SOC-as-a-Service Market by Component (Consulting, Services, Solutions), Service Type (Detection Service, Incident Response Service, Prevention Service), Offering Type, Application Area, Vertical - Global Forecast 2024-2030

SOC-as-a-Service Market by Component (Consulting, Services, Solutions), Service Type (Detection Service, Incident Response Service, Prevention Service), Offering Type, Application Area, Vertical - Global Forecast 2024-2030

The SOC-as-a-Service Market size was estimated at USD 7.57 billion in 2023 and expected to reach USD 8.48 billion in 2024, at a CAGR 12.11% to reach USD 16.87 billion by 2030.

The SOC-as-a-Service market offers managed security services such as monitoring, detection, and response to various cyber threats, enabling businesses to outsource their security operations. This service model provides 24/7 security monitoring, threat intelligence gathering, incident response management, and vulnerability assessments. Increasing cybersecurity threats, adoption of IoT and cloud technologies, limited in-house expertise among small-to-medium enterprises (SMEs), and stringent regulatory requirements demanding enhanced solutions such as SOC-as-a-service. However, challenges such as data privacy concerns when outsourcing security operations, lack of standardization among service providers, and high costs may hinder market growth. The amalgamation of artificial intelligence (AI) and machine learning (ML) technologies can enhance threat detection capabilities, reducing false positives and allowing quicker response times to incidents. Developing cost-effective solutions tailored specifically to meet small-to-medium enterprises' unique security requirements and budget constraints is expected to expand the customer base for SOC-as-a-service providers while improving overall efficiency in managing cybersecurity risks.

Regional Insights

The SOC-as-a-service market is witnessing significant growth in the Americas due to rising cybercrime rates, stringent data protection regulations, and increased investment in research and development. In Europe, SOC-as-a-service adoption has been fueled by rising data privacy (GDPR) compliance regulations and a growing number of high-profile cyber attacks. The Middle East & Africa region has witnessed a surge in demand for SOC-as-a-Service due to an alarming rise in cyberattacks targeting critical infrastructures, including oil & gas sectors. Governments have initiated national cybersecurity strategies promoting public-private partnerships to enhance security postures. China, Japan, and India have emerged as significant economies for SOC-as-a-Service with rapid digital transformation, and the need for advanced cybersecurity measures has grown exponentially. Besides, technological advancements and integration of cutting-edge technologies are expected to encourage the adoption of SOC-as-a-Service by the end-use sectors globally.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the SOC-as-a-Service Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

• Increasing penetration of internet and growing demand for connected devices
• Rising demand for BYOD and work from home
• Growing applications in the government and public sector industry verticals

Market Restraints

• Dearth of skilled professionals

Market Opportunities

• Deployment of modern technological solutions
• Increasing adoption of cloud-based solutions across SMEs

Market Challenges

• Lack of trust among enterprises

Market Segmentation Analysis

• Components: Proliferating use of SOC-as-a-service for consulting purposes
• Service Type: High implementation of detection services to identify potential threats and vulnerabilities
• Application Areas: Growing use of SOC-as-a-Service for network security of IT infrastructure
• Offering Type: Increasing use of fully managed SOC-as-a-Service for comprehensive protection against cyber threats

Market Disruption Analysis

• Porter’s Five Forces Analysis
• Value Chain & Critical Path Analysis
• Pricing Analysis
• Technology Analysis
• Patent Analysis
• Trade Analysis
• Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the SOC-as-a-Service Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the SOC-as-a-Service Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

L&T Technology Services joins forces with Palo Alto Networks as MSSP Partner for OT Security Offerings

L&T Technology Services Limited partnered with Palo Alto Networks to deliver security services and solutions across various industry sectors across the 5G and Operations Technology (OT) domains. As a Managed Security Services Partner of Palo Alto Networks, LTTS is expected to provide a comprehensive suite of security services to end customers in industrial verticals. The aim of this collaboration is to enhance the security of OT environments by offering the Zero Trust OT Security solution, ensuring top-notch protection.

Scybers partners with Netenrich and Google Cloud to deliver NextGen Security Operations Center (SOC) services to Bank, Finance and Hi-Tech Sector

Scybers, a cybersecurity consultancy, and managed services organization, has partnered with Netenrich and Google Cloud to deliver a modern cloud-native Security Operations Center (SOC) capability. This partnership combines Scybers' expertise in cybersecurity with Netenrich's Security Intelligence Cloud data analytics, machine learning, and automation, along with Google Cloud's Chronicle Security Operations Suite's speed, scale, and threat intelligence. The SOC-as-a-Service offering provides companies with the ability to effectively respond to increasingly sophisticated cyber threats at scale while mitigating costs associated with staff shortages in the cybersecurity field.

Vectra AI and Neutron Engineering Launch State-of-the-Art Security Operations Center as a Service

Vectra AI and Neutron Engineering have collaborated to introduce the Security Operations Center as a Service (SOCaaS). This service safeguards the Federal, Commercial, and Defense Industrial Base (DIB) sectors against cyber adversaries. SOCaaS offers comprehensive security information and event management with multiple levels of response capabilities. It effectively reduces log fatigue, detects emerging threats, and enhances governance and compliance initiatives.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the SOC-as-a-Service Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the SOC-as-a-Service Market, highlighting leading vendors and their innovative profiles. These include Alert Logic, Arctic Wolf Networks, AT&T Inc., Binary Defense, Critical Start, Inc., ESDS Software Solution, Expel, Inc., Fortinet, Inc., IARM Information Security, IBM Corporation, Netsurion LLC, Proficio, SafeAeon, SOCSoter, Inc., Tata Consultancy Services, and Thales Group.

Market Segmentation & Coverage

This research report categorizes the SOC-as-a-Service Market to forecast the revenues and analyze trends in each of the following sub-markets:

Component

• Consulting
• Services
• Solutions
• Support & Maintenance
• Training & Education
• Service Type

Detection Service

• Incident Response Service
• Prevention Service
• Offering Type
• Co-Managed or Hybrid
• Fully Managed

Application Area

• Database Security
• Endpoint Security
• Network Security
• Vertical
• Banking, Financial Services & Insurance
• Energy & Utilities
• Government & Public Sector
• Healthcare
• IT & Telecom
• Manufacturing
• Retail & Consumer Goods

Region

• Americas
• Argentina
• Brazil
• Canada
• Mexico
• United States
• California
• Florida
• Illinois
• New York
• Ohio
• Pennsylvania
• Texas
• Asia-Pacific
• Australia
• China
• India
• Indonesia
• Japan
• Malaysia
• Philippines
• Singapore
• South Korea
• Taiwan
• Thailand
• Vietnam
• Europe, Middle East & Africa
• Denmark
• Egypt
• Finland
• France
• Germany
• Israel
• Italy
• Netherlands
• Nigeria
• Norway
• Poland
• Qatar
• Russia
• Saudi Arabia
• South Africa
• Spain
• Sweden
• Switzerland
• Turkey
• United Arab Emirates
• United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year