SOC as a Service Market worth $11.4 billion by 2028 - Exclusive Report by MarketsandMarkets™
CHICAGO, Sept. 12, 2023 /PRNewswire/ -- In order to deliver comprehensive and proactive cybersecurity solutions, the SOC as a Service Market's future will be characterised by improved threat detection capabilities, broader coverage of emerging technologies and environments, higher automation, and an emphasis on customisation and integration.
The global SOCaaS Market size is projected to grow from USD 6.7 billion in 2023 to USD 11.4 billion by 2028 at a CAGR of 11.2% during the forecast period, according to a new report by MarketsandMarkets™. The SOCaaS Market experienced substantial growth due to the rising complexity of cyber threats, rapid technological progress, the high trend of BYOD, CYOD, and WFH, and complex threat response. Organizations are pursuing robust SOCaaS solutions to secure their data amid modern cybersecurity practices. Additionally, SOCaaS providers are responding with innovative solutions to preserve digital assets, privacy, and data integrity, capitalizing on the heightened demand.
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Scope of the Report
By vertical segment, the healthcare vertical will grow at the highest CAGR during the forecasted period.
The healthcare vertical is projected to achieve the highest CAGR in the SOCaaS Market due to its unique blend of factors. The sector's emphasis on safeguarding sensitive patient data, complying with strict regulations like HIPAA, addressing escalating cyber threats, managing digital transformation, securing healthcare IoT devices, ensuring patient safety, preserving reputation against breaches, and protecting critical research data all drive its need for robust cybersecurity solutions. With the increasing digitization of healthcare services and data security's vital role in patient care, healthcare organizations are turning to SOCaaS to provide comprehensive protection, regulatory adherence, and uninterrupted healthcare services. This convergence of challenges and demands positions the healthcare vertical as a pivotal driver of SOCaaS Market growth in the forecasted period.
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By Sectors, the Private sector holds the largest market size during the forecast period.
The private sector holds the largest size in the SOCaaS Market for a compelling array of reasons. Its significant data sensitivity, substantial financial resources, risk management concerns, compliance obligations, the potential economic impact of breaches, complex infrastructure, adoption of advanced technologies, customer trust focus, third-party risks, and global operations all contribute to its demand for robust cybersecurity. SOCaaS meets these needs by providing tailored security solutions, initiative-taking monitoring, rapid incident response, and the efficient allocation of resources. As private sector companies prioritize safeguarding operations and customer trust, SOCaaS emerges as a central solution, solidifying the sector's dominant position in the evolving landscape of cybersecurity services.
By region, the Asia Pacific market is to grow at the highest CAGR during the forecast period.
The Asia Pacific region, encompassing well-established economies like China, Japan, Australia, and New Zealand and emerging players like India and Singapore, is poised for the most significant CAGR during the anticipated period. The following ascent owes its momentum to rigorous regulatory frameworks, substantial technological advancements, and notable strides in adopting innovative technologies such as analytics, cloud computing, and fortified business infrastructure.
Asia Pacific region stands out as a pioneer in embracing SOCaaS solutions, primarily spurred by mounting cybersecurity apprehensions, notably within sectors like BFSI, government, IT, and telecommunications. The surge in cyber threats has catalyzed policy revisions on a national scale, prompting an uptick in the uptake of encryption solutions to safeguard sensitive data. In response to the intensifying cyber landscape, prominent industry players such as IBM and TCS are strategically expanding their SOCaaS footprint across Asia, aiming to fortify security measures and regional enterprises' bottom line. Thus, the region accounts for the highest CAGR during the forecasted period.
Top Key Companies in SOC as a Service Market:
NTT (Japan), Verizon (US), Lumen Technology (US), Atos (France), Fortinet (US), Thales (France), Kaseya (US), Cloudflare (US), AT&T (US), Arctic Wolf (US), Trustwave (US), Proficio (US), Airbus (France), ConnectWise (US), Clearnetwork, Inc (US)., Stratosphere Networks (US), eSec Forte (India), Cybersafe Solutions (US), eSentire (Canada), CyberSecOp (US), TECEZE (UK), Netsurion (US), Foresite Cybersecurity (US), Ascend Technologies (US), inSOC (US), SafeAeon (US), SOCWISE (Hungary), Wizard Cyber (UK), and Eventus Security (India) are the key players and other players in the SOCaaS Market.
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SOC as a Service Market Advantages:
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