According to analysts at Vantage Market Research, the soc as a service market is expected to reach USD 18.95 Billion by 2028, growing at a CAGR of 27.9% from 2021 to 2028. Public sector and government firms deal with critical information and data. These firms have seen the healthy adoption of progressive technologies in recent times. Digital Initiatives by smart cities, governments in different nations are immensely expanding contemporary technological solutions.
SOC as a Service Market Preview
- The Solutions segment is projected to expand at the fastest CAGR over the forecast period owing to the increasing adoption in various industries.
- The Prevention Service segment held a market share of around 2020. This share is due to the rising investments in security and to prevent cyber-attacks to save its personal data and database has fuelled the overall growth in the market.
- North America is expected to expand at a CAGR of over 29% from 2021 to 2028. This surge is attributed to the rising demand for services and solutions.
Some of the key players in soc as the service market include Cygilant, Thales e-Security, QAM Technologies, Netmagic Solutions, BlackStratus, AlienVault, ESDS Software Solution, Proficio, GA Systems, Alert Logic, Arctic Wolf Networks, RadarServices, StratoZen, Suma Soft, Expel., among others. The market is comprised of a high degree of competition due to the presence of numerous key players. Manufacturers are focusing on opting for various inorganic growth strategies such as acquisitions, mergers, and geographical expansion to leverage their market share and gain a competitive advantage.
Asia Pacific region is poised to record the highest CAGR, owing to the increasing demand in countries, such as India, China, and Japan, coupled with the growth of the region's overall robotics market. China is the leading in demand for SOC as a Service. Other countries like India, Japan, Australia are also seeing a surge in demand for services and solutions. As the economy keeps developing, countries in this area are set to witness growth over the course of time. Companies operating in this region are also set to grow drastically.
Increasing demand for connected devices and rising penetration of internet connectivity grow the chances of being invaded online. With the substantial increase in cyber-attacks, demand has increased tremendously for SOC as a service (security operations center). social reflects a service-based model that outsources portions of SOC functions to an external provider. The primary driver for SOC as a service has been increased use of the cloud. This acquisition and merger are expected to support the company’s growth overall.