East Africa SOC-as-a-Service (SOCaaS) Market Report 2022: A $130+ Million market by 2030 - Increasing Incidence of Cyberattacks Fueling SOC as a Service Demand

DUBLIN, Feb. 7, 2023 /PRNewswire/ -- The "East Africa SOC as a Service Market Research Report: by Type, Offering Type, Enterprise Size, Application, Industry Vertical - Industry Revenue Estimation and Demand Forecast to 2030" report has been added to  ResearchAndMarkets.com's offering.

In 2022, the East Africa SOC as a service market reached $67.8 million revenue, which is forecast to grow to $131.5 million by the end of this decade, at an 8.3% CAGR.

This is ascribed to the increasing need for the efficient management of digital transactions, rising government support, evolving IT sector, and growing security concerns across companies in Uganda, Kenya, Rwanda, Burundi, and Tanzania.

In addition, the rising uptake of connected devices and expanding retail market are projected to boost the requirement for cloud-delivered security operations centers across East Africa.

Increasing Incidence of Cyberattacks Fueling SOC as a Service Demand

Cloud computing and the internet facilitate consumers and organizations in buying and selling products online. But, this raises the risk of data breaches and digital frauds.

Globally, cases of cyberattacks have increased by 50% annually in the last few years. In this regard, the growing acceptance of remote working models and the BYOD culture boosts the industry growth.

SOC as a Service Widely Adopted in Large Enterprises

Large enterprises would dominate the market in 2030, with $114.8 million in revenue. These companies have a huge number of enterprise applications and databases; therefore, they need advanced solutions for detecting, preventing, and effectively tackling cyberattacks.

Furthermore, MNCs with multiple streams of revenue and large corporate networks opt for SOC as a service solutions to comply with the government mandates for customer data protection.

High Susceptibility to Cyberattacks Driving Solution Demand in BFSI Sector

On the basis of end user, the market is dominated by the BFSI sector, because it lures cybercriminals due to the very nature of its business. On an average, on the first working day, a finance professional in an MNC can access around 11 million digital files.

The BFSI sector is the target of 70% of the cyberattacks. Moreover, more than 30 billion accounts could experience a breach by 2030. Financial organizations are at a perpetual risk of phishing attacks, wherein each data breach leads to losses of about $6 million.

Kenya Is Largest User of SOC as a Service in East Africa

The market in Kenya is projected to generate $59.1 million revenue in 2030, compared to $29.4 million in 2022, witnessing an 8.8% CAGR. It is ascribed to the growing adoption of cloud-based SOCs in the IT and telecom, retail, BFSI, and healthcare industries and supportive laws for data protection in the nation, including the Data Protection Act 2019.

Competitive Landscape

• Dimension Data
• Serianu Limited
• Safaricom PLC
• MFI Document Solutions Ltd.
• Liquid Intelligent Technologies Limited
• Secur
• Tai SOC
• AdcareIT
• SMTP Africa Servers Ltd.
• Simba Technology Ltd.
• East African Data Handlers (K) LTD.
• CyberSOC Africa
• East Africa Hi Tech Solutions Limited
• Cyber-Africa LTD.
• Cyberteq
• Enovise

Key Topics Covered:

Chapter 1. Research Background
1.1 Research Objectives
1.2 Market Definition
1.3 Analysis Period
1.4 Market Data Reporting Unit
1.5 Market Size Breakdown by Segment

Chapter 2. Research Methodology
2.1 Secondary Research
2.2 Primary Research
2.3 Market Size Estimation
2.4 Data Triangulation
2.5 Currency Conversion Rates
2.6 Notes and Caveats

Chapter 3. Executive Summary

Chapter 4. Market Indicators
4.1 World SOC as a Service Market
4.2 Middle East & Africa Cyber Security Market
4.3 Increasing Need for Log Management

Chapter 5. Definition of Market Segments
5.1 By Type
5.1.1 Detection Service
5.1.2 Prevention Service
5.1.3 Incident Response Service
5.2 By Offering Type
5.2.1 Co-Managed
5.2.2 Fully Managed
5.3 By Application
5.3.1 Endpoint Security
5.3.2 Network Security
5.3.3 Application Security
5.3.4 Cloud Security
5.4 By Enterprise Size
5.4.1 Large Enterprises
5.4.2 SMEs
5.5 By Industry Vertical
5.5.1 BFSI
5.5.2 Government and Public Sector
5.5.3 IT and Telecom
5.5.4 Energy and Utilities
5.5.5 Healthcare
5.5.6 Retail
5.5.7 Manufacturing

Chapter 6. Industry Outlook
6.1 Market Dynamics
6.1.1 Trends
6.1.1.1 Optimization of services for the detection and mitigation of cyber threats
6.1.1.2 Cloud-based applications and services are widely being adopted
6.1.2 Drivers
6.1.2.1 Growing internet penetration
6.1.2.2 Increase in security breaches and cyberattacks
6.1.2.3 Regulation and data protection guidelines for cyber defense
6.1.3 Impact Analysis of Drivers on Market Forecast
6.1.4 Restraints
6.1.4.1 Enterprises are skeptical about allowing complete control of their system security needs to SOCaaS providers
6.1.4.2 Lack of expertise in cybersecurity solutions
6.1.5 Impact Analysis of Restraints on Market Forecast
6.2 Impact of COVID-19
6.3 Value Chain Analysis
6.3.1 Type I
6.3.1.1 Software providers
6.3.1.2 SOC as a service providers
6.3.1.3 End users (clients)
6.3.2 Type II
6.4 Porter's Five Forces Analysis
6.5 Factors Pushing Demand of SOC as a Service
6.5.1 Security Requirements
6.5.2 Cost-Efficiency
6.5.3 Compliance
6.6 Barriers and Challenges

Chapter 7. East Africa Market Size and Forecast
7.1 Overview
7.2 Market Revenue, by Type (2017-2030)
7.3 Market Revenue, by Offering Type (2017-2030)
7.4 Market Revenue, by Enterprise Size (2017-2030)
7.5 Market Revenue, by Application (2017-2030)
7.6 Market Revenue, by Industry Vertical (2017-2030)
7.7 Market Revenue, by Country (2017-2030)

Chapter 8. Kenya Market Size and Forecast
8.1 Overview
8.2 Market Revenue, by Type (2017-2030)
8.3 Market Revenue, by Offering Type (2017-2030)
8.4 Market Revenue, by Enterprise Size (2017-2030)
8.5 Market Revenue, by Application (2017-2030)
8.6 Market Revenue, by Industry Vertical (2017-2030)

Chapter 9. Competitive Landscape
9.1 List of Market Players
9.2 Recent Strategic Developments of Key Players

Chapter 10. Company Profiles
10.1 Business Overview
10.2 Product and Service Offerings

For more information about this report visit https://www.researchandmarkets.com/r/8nl5ao-africa-soc-a?w=5

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