVID-19 pandemic. Moreover, mobility restrictions have disrupted supply chains around the world, but it has created possibilities for the service industry and has had a favorable impact on the SOC's expansion as a service market. The COVID-19 pandemic has affected every part of society, including individuals and businesses.
Organizations have relied on cyber security in recent years to secure their digital assets from escalating cyber threats. Some of the most well-known cyber risks include phishing, ransom ware, phishing, malware, browser gateway frauds, and Distributed Denial of Service (DDoS), whaling, and spear phishing. Cyber terrorists assault endpoints, networks, data, and other IT infrastructure, causing massive financial losses to individuals, businesses, and governments. Cyber risks reduce business productivity by compromising essential IT infrastructure and sensitive data. As the outcome of the rapid growth of digital transactions across industrial verticals, the incidence of cyber-crime is increasing.
The regulatory landscape is becoming increasingly complicated, and enterprises must implement security controls and policies to attain and show regulatory compliance. While a managed SOC provider can help with regulatory compliance, using a third-party provider can make regulatory compliance more complicated and need trust in the service provider to execute the compliance-related responsibilities. Over the years, sophisticated cyber-attacks have wreaked havoc on businesses, resulting in tremendous financial losses. Organizations are constantly looking for SOCaaS subscriptions to counter such disruptive attacks. It is also necessary to adhere to current government data protection laws while using SOCaaS for cyber defense.
When companies lack in-house security knowledge or have budgetary constraints, organizations turn to SOCaaS and third-party service providers. While outsourcing security operations to third-party service providers, many factors must be considered, including the security of the third infrastructure, the party's expertise, up-to-date cyber-security technology, round-the-clock assistance, and the overall choice to migrate to security as a service. To counteract the latest threats, service providers must ensure that the infrastructure is secure and up to date. The infrastructure of service providers holds vital data from various organizations, and it is very vulnerable to repetitive and complicated attacks and this might be a deterrent for enterprises to hand up the data to such service providers.
Based on Type, the market is segmented into Vulnerability Assessment & Threat Detection and Incident Response. The Incident Response segment acquired a significant revenue share in the SOC as a Service market in 2021. Such services help businesses safeguard the systems from exploitation and data loss. The complexity of sophisticated technologies positively influences the demand of SOCaaS industry. The service provides a method for managing and responding to complicated cyber-attacks after they have been detected, as well as assisting businesses in recouping IT damages and data losses. It assists organizations in not just dealing with and managing the aftermath of assaults, but also in defining a clear set of protocols that must be followed prior to and during the security incidents.
Based on Vertical, the market is segmented into BFSI, IT & ITeS, Manufacturing, Telecommunications, Government & Public Sector, Healthcare & Life Sciences, Transportation & Logistics, Energy & Utilities, and Others. The Healthcare & Life Science segment garnered a significant revenue share in the SOC as a Service market in 2021. Healthcare businesses confront multiple issues, including safeguarding the privacy of Electronic Health Records (EHRs) and complying with various HIPAA compliance, which has aided the healthcare industry vertical's IT departments in upgrading security policies and processes to PHI. Medical equipment and pharmaceutical manufacturers, health insurance companies, commercial and governmental healthcare institutions, and diagnostic, preventative, remedial, and therapeutic service providers make up the healthcare vertical. Companies in such areas must manage personal health information and sensitive patient data, necessitating the use of high-security services.
Based on Component, the market is segmented into Professional Services and Solution. The professional services segment acquired the highest revenue share in the SOC as a Service market in 2021. Professional Services is a service offering for enterprises wishing to better understand and mitigate the dangers posed by today's focused attacks from sophisticated criminal organizations and determined human adversaries.
Based on Offering Type, the market is segmented into Co-managed and Fully Managed. The Co-Managed segment procured the maximum revenue share in the SOC as a Service Market in 2021. This offering type is a service model for IT management that enable organizations and administrators to choose which IT services to retain in-house and which to outsource. Co-Managed Services is an IT paradigm that combines an internal IT team's convenience and strategic framework with a managed-service provider's support and thorough understanding.
Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. The Small & Medium enterprise segment garnered a significant revenue share in the SOC as a Service market in 2021. The reason behind the tiny staff and limited financial resources, SMEs confront a variety of IT issues in the current environment. Because SMEs do not follow any formal security procedures, managed services are becoming increasingly required. When it comes to SMEs, cyber security is only considered after a cyber-attack has occurred. The usage of SOCaaS is projected to accelerate among small organizations. As SMEs need more security to improve the productivity and pool the knowledge base, providers have responded by offering services at a lesser cost. SOCaaS is the greatest option for SMEs because of its cost-effectiveness. SOCaaS adoption and acceptance by SMEs will help the company grow the customer base and improve the company efficiency.
Based on Application, the market is segmented into Endpoint Security, Network Security, Cloud Security, and Others. The endpoint security segment acquired the highest revenue share in the SOC as a Service Market in 2021. Endpoint security refers to the protection given by enterprise networks for endpoints like personal computers, laptops, cellphones, tablets, bar code readers, and point of sale (POS). Viruses, hackers, program tampering, and heap overflow are all frequent endpoint layer assaults. Financial, organizational, and workforce information is stored on devices connected to a platform, and it must be safeguarded from data loss or intrusion. SOCaaS solutions assist businesses in protecting endpoints and networking assets against malicious attacks.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America emerged as the leading region in the SOC as a Service with the largest revenue share in 2021. North America has the highest number of SOCaaS providers because it is the most afflicted region by cyber security breaches. Protecting enterprise-critical infrastructure and confidential data has become one of the primary problems as the globe moves toward inter connectivity and digitization. As more cloud-based apps, technologies, and platforms are adopted, the demand for stronger security solutions for such platforms is growing. The governments across this region have recognized information security as the most important economic and national security threat. Governments allocate specific budgets and mandate PCI DSS and HIPAA standards to make North America the most attractive market for different types of businesses.
The major strategies followed by the market participants are Acquisitions. Based on the Analysis presented in the Cardinal matrix; Verizon Communications, Inc. and AT&T, Inc. are the forerunners in the SOC as a Service Market. Companies such as IBM Corporation, Tata Consultancy Services Ltd., NTT Data Corporation are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include AT&T, Inc., IBM Corporation, NTT Data Corporation, Verizon Communications, Inc., Cloudflare, Inc., Fortinet, Inc., Check Point Software Technologies Ltd., Atos Group, Tata Consultancy Services Ltd., and Profico.
SOC as a service is a cloud-based solution that allows businesses to outsource the complete security operation, including endpoint management, network management, application management, database management, and server website management. It primarily provides the critical cyber security expertise required to combat sophisticated cyber-attacks. Moreover, this service offers commendable reaction and detection services for reducing threats early on. This cloud service is made up of a dedicated group of information security experts that are in charge of monitoring and evaluating the organization's security posture.
In terms of volume and complexity, cyber-attacks are fast expanding across emerging economies, and incident response units are straining the limits in terms of time, talent, and resources to obtain responsive measures at the correct time to prevent such incidents. Simultaneously, organizations face an unprecedented number of security threats and dangers as the workforce, customers, and partners grow, requiring them to embrace new trends and innovations via digital transformation. For instance, As per IBM, the average cost of a data breach across all industry sectors in 2020 will be multiple million dollars.
Enterprises may make fundamental changes in the way organizations manage and address threats and hazards in the business environments by implementing an intelligent SOC and an effective security service management architecture. The strategy gives managers a complete, end-to-end view of security issues, allowing users to improve response times and better protect the company's data. With proactive policy enforcement and audit & compliance reports, such solutions have also made it easier to comply with audit and compliance standards.
COVID-19 Impact Analysis
The demand for security services to combat various cyber risks and attacks is increasing within organizations as a result of the COVID-19 pandemic in 2020. During the COVID-19 pandemic, digital transformation in the banking, financial services, and insurance industries, as well as healthcare, government, and IT and ITeS, is accelerated. The adoption of the remote work trend has resulted in increased web and cloud traffic, which is why managed security services are blooming in every industry. Almost every industry around the globe has been badly impacted by the COVID-19 pandemic. Moreover, mobility restrictions have disrupted supply chains around the world, but it has created possibilities for the service industry and has had a favorable impact on the SOC's expansion as a service market. The COVID-19 pandemic has affected every part of society, including individuals and businesses.
Market Growth Factors:
Drastic growth in sophistication of cyber-attacks and security breaches
Organizations have relied on cyber security in recent years to secure their digital assets from escalating cyber threats. Some of the most well-known cyber risks include phishing, ransom ware, phishing, malware, browser gateway frauds, and Distributed Denial of Service (DDoS), whaling, and spear phishing. Cyber terrorists assault endpoints, networks, data, and other IT infrastructure, causing massive financial losses to individuals, businesses, and governments. Cyber risks reduce business productivity by compromising essential IT infrastructure and sensitive data. As the outcome of the rapid growth of digital transactions across industrial verticals, the incidence of cyber-crime is increasing.
Proper adherence to regulatory and data protection directives for cyber-defense
The regulatory landscape is becoming increasingly complicated, and enterprises must implement security controls and policies to attain and show regulatory compliance. While a managed SOC provider can help with regulatory compliance, using a third-party provider can make regulatory compliance more complicated and need trust in the service provider to execute the compliance-related responsibilities. Over the years, sophisticated cyber-attacks have wreaked havoc on businesses, resulting in tremendous financial losses. Organizations are constantly looking for SOCaaS subscriptions to counter such disruptive attacks. It is also necessary to adhere to current government data protection laws while using SOCaaS for cyber defense.
Marketing Restraining Factor:
Enterprises showing a lack of faith in SOCaaS suppliers' full control of system architecture
When companies lack in-house security knowledge or have budgetary constraints, organizations turn to SOCaaS and third-party service providers. While outsourcing security operations to third-party service providers, many factors must be considered, including the security of the third infrastructure, the party's expertise, up-to-date cyber-security technology, round-the-clock assistance, and the overall choice to migrate to security as a service. To counteract the latest threats, service providers must ensure that the infrastructure is secure and up to date. The infrastructure of service providers holds vital data from various organizations, and it is very vulnerable to repetitive and complicated attacks and this might be a deterrent for enterprises to hand up the data to such service providers.
Type Outlook
Based on Type, the market is segmented into Vulnerability Assessment & Threat Detection and Incident Response. The Incident Response segment acquired a significant revenue share in the SOC as a Service market in 2021. Such services help businesses safeguard the systems from exploitation and data loss. The complexity of sophisticated technologies positively influences the demand of SOCaaS industry. The service provides a method for managing and responding to complicated cyber-attacks after they have been detected, as well as assisting businesses in recouping IT damages and data losses. It assists organizations in not just dealing with and managing the aftermath of assaults, but also in defining a clear set of protocols that must be followed prior to and during the security incidents.
Vertical Outlook
Based on Vertical, the market is segmented into BFSI, IT & ITeS, Manufacturing, Telecommunications, Government & Public Sector, Healthcare & Life Sciences, Transportation & Logistics, Energy & Utilities, and Others. The Healthcare & Life Science segment garnered a significant revenue share in the SOC as a Service market in 2021. Healthcare businesses confront multiple issues, including safeguarding the privacy of Electronic Health Records (EHRs) and complying with various HIPAA compliance, which has aided the healthcare industry vertical's IT departments in upgrading security policies and processes to PHI. Medical equipment and pharmaceutical manufacturers, health insurance companies, commercial and governmental healthcare institutions, and diagnostic, preventative, remedial, and therapeutic service providers make up the healthcare vertical. Companies in such areas must manage personal health information and sensitive patient data, necessitating the use of high-security services.
Component Outlook
Based on Component, the market is segmented into Professional Services and Solution. The professional services segment acquired the highest revenue share in the SOC as a Service market in 2021. Professional Services is a service offering for enterprises wishing to better understand and mitigate the dangers posed by today's focused attacks from sophisticated criminal organizations and determined human adversaries.
Offering Type Outlook
Based on Offering Type, the market is segmented into Co-managed and Fully Managed. The Co-Managed segment procured the maximum revenue share in the SOC as a Service Market in 2021. This offering type is a service model for IT management that enable organizations and administrators to choose which IT services to retain in-house and which to outsource. Co-Managed Services is an IT paradigm that combines an internal IT team's convenience and strategic framework with a managed-service provider's support and thorough understanding.
Organization Size Outlook
Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. The Small & Medium enterprise segment garnered a significant revenue share in the SOC as a Service market in 2021. The reason behind the tiny staff and limited financial resources, SMEs confront a variety of IT issues in the current environment. Because SMEs do not follow any formal security procedures, managed services are becoming increasingly required. When it comes to SMEs, cyber security is only considered after a cyber-attack has occurred. The usage of SOCaaS is projected to accelerate among small organizations. As SMEs need more security to improve the productivity and pool the knowledge base, providers have responded by offering services at a lesser cost. SOCaaS is the greatest option for SMEs because of its cost-effectiveness. SOCaaS adoption and acceptance by SMEs will help the company grow the customer base and improve the company efficiency.
Application Outlook
Based on Application, the market is segmented into Endpoint Security, Network Security, Cloud Security, and Others. The endpoint security segment acquired the highest revenue share in the SOC as a Service Market in 2021. Endpoint security refers to the protection given by enterprise networks for endpoints like personal computers, laptops, cellphones, tablets, bar code readers, and point of sale (POS). Viruses, hackers, program tampering, and heap overflow are all frequent endpoint layer assaults. Financial, organizational, and workforce information is stored on devices connected to a platform, and it must be safeguarded from data loss or intrusion. SOCaaS solutions assist businesses in protecting endpoints and networking assets against malicious attacks.
Regional Outlook
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America emerged as the leading region in the SOC as a Service with the largest revenue share in 2021. North America has the highest number of SOCaaS providers because it is the most afflicted region by cyber security breaches. Protecting enterprise-critical infrastructure and confidential data has become one of the primary problems as the globe moves toward inter connectivity and digitization. As more cloud-based apps, technologies, and platforms are adopted, the demand for stronger security solutions for such platforms is growing. The governments across this region have recognized information security as the most important economic and national security threat. Governments allocate specific budgets and mandate PCI DSS and HIPAA standards to make North America the most attractive market for different types of businesses.
The major strategies followed by the market participants are Acquisitions. Based on the Analysis presented in the Cardinal matrix; Verizon Communications, Inc. and AT&T, Inc. are the forerunners in the SOC as a Service Market. Companies such as IBM Corporation, Tata Consultancy Services Ltd., NTT Data Corporation are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include AT&T, Inc., IBM Corporation, NTT Data Corporation, Verizon Communications, Inc., Cloudflare, Inc., Fortinet, Inc., Check Point Software Technologies Ltd., Atos Group, Tata Consultancy Services Ltd., and Profico.
» Partnerships, Collaborations and Agreements:
- Mar-2022: Cloudflare formed a partnership with CrowdStrike, a leader in cloud-delivered protection of endpoints, cloud workloads, identity, and data. The partnership aimed to provide joint customers easy and powerful controls to ensure employees have safe access to applications as well as offer joint customers with Zero Trust capabilities that are unmatched in the industry.
- Apr-2021: IBM teamed up with HCL Technologies, a multinational information technology services and consulting company, based in India. This collaboration aimed to unify and simplify threat management for clients through a modernized security operation center (SOC) platform as well as develop an integrated security platform to link security teams, tools, and processes over the threat lifecycle. In addition, this collaboration is expected to build and help organizations with digital transformation.
- Feb-2020: NTT Data came into a partnership with Palo Alto Networks, the global cybersecurity leader. This partnership aimed to offer a portfolio of intelligence-driven security products that is expected to help clients minimize risk by reducing the time to predict, detect, and respond to attacks. The new offering is expected to emphasize the intelligent workplace, intelligent infrastructure, and intelligent cybersecurity as well as is expected to unify with current digital workspaces and match specific cybersecurity and network requirements.
» Acquisitions and Mergers:
- Dec-2021: Cloudflare took over Zaraz, an early-stage startup company. This acquisition aimed to propel website speed and security without compromising privacy by lowering the impact of third-party marketing and analytics tools as well as enhancing the surfing experience and safeguarding user privacy.
- Nov-2021: IBM took over ReaQta, a leading autonomous detection & response platform. This acquisition aimed to enhance AI to automatically identify and manage threats while remaining undetectable to adversaries. In addition, this acquisition is expected to provide security with an open approach that extends over disparate tools, data, and hybrid cloud environments.
» Product Launches and Product Expansions:
- Apr-2022: Profico introduced ProSOC Identity Threat Detection and Response. This product is expected to help with Identity Threat Detection and Response and work with current security tools without proprietary agents or sensors.
- Jun-2021: Fortinet expanded its product line with the release of FortiMonitor and FortiAIOps. This product aimed at organizations to enhance digital experience and business outcomes and build Fabric Management Center to provide complete monitoring and automation.
- Nov-2020: Check Point Software unveiled its next-generation unified cyber security platform, Check Point R81. This product aimed to allow IT staff to handle the most complex and dynamic network environments simply and efficiently.
- Oct-2020: Tata Consultancy Services introduced 10 new Threat Management Centers. This product is expected to emphasize offering cyber security services to its enterprise customers.
- Jul-2020: Check Point Software released Infinity SOC, a cloud-based platform. This product aimed to aid enterprises to safeguard networks by delivering accuracy to quickly detect and shut down real attacks, zero-friction deployment, and rapid incident Investigations.
» Geographical Expansion:
- Mar-2022: Atos expanded its geographical footprints in Sofia, Bulgaria by opening a new security operations center (SOC). This geographical expansion aimed to continue amid the latest reports that potential suitors might want to acquire the Atos cybersecurity and MSSP business.
- Feb-2022: IBM expanded its geographical footprints in Bengaluru, India by opening of a cyber-security center. This geographical expansion aimed to resolve the issues of clients in the Asia Pacific region and aid businesses plan for and handling the growing danger of cyberattacks on organizations.
Scope of the Study
Market Segments Covered in the Report:
By Type
- Vulnerability Assessment & Threat Detection
- Incident Response
By Vertical
- BFSI
- IT & ITeS
- Manufacturing
- Telecommunications
- Government & Public Sector
- Healthcare & Life Sciences
- Transportation & Logistics
- Energy & Utilities
- Others
By Component
- Professional Services
- Solution
By Offering Type
- Co-managed
- Fully Managed
By Organization Size
- Large Enterprises
- Small & Medium Enterprises
By Application
- Endpoint Security
- Network Security
- Cloud Security
- Others
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- AT&T, Inc.
- IBM Corporation
- NTT Data Corporation
- Verizon Communications, Inc.
- Cloudflare, Inc.
- Fortinet, Inc.
- Check Point Software Technologies Ltd.
- Atos Group
- Tata Consultancy Services Ltd.
- Profico
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Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Competition Analysis - Global
Chapter 4. Global SOC as a Service Market by Type
Chapter 5. Global SOC as a Service Market by Vertical
Chapter 6. Global SOC as a Service Market by Component
Chapter 7. Global SOC as a Service Market by Offering Type
Chapter 8. Global SOC as a Service Market by Organization Size
Chapter 9. Global SOC as a Service Market by Application
Chapter 10. Global SOC as a Service Market by Region
Chapter 11. Company Profiles
Companies Mentioned
- AT&T, Inc.
- IBM Corporation
- NTT Data Corporation
- Verizon Communications, Inc.
- Cloudflare, Inc.
- Fortinet, Inc.
- Check Point Software Technologies Ltd.
- Atos Group
- Tata Consultancy Services Ltd.
- Profico
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 354 |
| Published | May 2022 |
| Forecast Period | 2021 - 2028 |
| Estimated Market Value ( USD | $ 5592 Million |
| Forecasted Market Value ( USD | $ 10866 Million |
| Compound Annual Growth Rate | 10.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
