Rise in security breaches along with increasing cyber-attack complexity is expected to spearhead the global growth of the SOC-as-a-service market.

PORTLAND, PORTLAND, OR, UNITED STATE, October 6, 2023 /EINPresswire.com/ — Allied Market Research published a new report, titled, ” The USD 9.9 Billion SOC as a Service Market Reach by 2031 : Top Companies like Alien Vault, Black Stratus and Cygilant.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

The global soc as a service market was valued at USD 4.6 billion in 2021, and is projected to reach USD 9.9 billion by 2031, growing at a CAGR of 8.2% from 2022 to 2031.

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Advancements in network infrastructure and demand for VoIP Services across enterprises drive the growth of the global network optimization services market. However, considerable leaps in WAN and RAN optimization technology hinder market growth. On the other hand, surge in the number of production facilities that improve the control of the establishment of network and information technology solutions & services present new opportunities in the coming years.

The SOC as a service market is segmented on the basis of service type, enterprise size, application area, industry vertical, and region. Depending on the service type, the market is classified into prevention services, detection services, and incident response services. Based on enterprise size, the market is bifurcated into large enterprises and SMEs. The application area covered in the study includes network security, endpoint security, application security, database security, and others. On the basis of industry vertical, the market is classified into, BFSI, healthcare, government and public sector, IT and telecom, retail, manufacturing, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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On the basis of enterprise size, the large enterprise segment dominated the overall SOC as a service market in 2021 and is expected to continue this trend during the forecast period. This is attributed to the complex security requirements of various large corporations needing custom management solutions. However, the SMEs segment is expected to witness the highest growth owing to its growth in technological investments and surge in innovation, which is expected to further fuel the growth of the global SOC as a service industry.

Depending on the service type, the prevention services segment dominated the SOC as a service market share in 2021 and is expected to continue this trend during the forecast period owing to the various government and industry standards that are put in place to ensure the safety of customer and user data. However, the detection services segment is expected to witness the highest growth in the upcoming years, owing to the rising number of cyber-attacks on business enterprises and public sector organizations.

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Region wise, the SOC as a service market was dominated by North America in 2021 and is expected to retain its position during the forecast period, owing to the rise in number of cyber-attacks in the region, which is expected to drive the market for SOC as a service within the region during the forecast period. However, LAMEA is expected to witness significant growth during the forecast period, owing to its growing digital capabilities and a highly competitive market space, which is anticipated to fuel the SOC as a service market growth in the region in the coming few years.

The key players profiled in the SOC as a service market analysis are Atos SE, AT&T, Arctic Wolf Networks, Check Point Software Technologies, Cloudflare, Inc., Fortinet Inc., IBM CORPORATION, NTT, THALES Group, and Verizon. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

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KEY FINDINGS OF THE STUDY

● By application area, the network security segment accounted for the largest SOC as a service market share in 2021.

● By region, North America generated the highest revenue in 2021.

● By enterprise size, the large enterprise segment generated the highest revenue in 2021.

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