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Trends as BYOD, CYOD, WFH, BFSI are Strongly Driving the SOC-as-a-Service Market

SOC-as-a-Service is a subscription or software-based service to bypass the latest security threats in the cyber world. A SOC (Security Operations Center) is a facility that houses a security team to monitor and protect the security posture of an organization. These centers have security analysts and engineers who oversee security operations using sophisticated procedures and analytical tools.

The main SOC-as-a-Service services are prevention services, detection services, and incident response services. Specifically, SOC-as-a-Service reduces the risk of downtime or data loss due to malicious network traffic, and blocking services block packets flowing into the user\'s network. Packets that look suspicious will trigger alerts, drop packets or block traffic, and be carefully analyzed by network security professionals. SOC\'s detection service can quickly detect fraudulent activity in an enterprise network and respond to network incidents quickly and effectively. It also provides reports on security-related events and incidents, and sends alerts when any malicious activity is analyzed. In addition, SOC-as-a-Service enhances user operations by increasing automation and reducing response times. The customization of the platform provides high-quality data that the user\'s SOC can use to streamline investigations and consistently identify, investigate and mitigate threats.

SOC-as-a-Service plays a huge role in network security, endpoint security, application security, database security, and more. Because SOC-as-a-Service is used to manage and monitor users\' networks for internal IT teams, it provides organizations with the knowledge and skills needed to combat cybersecurity threats. SOC-as-a-Service is also a hosted service that monitors all security telemetry threats, including endpoints, and typically also obtains log data from major endpoint detection and response and anti-virus tools. In addition, it not only manages data privacy and user authentication in applications and addresses any specific data needs of the application in question; it also provides the enterprise expertise and skills to respond directly and effectively to cyber threats. By combining state-of-the-art technology with real-world intuition, SOC-as-a-Service provides accurate and actionable advice to ensure user data security.

Analysis of the Current State of the SOC-as-a-Service Industry in Different Regions

North America is the largest revenue market in the SOC-as-a-Service industry with a market share of 36.48% in 2015 and 35.22% in 2019, a decrease of 1.26%. the market share of Europe is 26.35% in 2019, ranking second. In addition, India, Japan, and China’s SOC-as-a-Service market have high growth potential.

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SOC-as-a-Service industry companies are mainly from North America and Asia, with moderate market concentration. The top three companies are Alert Logic, Arctic Wolf Networks, and Netmagic Solutions, with revenue market shares of 15.12%, 13.58%, and 5.45%, respectively, in 2019.

In recent years, SOC companies have seen strong adoption of advanced technologies for government and public sector enterprises handling critical data and information. Through digital governance and smart city initiatives, governments are heavily deploying modern technology solutions, and the applications they use are becoming major targets for cybercriminals to access sensitive data. As a result, the government and public sector will present many emerging opportunities for the SOC-as-a-Service market during the forecast period.

SOC-as-a-Service Trends and Drivers

According to our research, the global SOC-as-a-Service market was valued at a total of USD 440 million in 2015 and grows to USD 796 million by 2019. As the global economy grows, the downstream application industry for SOC-as-a-Service is also expanding, especially in the cyber security market. The expansion of the downstream application industry continues to play an active role in the expansion of the SOC-as-a-Service market. We forecast the SOC-as-a-Service market to reach a value of $ 2003 million by 2025. From 2020 to 2025, the SOC-as-a-Service has a CAGR of 16.97%.

Previously, enterprises often provided employees with customized laptops and cell phones, offering default configurations that conformed to company policies to have complete control over limiting employee use of technology. As a result, companies successfully maintained data integrity and the overall security posture of the enterprise. With the advent of digitalization and rapid changes in technology, organizations around the world are adopting new trends such as Bring Your Device (BYOD) and Choose Your Device (CYOD) for employees; another trend is Work From Home (WFH), which allows employees to work on their own devices. When employees use wireless networks, they are using private networks whose security strength is not known to the business. Because these devices are typically used for personal business, they can be at risk for malware and other cybersecurity attacks that do not originate within the company. To protect businesses from the potential harm these trends can cause, enterprises are adopting SOC-as-a-Service to reduce the threat environment. As a result, the proliferation of trends such as BYOD, CYOD, and WFH is driving the growth of the SOC-as-a-Service market.

Moreover, many banks, hedge funds, insurance brokers, and other financial institutions are being targeted by cyber attackers. To ensure irreversible security, companies in the BFSI space are demanding SOC as a service solution, which is also driving the SOC-as-a-Service market to some extent.