A new report has revealed that the global security operations center (SOC) as a service industry is estimated to generate $4.6 billion in 2021 and $9.9 billion by 2031, witnessing a compound annual growth rate (CAGR) of 8.2% from 2022 to 2031.
The report, published by Allied Market Research, says that a rise in demand for work-from-home and remote working policies since the COVID-19 pandemic – which has propelled the demand for better security and endpoint management policies and the increasing number of cyber-attacks and fraud cases – fuel the growth of the global SOC as a service market.
However, data privacy and customization challenges of SOC as service platforms hinder the market growth. On the other hand, the report says, the development of advanced communication technologies such as 5G communication networks and cloud technology present new opportunities in the market in the coming years.
North America was the largest market in 2021, the report notes, accounting for more than two-fifths of the global SOC as a service market and is anticipated to manifest the largest revenue growth during the forecast period, owing to the growing number of cyber-attacks in the region. However, the market in Asia-Pacific is likely to grow at the fastest CAGR of 9.1% during the forecast period, due to the adoption of innovation technologies and advancements in the retail sector in the region.
The report highlights that the prevention services segment contributed to the largest share of more than two-fifths of the global SOC as a service market in 2021 and is expected to lead the trail during the forecast period. However, the detection services segment is projected to witness the fastest CAGR of 8.9% from 2022 to 2031.
In terms of application area, the network security segment was the largest market in 2021, the report highlights, accounting for more than one-third of the global SOC as a service market and is likely to lead the trail throughout the forecast period. However, the endpoint security segment is anticipated to manifest the fastest CAGR of 11.9% during the forecast period.
Some of the leading market players in this area according to the report include Atos SE, AT&T, IBM CORPORATION, Cloudflare, Inc., Verizon International, Check Point Software Technologies and Thales.