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SOC as a Service Market by Component, Service Type, Offering Type, Application Area, Industry Vertical And Region - Global Forecast to 2024

SOC as a Service Market by Component, Service Type, Offering Type, Application Area, Industry Vertical And Region - Global Forecast to 2024

  • May 2019
  • 130 pages
  • ID: 5777741
  • Format: PDF
  • By MarketsandMarkets

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Exponential rise and sophistication of cyber-attacks and cumbersome administration after threat detection to drive the overall SOC as a service market
The global SOC as a service market size is expected to grow from USD 372 million in 2019 to USD 1,137 million by 2024, at a Compound Annual Growth Rate (CAGR) of 25.0% during the forecast period. Various factors such as exponential rise and sophistication of cyber-attacks and cumbersome administration after threat detection are expected to drive the market. However, organizations’ uncertainty about cloud-based security services may restrain the market growth.

Solution segment to hold a larger market size during the forecast period
The solution segment is expected to hold a larger market size in the SOC as a service market during the forecast period.SOC as a service vendors help enterprises in providing necessary knowledge, awareness, and risk background to understand threats to its environment and react appropriately.

The solution helps enterprises identify the existing security posture of their information systems and infrastructure, and combat against cybersecurity threats. Hence, organizations are adopting SOC as a service solutions to manage their business sensitive applications.

Among offering type, co-managed or hybrid segment to grow at a higher CAGR during the forecast period
Under offering type, SOC as a service market is segmented by fully managed and co-managed or hybrid segments.The co-managed or hybrid segment is set to grow at a higher CAGR during the forecast period.

The hybrid or co-managed model for SOC and SIEM provides organizations with greater control and visibility into their IT infrastructure.Organizations can extend their internal security team by adopting hybrid or co-managed SIEM and SOC services.

The hybrid service provides comprehensive data protection and prevents the damages caused by security breaches. Owing to these factors, organizations are adopting the co-managed or hybrid model.

North America to account for the largest market size, whereas Asia Pacific (APAC) to grow at the highest CAGR
North America is projected to hold the largest size of the SOC as a service market from 2019 to 2024, owing to the early adoption of the SOC as a service solution in the region across various application areas, such as network security, endpoint security, and database security.The concentrated presence of large number of SOC as a service solution and services providers in the US is also expected to drive revenue growth from the region.

The APAC market is expected to grow at the highest CAGR during the forecast period, owing to notable adoption of the technology as enterprises across utilities industries are now adopting SOC as a service solutions to better manage their IT infrastructure.

In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the SOC as a service marketplace.
• By Company: Tier 1 – 55%, Tier 2 – 20%, and Tier 3 – 25%
• By Designation: C-level – 50%, Director level – 25%, and Others – 25%
• By Region: North America – 45%, Europe – 25%, APAC – 20%, Latin America – 5%, Middle East and Africa: – 5%

Major vendors in the global SOC as a service market include AlienVault (US), BlackStratus (US), Cygilant (US), Thales e-Security (France), Alert Logic (US), Proficio (US), Netmagic Solutions (India), Arctic Wolf Networks (US), AQM Technologies (India), ESDS Software Solution (India), Suma (India), GA Systems (Australia), Expel (US), RadarServices (Austria), and StratoZen (US).

Research Coverage
The market study covers the SOC as a service market across segments.It aims at estimating the market size and the growth potential of the market across segments, such as component (solution and service), offering type, service type, application area, industry vertical, and region.

The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key Benefits of Buying the Report
The report will help the market leaders/new entrants in the SOC as a service market with information on the closest approximations of the revenue numbers for the overall SOC as a service market and the subsegments. The report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities

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