SOC as a Service Market To Surpass $11.8 Billion Value by 2030, says P&S Intelligence

NEW YORK, June 21, 2022 /PRNewswire/ -- According to the market research study published by P&S Intelligence, the size of SOC as a service market was $4.4 billion in 2021, and it will advance at a growth rate of 11.6% in the forecast period, to touch the $11.8 billion mark by 2030. The main factor responsible for the market growth is the surge in the count of cyberattacks and cyber breaches. For example, there was a yearly growth of 50% in cyberattacks, worldwide. Likewise, the work-from-home and BYOD trends have improved the industry's growth potential.

The detection service category holds the largest share in the SOC as a service market, of about 37%, because of the growing acceptance of digital know-how. Moreover, targeted attacks have become more prevalent as the reliance of people on digital data and sharing a lot of data has increased. To lessen this, the need for detection services in companies is surging rapidly.

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Within the end user segment of the SOC as a service market, the BFSI industry held the largest revenue share, of over 45%, in 2021, as this industry is extensively targeted by cybercriminals. For instance, around 70% of the cyber breaches are aimed at BFSI organizations, and over 30 billion bank accounts are projected to be hacked in 2030. Moreover, each data breach can cost a BFSI company over $6 million.

The SOC as a service market in North America holds about 40% share, as the highest number of SOC as service vendors are present in the region. The number is on the rise, as the continent witnesses the most cyberattacks and data breaches. Furthermore, the growing use of cloud-based applications, platforms, and technologies requires tougher security. This is because these applications and platforms hold the private information of clients and businesses, along with information related to payment. In addition, governments offer specific budget provisions for encouraging the adoption of these solutions.

The U.S. is the market leader in North America, credited to the increasing acceptance of SOCaaS solutions because of the growing number of cybercrimes, including identity thefts. The insurance sector is the most-widely targeted sector, followed by consumer goods and services and telecommunications.

Browse detailed report on Global SOC as a Service Market Size, Share, Growth Drivers and Demand Forecast Report 2030

The APAC SOC as a service market will grow at the highest CAGR in the coming years, which can be ascribed to the fact that companies are rapidly accepting SOCaaS solutions to fight cyberattacks. Furthermore, a surge in cybercrime cases, growth in cybersecurity consciousness, increase in legislation and training, and fast digitization of processes are helping the market row in the region. For example, regional companies are attacked over 50 times every week by cybercriminals on average. Similarly, there is a yearly growth of around 160% in cyberattacks.

SOC as a Service Market Segmentation Analysis

By Component

• Solutions
• Professional Services

By Type

• Detection Service
• Prevention Service
• Incident Response Service

By Type

• Fully Managed
• Co-Managed

By Enterprise Size

• Large Enterprises
• SMEs

By Application

• Network Security
• Application Security
• Endpoint Security
• Cloud Security

By Industry Vertical

• BFSI
• Government and Public Sector
• IT and Telecom
• Healthcare
• Retail
• Manufacturing
• Energy and Utilities

By Region

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• U.K.
• Italy
• Spain
• Asia-Pacific
• China
• India
• Japan
• Australia
• South Korea
• Latin America
• Brazil
• Mexico
• Middle East and Africa
• Saudi Arabia
• South Africa

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SOURCE P&S Intelligence