SOC As A Service Market Size, Share, Opportunities, And Trends By Service Type (SaaS, Paas), By Application (Network Security, Endpoint Security, Database Security, Application Security, Others), By Industry Vertical (BFSI, Healthcare, Retail, Manufacturing, IT And Telcom, Others), And By Geography - Forecasts From 2024 To 2029

The security operations center (SOC) as a service market is anticipated to show steady growth during the forecast period.

It is a subscription service based on the cloud that provides capabilities for threat detection, response, and monitoring. Typically offered by an external company, SOCaaS (Security Operations Center as a Service) is often more cost-effective than establishing and managing an internal team.

SOCaaS offers companies the opportunity to leverage cutting-edge solutions and expert professionals, resulting in enhanced detection and response capabilities, as well as reduced risk. This is particularly advantageous for industries like healthcare and finance, which have stringent cybersecurity compliance regulations, as it simplifies the hiring process. Soc as a service provides cost-effective, professional security monitoring without the requirement of an in-house team. It adjusts based on requirements and delivers round-the-clock threat detection and response, ultimately saving both time and money.

Market Drivers

• Increasing Cybersecurity Risks propels SOC as a service market growth.

Businesses are presently facing a relentless surge of cyber assaults, with hackers utilizing more advanced strategies. The growing threat landscape is compelling companies to prioritize cybersecurity like never before. However, many organizations find it impractical to establish a robust in-house SOC due to budget constraints or a lack of expertise. In such cases, SOCaaS emerges as an appealing solution.

By subscribing to a SOCaaS provider, companies can gain access to a team of security professionals equipped with the latest tools and threat intelligence. This enables them to continuously monitor the network for any suspicious activity, detect potential threats at an early stage, and promptly respond to security incidents.

For instance, according to the Internet Crime Report of 2023, there was a surge in complaints from the American public, with a total of 880,418 complaints filed and potential losses surpassing $12.5 billion. The number of complaints received increased by almost 10%, while the losses suffered showed a 22% rise compared to the previous year, 2022.

• Growing cloud adoption drives the SOC as a service market growth.

The cloud revolution is revolutionizing the operations of businesses, but it also brings forth new security considerations. As more companies transfer their data and applications to the cloud, their security requirements are changing. Traditional security solutions that were designed for on-premises environments may not be adequate for the dynamic nature of the cloud.

The SOC as service providers utilize advanced tools and threat intelligence to detect suspicious activity across cloud workloads, storage, and access points. SOCaaS providers comprehend the unique security challenges of cloud computing and offer features such as cloud workload protection platforms (CWPP) and cloud security posture management (CSPM) capabilities.

For instance, according to a December 2023 article published in Eurostat, cloud computing services were acquired by 45.2% of enterprises in the EU in 2023. The primary purpose behind this acquisition was to facilitate the hosting of their e-mail systems, storing files electronically, and utilizing office software. Furthermore, among these enterprises, a significant 75.3% opted for advanced cloud services that encompassed security software applications, hosting databases for the enterprise, and providing a computing platform for application development, testing, and deployment.

• Government regulations boost SOC as a service market growth.

The strict regulatory landscape necessitates stronger cybersecurity measures from businesses. In order to safeguard sensitive information, data privacy regulations such as “General Data Protection Regulation (GDPR)” in the EU and industry-specific compliance requirements like HIPAA in healthcare demand robust security practices. Security operation center as a service (SocaaS) proves to be an invaluable tool in navigating this intricate environment. By continuously monitoring networks and systems for any suspicious activity, SocaaS assists businesses in identifying and addressing potential security breaches that may result in compliance violations.

Additionally, SocaaS providers offer comprehensive reporting that showcases a company's adherence to security best practices and regulatory requirements. This aspect becomes particularly crucial during audits or investigations, providing businesses with peace of mind and minimizing the risk of substantial fines for non-compliance.

The North American SOCaaS market is anticipated to grow.

North America, which includes Canada, Mexico, and the United States, is expected to experience significant growth in the field of SOCaaS in the upcoming years. Various factors contribute to this prevailing influence. Firstly, companies in North America are leading the way in adopting cloud technology. As they transfer critical data and applications to the cloud, their security requirements become more intricate. SOCaaS solutions are specifically designed to tackle these challenges related to cloud security.

Further, there is a growing awareness of cyber threats and the rising expenses associated with cyberattacks, which is compelling businesses to prioritize investments in cybersecurity. SOCaaS provides a cost-effective approach to accessing advanced threat detection and response capabilities.

For instance, according to an article published by the Government of Canada in October 2023, it states that October marks Cyber Security Awareness Month in Canada. The "Get Cyber Safe" initiative by the Canadian government provides complimentary resources to assist Canadians in enhancing their online safety through advice on creating secure passwords, recognizing scams, and safeguarding personal data.

Market Restraints

• Restricted knowledge in the field

Careful evaluation is necessary to find a SocaaS provider whose expertise aligns with specific industries or threats, as the talent pool they offer may not be as deep or specialized as a large in-house SOC team.

• Absence of clarity

Certain Soc as service providers may not fully disclose their security procedures, sources of threat intelligence, or protocols for incident response. This lack of clarity can pose challenges for businesses in accurately evaluating the efficacy of the SocaaS solution.

Key Developments

• In February 2024, Infoblox enhanced security operations through the implementation of SOC Insights, an AI-driven tool designed for BloxOne Threat Defense. This advancement addresses issues such as alert overload and delayed response times. Through the analysis of extensive security and network data, SOC Insights provides practical insights, simplifying investigations and the prevention of threats.
• In July 2023, NTT DATA launched a Managed Detection and Response (MDR) service, catering to the growing demand for security outsourcing. Initially launched in Japan, this service utilizes the expertise of NTT DATA's skilled security engineers to actively avert security incidents and mitigate any potential harm caused by them.

Company Products

• Quantum Titan: Quantum Titan Offred checkpoint technologies serve as a cybersecurity platform designed specifically for businesses. By harnessing the power of AI and machine learning, it offers cutting-edge threat prevention, comprehensive security management, and integrated IoT security. This all-in-one solution enables businesses to effectively counter ever-changing cyberattacks, optimize security operations, and safeguard their entire network.

Segmentation

• By Service Type
  • SaaS
  • Paas
• By Application
  • Network Security
  • Endpoint Security
  • Database Security
  • Application Security
  • Others
• By Industry Vertical
  • BFSI
  • Healthcare
  • Retail
  • Manufacturing
  • IT and Telcom
  • Others
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Others