SOC as a Service Market Growth Analysis Report & Share by 2030

SOC as a Service Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Service Type (Prevention Service, Detection Service, and Incident Response Service), Enterprise Size (Large Enterprises and SMEs), Application (Network Security, Endpoint Security, Application Security, and Cloud Security), and Industry (BFSI, IT & Telecom, Manufacturing, Retail, Government & Public Sector, Healthcare, and Others)

  • Report Code : TIPRE00007968
  • Category : Technology, Media and Telecommunications
  • Status : Published
  • No. of Pages : 203
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The SOC as a service market is expected to grow from US$ 5.73 billion in 2022 and is expected to reach US$ 12.98 billion by 2030; it is estimated to record a CAGR of 10.7% from 2022 to 2030.

SOC as a Service Market Analyst Perspective:

The rise in data breach cases in various organizations across the globe is considered one of the major factors propelling the SOC as a service market growth. Per IBM’s 2022 Cost of a Data Breach report, ransomware attacks grew in 2022, leading to a loss of approximately US$ 4.54 million. In addition, various organizations face a large number of cyberattacks worldwide. Finance institutions lose ~US$ 5.9 million per data breach, which is 28% higher than the global average. Thus, such growing cyberattacks in the financial sector are raising the adoption of SOCaaS. Also, healthcare organizations are adopting SOCaaS to protect sensitive patient data, which includes medical records and personal information. SOC 2 compliance helps healthcare organizations ensure they comply with federal requirements for protecting their sensitive data. Furthermore, as cyberattacks are increasing in SMEs, the demand for SOCaaS is expected to increase, creating future opportunities for the growth of the market.

SOC as a Service Market Overview:

SOC as a service (SOCaaS) is a security model where a third-party vendor operates and maintains a fully managed SOC. It provides various security functions such as network monitoring, threat detection and intelligence, incident investigation and response, log management, reporting, and risk and compliance. By combining SOC with advanced technology such as artificial intelligence (AI) and automation, the SOC team can accurately identify, categorize, prioritize, and remediate security events. As data breach cases continuously increase, organizations must reduce the time spent on investigating false positives. They should focus more on the issues that pose a real threat to the business. In addition, SOCaaS operates continuously, providing 24/7 monitoring, detection, and response capabilities, which help tackle threats quickly, allowing organizations to reduce their breakout time, thus boosting the SOC as a service market growth.

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SOC as a Service Market: Strategic Insights

SOC as a Service Market

  • CAGR (2022 - 2030)
    10.7%
  • Market Size 2022
    US$ 5.73 Billion
  • Market Size 2030
    US$ 12.98 Billion

Market Dynamics

GROWTH DRIVERS
  • Growing Cyberattack Incidents Across Various Industries
  • Rising Demand for SOCaaS in Finance Sector
FUTURE TRENDS
  • Adoption of SOCaaS in the Healthcare Sector
  • Technological Advancements in SOCaaS
OPPORTUNITIES
  • Growing Adoption of SOCaaS in SMEs
  • Rising Need for Cloud Security

Key Players

  • Fortinet Inc
  • Atos SE
  • NTT Data Corp
  • Verizon Communications Inc
  • Thales SA
  • AT&T Inc
  • Arctic Wolf Networks Inc
  • Cloudflare Inc
  • ESDS Software Solution Ltd

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

Service Type
  • Prevention Service
  • Detection Service
  • Incident Response Service
Enterprise Size
  • Large Enterprises and SMEs
Application
  • Network Security
  • Endpoint Security
  • Application Security
  • Cloud Security
Industry
  • BFSI
  • IT & Telecom
  • Manufacturing
  • Retail
  • Government & Public Sector
  • Healthcare
  • Others
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

SOC as a Service Market Driver:

Rising Demand for SOCaaS in Finance Sector Drive SOC as a Service Market Growth

Financial and banking institutes handle a vast amount of sensitive data, which makes them a prime target for cyberattacks. Also, digitalization and securing business continuity are highly prioritized in the finance industry. This increases the demand for SOCaaS solutions. SOCaaS providers help banks monitor networks and systems 24/7, ensuring quick detection and mitigation of potential security threats and reducing the data breach risk. In addition, SOCaaS providers also help banks to comply with various regulatory requirements. For instance, the Payment Card Industry Data Security Standard (PCI DSS) requires banks to have a robust security program. They can help banks meet such regulatory requirements by providing the needed monitoring, analysis, and reporting capabilities.

Moreover, in recent years, financial institutions witnessed a large number of data breach cases. As of December 2022, finance and insurance organizations experienced ~566 breaches worldwide, which led to over 254 million leaked records. In addition, according to the State of Ransomware in Financial Services 2023 report released by Sophos, the ransomware attacks on financial services increased from 55% in 2022 to 64% in 2023, which is approximately double the 34% reported in 2021. Hence, due to the rise in data breach cases, various banks across the globe are integrating SOCaaS solutions. For example, RBL Bank recently integrated SOCaaS by NTT to mitigate known and unknown threats and to improve the security posture of the bank. Under this, NTT is managing the entire SOC requirements of RBL and a dedicated SIEM for the log analysis. Thus, the growing recognition of the essential need for comprehensive and exhaustive SIEM and threat intelligence solutions by banks is raising the demand for SOCaaS, thereby driving the market.

SOC as a Service Market Report Segmentation and Scope:

The SOC as a service market is categorized on the basis of service type, enterprise size, application, and industry. Based on service type, the SOC as a service market is segmented into prevention service, detection service, and incident response service. In terms of enterprise size, the SOC as a service market is divided into SMEs and large enterprises. Based on application, the SOC as a service market is classified into network security, endpoint security, application security, and cloud security. Based on industry, the SOC as a service market is segmented into BFSI, IT & telecom, manufacturing, retail, government & public sector, healthcare, and others. By geography, the SOC as a service market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).

SOC as a Service Market Segmental Analysis:

Based on service type, the SOC as a service market is segmented into prevention service, detection service, and incident response service. The prevention service segment recorded the largest SOC as a service market share in 2022, whereas the detection service segment is anticipated to register the highest CAGR during the forecast period. Prevention service is a set of security measures and technologies that help the user to proactively identify and block cyberattacks and security threats before they cause harm to the system or data. These services involve different actions such as updating and maintaining existing systems regularly, updating firewall policies, patching vulnerabilities, hardening IT systems, and whitelisting and blacklisting to protect the user’s data from cyberattacks, thus fueling the segment growth in the SOC as a service market.

SOC as a Service Market Regional Analysis:

North America held the largest SOC as a service market share in 2022. North America contributes a noteworthy share to the global SOC as a service market owing to the wide presence of key market players such as Fortinet, Inc.; Verizon; AT&T; Arctic Wolf Networks Inc.; and Cloudflare, Inc. These players continuously develop and expand their service portfolio to attract new customers. For instance, in April 2023, Fortinet, Inc. launched FortiOS 7.4 to support organizations in building cybersecurity platforms across endpoint security, SOC automation, application security, identity and access, and threat intelligence. FortiOS 7.4 has new real-time response and automation capabilities that help the user increase effectiveness, improve efficacy, and accelerate time to resolve sophisticated attacks. In addition, Fortinet, Inc. expands Fortinet Security Fabric by adding new and enhanced products and capabilities that allow its users to advance threat prevention and coordinate response for a self-defending ecosystem across networks, clouds, and endpoints. Moreover, implementing IoT in business operations makes hyperconnectivity affordable to enterprises, which increases the demand for IoT among enterprises. According to Cisco, the US is expected to register 13.6 billion per capita IoT devices and connections by the end of 2023. The adoption of IoT devices and connections adds complexity for the SOC team to detect cyberattacks. The security team is already dealing with the ever-changing cybersecurity industry, implementing IoT in business operations, and creating challenges for the SOC team to understand patterns of cyberattacks.

Increasing government investment in advanced innovations in the technologies is driving the market. For instance, in December 2022, the Government of the US plans to turn the Middle American metro area into a hub for tech innovation. The government invested US$ 500 million in the Regional Technology and Innovation Hub program to convert countries of Middle America into essential centers of innovation. These centers are focused on research and development of new technologies such as IoT, AI, and ML to promote automation in the business. These technologies are highly vulnerable to cyberattacks and data breaches, which increases the demand for SOC as a Service among users to protect their data.

SOC as a Service Market Key Player Analysis:

Fortinet Inc, Atos SE, NTT Data Corp, Verizon Communications Inc, Thales SA, AT&T Inc, Arctic Wolf Networks Inc, Cloudflare Inc, ESDS Software Solution Ltd, and ConnectWise LLC are the key SOC as a service market players profiled in the report.

SOC as a Service Market Report Scope

Report Attribute Details
Market size in 2022 US$ 5.73 Billion
Market Size by 2030 US$ 12.98 Billion
Global CAGR (2022 - 2030) 10.7%
Historical Data 2020-2021
Forecast period 2023-2030
Segments Covered By Service Type
  • Prevention Service
  • Detection Service
  • Incident Response Service
By Enterprise Size
  • Large Enterprises and SMEs
By Application
  • Network Security
  • Endpoint Security
  • Application Security
  • Cloud Security
By Industry
  • BFSI
  • IT & Telecom
  • Manufacturing
  • Retail
  • Government & Public Sector
  • Healthcare
  • Others
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • Fortinet Inc
  • Atos SE
  • NTT Data Corp
  • Verizon Communications Inc
  • Thales SA
  • AT&T Inc
  • Arctic Wolf Networks Inc
  • Cloudflare Inc
  • ESDS Software Solution Ltd
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

    SOC as a Service Market Recent Developments:   

    The SOC as a service market player, highly adopts inorganic and organic strategies. A few recent key market developments are listed below: 

    • In 2023, Fortinet, one of the global cybersecurity leaders driving the convergence of networking and security, announced FortiSP5, the latest breakthrough in ASIC technology from Fortinet, propelling major leaps forward in securing distributed network edges. Building on over 20 years of ASIC investment and innovation from Fortinet, FortiSP5 delivers significant secure computing power advantages over traditional CPU and network ASICs, lower cost and power consumption, and the ability to enable new secure infrastructure across branch, campus, 5G, edge computing, operational technologies, and more.
    • In 2023, Fortinet announced new and expanded services designed to help security operations center (SOC) teams "reduce their organizations' cyber risk while freeing up their time to focus on higher-priority projects."
    • In 2021, Atos announced the launch of a new Managed Detection and Response (MDR) cybersecurity service for the media and entertainment industry, addressing media and video content piracy and protecting organizations against targeted cyber threats.
    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    Service Type, Enterprise Size, Application, and Industry

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    This text is related
    to country scope.

    Frequently Asked Questions


    Which is the leading deployment segment in the SOC as a service market?

    Prevention service segment is expected to hold a major market share of SOC as a service market in 2022

    What is the estimated global market size for the SOC as a service market in 2022?

    The estimated global market size for the SOC as a service market in 2022 is expected to be around US$ 5.74 billion

    What is the incremental growth of the SOC as a service market during the forecast period?

    The SOC as a service market is expected to register an incremental growth value of US$ 7.24 billion during the forecast period

    Which country is holding the major market share of SOC as a service?

    The US is expected to hold a major market share of SOC as a service market in 2022

    What will be the global market size of SOC as a service market by 2030?

    The global market size of SOC as a service market by 2030 will be around US$ 12.98 billion

    Which are the key players holding the major market share of SOC as a service market?

    Fortinet Inc, Atos SE, NTT Data Corp, Verizon Communications Inc, Thales SA, AT&T Inc, Arctic Wolf Networks Inc, Cloudflare Inc, ESDS Software Solution Ltd, and ConnectWise LLC are the key market players expected to hold a major market share of SOC as a service market in 2022

    Which is the fastest growing regional market?

    Asia Pacific is expected to register highest CAGR in the SOC as a service market during the forecast period (2022-2030)

    Which countries are registering a high growth rate during the forecast period?

    India, China, and Germany are expected to register high growth rate during the forecast period.

    What are the driving factors impacting the SOC as a service market?

    Growing cyberattack incidents across various industries and rising demand for SOCaaS in finance sector are driving the growth of the SOC as a service market.

    What is the future trend in the SOC as a service market?

    Adoption of SOCaaS in the healthcare sector and technological advancements in SOCaaS are the market trends of the SOC as a service market.

    The List of Companies – SOC as a Service Market

    1. Fortinet Inc
    2. Atos SE
    3. NTT Data Corp
    4. Verizon Communications Inc
    5. Thales SA
    6. AT&T Inc
    7. Arctic Wolf Networks Inc
    8. Cloudflare Inc
    9. ESDS Software Solution Ltd
    10. ConnectWise LLC

    The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

    1. Data Collection and Secondary Research:

    As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

    Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

    1. Primary Research:

    The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

    For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

    A typical research interview fulfils the following functions:

    • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
    • Validates and strengthens in-house secondary research findings
    • Develops the analysis team’s expertise and market understanding

    Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

    • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
    • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

    Below is the breakup of our primary respondents by company, designation, and region:

    Research Methodology

    Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

    1. Data Analysis:

    Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

    • 3.1 Macro-Economic Factor Analysis:

    We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

    • 3.2 Country Level Data:

    Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

    • 3.3 Company Profile:

    The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

    • 3.4 Developing Base Number:

    Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

    1. Data Triangulation and Final Review:

    The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

    We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

    We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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