30 Jul, 2020, 10:30 ET
CHICAGO, July 30, 2020 /PRNewswire/ -- According to a research report "SOC as a Service Market by Component, Service Type (Prevention, Detection, & Incident Response), Offering Type (Fully Managed & Co-managed), Application Area (Network Security & Endpoint Security), Industry Vertical, and Region - Global Forecast to 2025", published by MarketsandMarkets™, the SOC as a Service Market is projected to grow from USD 471 million in 2020 to USD 1,656 million by 2025, at a Compound Annual Growth Rate (CAGR) of 28.6% during the forecast period. The increasing venture capital funding and growing investments in SOC as a Service technology to drive the market growth.
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By service type, the detection service segment to register the highest growth rate during the forecast period
The detection service provides the ability to detect fraudulent activities across enterprise networks rapidly and responds to cyber incidents quickly and effectively. It also provides reports on security-related incidents and events, and sends alerts on analyzing any malicious activity. Therefore, detection service segment holds the highest growth rate during the forecast period.
Based on industry vertical, government and public sector to grow at the highest CAGR during the forecast Period
Government and public sector organizations deal with critical data and information. These organizations have seen the strong adoption of advanced technologies in recent years. Through the initiatives of digital governance and smart cities, governments are heavily deploying modern technological solutions. The applications used in the government and public sector industry vertical are becoming prime targets for cybercriminals to access sensitive data. Therefore, government and public sector are registers the highest growth rate during the forecast period.
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North America to hold the largest market share during the forecast period
North America has the presence of several prominent market players delivering SOC as a Service solution to all end users in the region. The US and Canada both have strong economic conditions and are expected to be major contributors to the growth of the SOC as a Service Market. The geographical presence, significant Research and Development (R&D) activities, partnerships, and acquisitions and mergers are the major factors for the deployment of SOC as a Service and services. The major vendors, such as AlienVault, BlackStratus, Cygilant, Alert Logic, Proficio, Arctic Wolf Networks, Expel.
Major vendors offering SOC as a Service Market include AlienVault (US), BlackStratus (US), Cygilant (US), Thales E-security (France), Alert Logic (US), Proficio (US), Netmagic (India), Arctic Wolf Networks (US), AqmTechnologies (India), ESDS Software Solution (India), Suma Soft (India), GA Systems (Australia), Expel (US), Radar Cyber Security (Austria), Stratozen (US), Fortinet (US), Binary Defense (US).
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