SOC as a Service Market 2024 to Grow at 13.8 CAGR with 5.87 USD Billion  Market Size: Analysis and Forecasts 2032

Key Insights

The SOC as a Service Market size was valued at USD 5.87 USD Billion in 2023 and is projected to reach USD 14.51 USD Billion by 2032, exhibiting a CAGR of 13.8 % during the forecast period. SOCASS is a Cloud-based cybersecurity solution which enables companies with experts and technological prowess the identify, analyse, and remediation threats in real time. The feature set of SOC as a service entails threat detection, response to incidents, rule mechanism control and reporting of compliance. The principal role that it provides is the security element, this includes the responsibilities of threat intelligence, security monitoring, vulnerability management, and security incident management. SOC over the cloud offers companies a chance to enhance the security of their operations, reduce the risk of data breaches, and stay in line with industry regulations. The market of SOC as a Service is growing at a great pace, which is proceeded by the growth of hacker attacks and sophistication, as well as cloud-based safe solutions that are gaining in popularity. Being that the workforce rise of online work and digital transformation occurring, SOC as a Service is believed to take one of the leading spots in assisting organizations to protect their most sensitive assets and maintain cyber resilience.  

SOC as a Service Trends

The key trends in the SOC as a Service market include:

• The increasing adoption of cloud-based security solutions: Cloud-based security solutions offer several advantages over on-premises solutions, such as reduced costs, increased scalability, and improved flexibility. As a result, organizations are increasingly adopting cloud-based security solutions, including SOC as a Service.
• The rising number of cyberattacks: The number of cyberattacks is increasing every year, and organizations are becoming more aware of the need to protect their data and systems from these attacks. SOC as a Service can help organizations to detect, investigate, and respond to cyberattacks quickly and effectively.
• The growing need for organizations to comply with regulatory requirements: Organizations are increasingly subject to regulatory requirements that require them to protect their data and systems from cyberattacks. SOC as a Service can help organizations comply with these requirements by providing them with the tools and expertise needed to detect, investigate, and respond to cyberattacks.

Driving Forces: What's Propelling the SOC as a Service Market

The key driving forces behind the growth of the SOC as a Service market include:

• The increasing adoption of cloud-based security solutions: Cloud-based security solutions offer several advantages over on-premises solutions, such as reduced costs, increased scalability, and improved flexibility. As a result, organizations are increasingly adopting cloud-based security solutions, including SOC as a Service.
• The rising number of cyberattacks: The number of cyberattacks is increasing every year, and organizations are becoming more aware of the need to protect their data and systems from these attacks. SOC as a Service can help organizations to detect, investigate, and respond to cyberattacks quickly and effectively.
• The growing need for organizations to comply with regulatory requirements: Organizations are increasingly subject to regulatory requirements that require them to protect their data and systems from cyberattacks. SOC as a Service can help organizations comply with these requirements by providing them with the tools and expertise needed to detect, investigate, and respond to cyberattacks.

Challenges and Restraints in SOC as a Service Market

The SOC as a Service market faces various challenges and restraints, including:

• Limited Awareness: Many organizations remain unaware of the advantages and benefits of SOC as a Service, which hinders market growth.
• Cost Considerations: While SOC as a Service offers cost-effective solutions, it can also be a substantial expense for some organizations, creating a barrier to entry.
• Skilled Workforce Shortage: The industry faces a scarcity of qualified SOC analysts, making it difficult for organizations to staff their SOCs effectively.
• Integration Challenges: Implementing SOC as a Service can be complex, requiring organizations to navigate integration with existing systems and infrastructure, posing technical and operational hurdles.
• Cybersecurity Threats: The evolving nature of cybersecurity threats necessitates constant vigilance and adaptation, placing a strain on SOC resources and requiring ongoing investment in security measures.

Emerging Trends in SOC as a Service

The key emerging trends in the SOC as a Service market include:

• The use of artificial intelligence (AI) and machine learning (ML): AI and ML are being used to automate tasks and improve the accuracy of SOC as a Service solution. This is helping to reduce the cost and complexity of SOC as a Service.
• The integration of SOC as a Service with other security solutions: SOC as a Service is being integrated with other security solutions, such as SIEM and EDR. This is providing organizations with a more comprehensive and effective way to protect their data and systems from cyberattacks.
• The use of SOC as a Service to support remote work: The COVID-19 pandemic has led to a significant increase in remote work. This has created a need for SOC as a Service solution that can support remote workers.

Growth Catalysts in SOC as a Service Industry

The key growth catalysts in the SOC as a Service industry include:

• The increasing adoption of cloud-based security solutions: Cloud-based security solutions offer several advantages over on-premises solutions, such as reduced costs, increased scalability, and improved flexibility. As a result, organizations are increasingly adopting cloud-based security solutions, including SOC as a Service.
• The rising number of cyberattacks: The number of cyberattacks is increasing every year, and organizations are becoming more aware of the need to protect their data and systems from these attacks. SOC as a Service can help organizations to detect, investigate, and respond to cyberattacks quickly and effectively.
• The growing need for organizations to comply with regulatory requirements: Organizations are increasingly subject to regulatory requirements that require them to protect their data and systems from cyberattacks. SOC as a Service can help organizations comply with these requirements by providing them with the tools and expertise needed to detect, investigate, and respond to cyberattacks.

Market Segmentation: SOC as a Service Analysis

The SOC as a Service market is segmented by service, offering, enterprise type, industry, and region.

• By service, the market is segmented into Security Information and Event Management (SIEM), Security Orchestration, Automation and Response (SOAR), and Threat Intelligence.
• By offering, the market is segmented into fully managed service and co-managed service.
• By enterprise type, the market is segmented into SMEs and large enterprises.
• By industry, the market is segmented into BFSI, IT & Telecom, Healthcare, Government & Public Sector, Retail & E-commerce, Manufacturing, and Others.
• By region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Leading Players in the SOC as a Service Market

The leading players in the SOC as a Service market include:

• Fortinet, Inc. (U.S.)
• NTT DATA Group Corporation (Japan)
• Check Point Software Technologies Ltd. (Israel)
• Teceze (U.K.)
• Clearnetwork, Inc. (U.S.)
• ConnectWise, LLC. (U.S.)
• CyberNX Technologies Pvt. Ltd. (India)
• Thales (France)
• Arctic Wolf Networks Inc. (U.S.)
• Cloudflare, Inc. (U.S.)

Significant Developments in SOC as a Service Sector

Some of the significant developments in the SOC as a Service sector include:

• In November 2023, SonicWall acquired Solutions Granted, Inc. to expand its product portfolio and provide new services globally. The acquisition added key technologies to the SonicWall portfolio, including Security Operations Center as a Service (SOCaaS), Managed Detection & Response (MDR), and other managed services.
• In October 2023, Stairwell and 360 SOC partnered with each other to provide customers with innovative security solutions at competitive rates. The partnership combined Stairwell's AI-powered threat detection capabilities with 360 SOC's Security Operations Center as a Service (SOCaaS) offering. It offers cost-effective, scalable, and highly automated security solutions for businesses of all types and sizes.
• In October 2023, Check Point Software Technologies Ltd. made additions to its Check Point Infinity Global Services portfolio. The new services include managed network security service (Network Operations Center (NOC) and Security Operation Center (SOC) as a service), managed cloud security service, and extended Managed Detection and Response (MDR) capabilities.
• In July 2023, NTT Data launched an outsourcing service for its MDR security service to prevent cyber threats and reduce damage when these incidents occur. The company leveraged its SOCaaS offering with log analysis to provide and support threat analysis through the log monitoring platform.
• In January 2023, Fortinet launched Security Operations Center (SOC) expansion services aimed to strengthen an organization’s cyber structure and support smaller teams. The additions include SOC-as-a-Service (SOCaaS), outbreak detection service, and Incident Response and Readiness (IR&R) services. In addition, the Fortinet Training Institute added many initiatives in its programs to increase accessibility to its training and certifications.

Comprehensive Coverage SOC as a Service Market Report

The comprehensive coverage SOC as a Service market report provides an in-depth analysis of the market, including market size, growth drivers, challenges, and restraints. The report also provides a detailed segmentation of the market by service, offering, enterprise type, industry, and region. The report also includes profiles of the leading players in the market.

Regional Insight

The SOC as a Service market spans five key regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America remains the dominant market, driven by factors such as advanced technology adoption and a high concentration of enterprises.