Global SOC as a Service Market Forecast to 2024
DUBLIN, May 22, 2019 /PRNewswire/ -- 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.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Market Opportunities in the SOC as a Service Market
4.2 Market By Component, 2019
4.3 Market By Offering Type, 2019-2024
4.4 Market Share of Top 3 Industry Verticals and Regions, 2019
4.5 Market By Service Type, 2019
4.6 Market By Application Area, 2019
4.7 Market Top 3 Industry Verticals
4.8 Market Investment Scenario
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Exponential Rise and Sophistication of Cyber-Attacks
5.2.1.2 Cumbersome Administration After Threat Detection
5.2.2 Restraints
5.2.2.1 Organizations' Uncertainty About Cloud-Based Security Services
5.2.3 Opportunities
5.2.3.1 Mandate to Follow Regulatory and Data Protection Directives for Cyber Defense
5.2.3.2 Increase in the Adoption of Cloud-Based Solutions Across SMES
5.2.3.3 Leveraging AI, Machine Learning, and Blockchain Technologies for Cyber Defense
5.2.4 Challenges
5.2.4.1 Scarcity of Skilled Cybersecurity Professionals Among Enterprises
5.3 Use Cases
5.3.1 Adoption of SOC as a Service for Maintaining Network Security Parameters
5.3.2 Dependence of Hi-Tech Semiconductor Equipment Supplier on Security Event Monitoring System
5.3.3 Demand for Cost-Effective Solution Among Healthcare Industry for Reduced Risk of A Data Breach
6 SOC as a Service Market, By Component
6.1 Introduction
6.2 Solution
6.2.1 Need to Secure Enterprise From Cyber Threats in Real-Time to Drive the Growth of Solution Segment
6.3 Services
6.3.1 Consulting
6.3.1.1 Need for Enhancing Organizations' Strategic Outlook to Drive the Demand for Consulting Services
6.3.2 Training and Education
6.3.2.1 Growing Need Among Enterprises for Eliminating Knowledge Gaps to Boost Growth of Training and Education Services
6.3.3 Support and Maintenance
6.3.3.1 Growing Need for Emergency Response Management to Drive the Demand for Support and Maintenance Services
7 SOC as a Service Market, By Service Type
7.1 Introduction
7.2 Prevention Service
7.2.1 Need to Detect Threats at Early Stages Will Increase the Adoption of Prevention Services
7.3 Detection Service
7.3.1 Need for Detecting Insider Threats Proactively to Drive the Growth of Detection Services
7.4 Incident Response Service
7.4.1 Need to Investigate an Attack and Proactively Recover From Cyber Threat Will Increase the Adoption of Incident Response Service
8 SOC as a Service Market, By Offering Type
8.1 Introduction
8.2 Fully Managed
8.2.1 Secure Organizational Assets, 24/7, Organizations are Moving Toward Fully Managed SOC
8.3 Co-Managed Or Hybrid
8.3.1 Outsource Selected Cybersecurity Responsibilities to Mssp's Will Drive the Growth of Co-Managed Offerings
9 SOC as a Service Market, By Application Area
9.1 Introduction
9.2 Network Security
9.2.1 Implementation of Network Security Strategies Among Organizations to Fuel the Growth of Market
9.3 Endpoint Security
9.3.1 Rising BYOD and Choose Your Own Devices Trends to Force Organizations Implement Endpoint Security Services
9.4 Application Security
9.4.1 Rising Application-Based Attacks to Drive the Growth of Application Security
9.5 Database Security
9.5.1 Rising Migration of Sensitive Records Within Database to Fuel the Growth for Database Security Segment
9.6 Others
10 SOC as a Service Market, By Industry Vertical
10.1 Introduction
10.2 Banking, Financial Services, and Insurance
10.2.1 SOC as a Service Solutions to Help Banking, Financial Services, and Insurance Organizations Adhere to Stringent Regulatory Compliances for Enhancing Their Cloud-Based Applications and Platforms
10.3 Government and Public Sector
10.3.1 Government Industry Vertical to Show Increasing Deployment of SOC as a Service Solutions to Protect Sensitive Data of Citizens, as Well as Organizations
10.4 IT and Telecom
10.4.1 Increasing Demand for Web, Mobile, and Cloud-Based Applications to Drive the Demand for SOC as a Service Solutions in IT and Telecom Industry Vertical
10.5 Healthcare
10.5.1 Growing Threats on Network and Endpoints, and Need to Comply to HIPAA to Increase the Adoption of SOC as a Service Solutions in Healthcare Industry Vertical
10.6 Retail
10.6.1 Growing Need to Adhere to PCI DSS and General Data Protection Regulation Compliance in the Advent of Growing Cloud-Based Applications to Spur the Demand for SOC as a Service Solutions in Retail Vertical
10.7 Manufacturing
10.7.1 Harnessing Machine-To-Machine Systems, Mobile Apps, IoT, and Cloud-Based Services to Fuel the Growth of SOC as a Service Solutions in Manufacturing Industry Vertical
10.8 Energy and Utilities
10.8.1 Demand for IoT and Cloud-Based Applications to Spur the Demand for SOC as a Service Solutions in Energy and Utilities Industry Vertical
10.9 Others
11 SOC as a Service Market, By Region
12 Competitive Landscape
12.1 Competitive Leadership Mapping
12.2 Key Developments in SOC as a Service Market
13 Company Profiles
13.1 Introduction
13.2 AlienVault
13.3 BlackStratus
13.4 Cygilant
13.5 Thales e-Security
13.6 Alert Logic
13.7 Proficio
13.8 Netmagic Solutions
13.9 Arctic Wolf Networks
13.10 AQM Technologies
13.11 ESDS Software Solution
13.12 Suma Soft
13.13 GA Systems
13.14 Expel
13.15 RadarServices
13.16 StratoZen
For more information about this report visit https://www.researchandmarkets.com/r/jnoib6
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