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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 - ResearchAndMarkets.com

May 22, 2019

DUBLIN--(BUSINESS WIRE)--May 22, 2019--

The “SOC as a Service Market by Component (Solutions and Services), Service Type (Prevention, Detection, and Incident Response), Offering Type (Fully Managed and Co-Managed), Application Area, Industry Vertical, and Region - Global Forecast to 2024” report has been added to ResearchAndMarkets.com’s offering.

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 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 the 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 solution 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 a 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 utility industries are now adopting SOC as a service solutions to better manage their IT infrastructure.

Market Dynamics

Drivers

  • Exponential Rise and Sophistication of Cyber-Attacks
  • Cumbersome Administration After Threat Detection

Restraints

  • Organizations’ Uncertainty About Cloud-Based Security Services

Opportunities

  • Mandate to Follow Regulatory and Data Protection Directives for Cyber Defense
  • Increase in the Adoption of Cloud-Based Solutions Across SMES
  • Leveraging AI, Machine Learning, and Blockchain Technologies for Cyber Defense

Challenges

  • Scarcity of Skilled Cybersecurity Professionals Among Enterprises

Use Cases

  • Adoption of SOC as a Service for Maintaining Network Security Parameters
  • Dependence of Hi-Tech Semiconductor Equipment Supplier on Security Event Monitoring System
  • Demand for Cost-Effective Solution Among Healthcare Industry for Reduced Risk of A Data Breach

Companies Mentioned

  • Alert Logic
  • AlienVault
  • AQM Technologies
  • Arctic Wolf Networks
  • BlackStratus
  • Cygilant
  • ESDS Software Solution
  • Expel
  • GA Systems
  • Netmagic Solutions
  • Proficio
  • RadarServices
  • StratoZen
  • Suma Soft
  • Thales e-Security

For more information about this report visit https://www.researchandmarkets.com/r/i2c4ez

View source version on businesswire.com:https://www.businesswire.com/news/home/20190522005464/en/

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INDUSTRY KEYWORD: TECHNOLOGY SOFTWARE SECURITY MOBILE/WIRELESS

SOURCE: Research and Markets

Copyright Business Wire 2019.

PUB: 05/22/2019 09:14 AM/DISC: 05/22/2019 09:14 AM

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