The Global Thermal Magnet Circuit Breakers Market was valued at USD 248 Million in 2020 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 30.0% between 2021 to 2028. Security operations center as a service market is increasing due to increased use of internet and adoption of cloud-based services.
Growing Trends and Changes In Technology To Spur The Market Growth
The organizations are now adopting new market trends such as CYOD or choose your own device, BYOD or bring your own device and WFH or work from home are expected to augment the market growth. With such trends the employees with organizations are allowed to use devices at home where they use private network connections like mobile connectivity and such the security strength for such connections is unknown to organizations. As these devices are used for businesses activities, they are more susceptible to cyberattacks hence to avoid such threats the organizations are now adopting SOC as service.
Whereas the major factor that is obstructing the market growth for SOC as service market is due to advance cyberattacks techniques that able to access the personal sensitive information, which will make the businesses vulnerable.
COVID-19 pandemic has increased the use of internet and thereby increased the dependency on online services and online operations of businesses. Hence the internet usage is increasing among different verticals and therefore boosting the SOC as a service market.
The SOC as service market in segmented on the basis of application area the market for SOC as a service is bifurcated into endpoint security, database security, application security, web security, cloud security and network security. On the basis of verticals, the market is bifurcated into IT and telecom, manufacturing, retail, energy and utilities, healthcare, government, travel & tourism, education and hospitality, among others.
North America region is expected to grow at a high rate over the coming years and is the dominating region. This is attributable to growing adoption of new and different technologies. Moreover, at high rate the retail, hospitality, healthcare, energy & utilities, manufacturing, financial institutions and others are expected to adopt the security operations center as service.
Some of the major players operating in the global SOC as service market includes Alert Logic, Cygilant, Netmagic, Proficio, AlienVault, Thales E-security, Arctic Wolf Networks, ESDS Software Solution, AqmTechnologies, Suma Soft, BlackStratus, Expel, Radar Cyber Security, GA Systems, Binary Defense Stratozen and Fortinet, among others.