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Sunday, 14 April 2024
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SOC as a Service Market is expected to reach US$ 12.98 billion by 2030

The SOC as a service market size is projected to grow at a CAGR of 10.7% during 2022-2030, to surpass US$ 12.98 billion by 2030, from US$ 5.73 billion in 2022.

By The Insight Partners

Rising Need for Cloud Security Provides Opportunities for SOC as a Service Market During 2022–2030 

According to our latest market study on "SOC as a Service Market Size and Forecast (2020–2030), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Service Type, Enterprise Size, Application, and Industry," the market was valued at 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.

The rising number of remote workforces and the expansion in the corporate perimeter are increasing cloud usage. However, with the increase in cloud usage, organizations face various new security challenges. Although cloud adoption improves agility and flexibility for organizations, it also increases threats and challenges to data security. Hence, various enterprises seek ways to achieve greater and faster security for cloud and data. They are greatly focusing on standardizing security practices in developing and deploying cloud applications. They are deploying and integrating a SOC for their cloud, which can provide them with continuous vigilance of their IT infrastructure, a high level of security, and response and recovery from possible threats and challenges in real-time while maintaining compliance. Furthermore, integrating SOC for cloud and data can provide deep insights and visibility into users' activities across multiple cloud applications. This can also help improve customer confidence and strengthen an organization’s compliance with industry and global privacy requirements. The cloud SOC teams can also help to maintain an exhaustive inventory of assets that need to be secured inside and outside of the cloud applications. It can also help to perform regular compliance testing and assess vulnerabilities, which can assist in identifying potential threats and calculating associated costs. Hence, integrating SOCaaS across enterprise systems for effective risk and compliance management, along with cloud and data security, can help organizations improve overall security posture by ensuring updated threat intelligence. Thus, the rising need for cloud security is anticipated to create ample opportunities for the SOC as a service market growth in the coming years.

SOC as a Service Market — by Geography, 2022

To get free sample copy of the report, along with the TOC, Statistics, and Tables please visit @ https://www.theinsightpartners.com/brochure/TIPRE00007968

Source: The Insight Partners 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 among the key SOC as a service market players that are profiled in the report. Several other major SOC as a service market players were also studied and analyzed during this market research study to get a holistic view of the market and its ecosystem. The SOC as a service market report provides detailed market insights, which help the key players strategize their growth.

The UK SOC as a service market is experiencing rapid growth due to the rising number of cybercrimes in the country. For instance, according to the AAG Report 2022, the UK observed 4,783 cybercrime victims per million internet users, which increased by 40% from 2020. The country reported that 32% of medium and large businesses suffered from cybercrime and data breaches between 2022 and 2023, which cost the businesses an average of US$ 6,008.97 million. The growing cybercrime and data breaches increase the demand and adoption of SOC as a service among medium and large businesses to protect their data and customers' information from theft. As cyberattack and data breach methods are becoming increasingly sophisticated, many organizations in the country are investing in more advanced security measures to protect data against these activities. Thus, all the above factors are fueling the SOC as a service market growth in the UK.   

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