Security Operations Center (SOC) Market Share, Size, Trends, Industry Analysis Report, By Type (Detection Service, Prevention Service, Incident Response Service); By Component; By Deployment Type; By Organization Size; By End-Use; By Region; Segment Forecast, 2024 - 2032
- Published Date:Jan-2024
- Pages: 116
- Format: PDF
- Report ID: PM1843
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global Security Operations Center (SOC) market size was valued at USD 6.75 billion in 2023. The market is anticipated to grow from USD 7.43 billion in 2024 to USD 16.18 billion by 2032, exhibiting the CAGR of 10.2% during the forecast period.
A security operations center is accountable for prevention, detection, investigation, and responsiveness to cyber threats. An operations center executes complete supervising of a company's network and addresses possible risks to computing systems and sensitive data.
 Market Share.png)
Know more about this report: Request for sample pages
With the increasing cyberattacks, the service of a security operations center (SOC) plays a major role in a company's capability to support operations, along with being profitable, and attain and retain compliance with relevant guidelines. Although, to protect from such breaches, having an in-house operations center team is time-consuming and expensive. Therefore, various associations and companies intend to outsource these services, which are operations center offerings.
Cyber security is Information Technology security with an emphasis on safeguarding PCs, programs, networks, and data from spontaneous or unlicensed access, change, or damage. Cyber-attacks gained popularity in the mid-1990s with the proliferation of mobile devices and enterprise mobility policies. This augmented the significance of cyber security firms that caught the attention of the venture capitalist community.
The growth in cyber security threats has encouraged organizations to integrate effective security solutions to safeguard data and ensure protection and privacy. The software component ensures proper monitoring of threats, malware protection, incident management, and network security. Solutions are deployed and implemented by organizations to prevent malicious attacks, whereas services are long-term and continue even after the deployment of the software.
On account of the COVID-19 pandemic, there was an increase in demand for operations center services related to a security breaches, such as cyber-attacks and threats. There was a transition in the digital platform due to the coronavirus outspread across various industries such as healthcare, the public sector, BFSI, and others. Owing to working from home and shifting trend of remote working, there was a rise in cloud and web traffic. This led to a boom in managed security services across industries worldwide.
Industry Dynamics
Growth Drivers
The growth of the global security operations center market is primarily driven by higher demand from organizations and enterprises to prevent, detect, respond, and neutralize threats associated with cybersecurity. Moreover, an increase in the number of cyber-attacks is a primary factor for the increase in the security operations center market.
The cyber-attacks result in reputational damage, service disruption, regulatory risks, financial losses, loss of personal identity information, and intellectual property theft, leading to a high degree of losses and increasing awareness regarding cyber security in C-level executives.
Factors such as the rise in the amount of data generated by organizations, growing adoption of mobile devices, and adoption of the bring-your-own-device (BYOD) trend among organizations further increase the need for a Security Operations Center (SOC). These operations centers offer greater scalability, affordability, and effective security solutions.
Small and medium-sized businesses are increasingly turning toward these services for enhanced performance and security, risk monitoring, and prevention of external attacks. Technological advancement in the telecommunication industry and the introduction of advanced solutions by market players further boost the adoption of the safety operations center.
Report Segmentation
The market is primarily segmented based on type, component, deployment type, organization size, end-use, and region.
|
By Type |
By Component |
By Deployment Type |
By Organization Size |
By End-Use |
By Region |
|
|
|
|
|
|
Know more about this report: Request for sample pages
Incident Response Service Segment is Expected to Hold a Significant Share in 2021
By type, the security operations center market is segmented into detection services, prevention services, and incident response services. The market for incident response services is expected to hold a significant share during the forecast period. Incident response service enables organizations to manage risk proactively, helping organizations address security regulations and industry standards.
The major capabilities for incident response service solutions include an end-to-end process for reviewing and approving user access rights across applications, conducting risk-scoring analytics to quickly comprehend the impact and risk of exceptions, and tracking user activity within and across the systems.
The market for incident response service is expected to be the largest during the forecast period as this solution helps organizations identify exceptions and security breakdowns within the networks. Furthermore, it enables Information Technology (IT) professionals to drill down into emerging threats and resolve issues as they happen.
Professional Services Accounted for the Largest Market Share
By component, the security operations center market is segmented into solutions and professional services. Among these, professional services are expected to be the largest market. The major factor contributing to the growth of professional services is increasing cyber-attacks that bring unique challenges to business and government organizations, forcing them to implement effective services that would defend, identify, and respond to evolving threats.
Cloud Segment Expected to Grow at a Significant Rate
By deployment type, the Security Operations Center (SOC) market is categorized into on-premises and cloud. The cloud segment is expected to grow significantly due to the low cost of the initial investment in cloud services and enhanced & simplified IT management through a central system. Moreover, small and medium enterprises (SMEs) prefer cloud deployment due to budget constraints and limited space.
Large Enterprise Segment Accounted for the Largest Market Share
By organization size, the large enterprise segment accounted for the largest market share. Large enterprises have focused on implementing effective security solutions such as UTM, identity and access management, and security incident management due to increasing instances of cyber-attacks in recent years. Most large enterprises are responsive towards taking security measures.
Healthcare Industry is Expected to be the Fastest Growing Segment
By end-use, the healthcare industry is expected to be the fastest growing segment during the forecast period. The widespread adoption of electronic health records supplemented with continual monitoring reform has encouraged healthcare organizations to implement effective cyber security solutions.
In addition, increased demand for mobility and expanding supply chains, along with the need to connect industrial control systems with customary IT infrastructure, increase cyber risks. Therefore, organizations have invested in a proficient approach to minimize cyber threats.
North America Region Will Lead the Global Market by 2030
The North America region is expected to account for a larger share in the Security Operations Center (SOC) market. This region is technologically advanced due to the widespread implementation of cyber security solutions by major organizations. The region is nearing saturation, as both large and small enterprises have implemented solutions for preventing cyber-attacks, and these organizations are well-aware of the benefits of adopting effective security solutions.
The major factors contributing to the growth of the Security Operations Center (SOC) in North America include increasing mobile and web usage and growing dependency on the Internet and social media platforms. In addition, increasing usage of mobile data, cloud, and digitization has fueled the demand for cyber security solutions in the region.
Competitive Insight
Some prominent players operating in the global Security Operations Center (SOC) market include Airbus Cybersecurity, Atos, AT&T Inc., Binary Defense, BitLyft Cybersecurity, Check Point, CyberSecOp, eSec Forte, eSentire Inc., IBM Corporation, Kaseya Limited, Radar Cyber Security (RadarServices Smart IT-Security GmbH), SecureKloud Technologies, Tata Consultancy Services, and Verizon Communication.
These leading players are launching technologically advanced products to strengthen their product offerings in the market. Strategies such as partnerships, collaborations, and geographic expansion prove to be beneficial for expanding market presence.
Recent Developments
- In June 2022, Atos and IBM Corporation entered into a partnership to support European financial enterprises and institutions to achieve optimum data and systems security and strengthen cloud technologies.
- In February 2022, IBM Corporation announced its investment in Asia Pacific region to protect and manage the cyberattack threats. Moreover, this investment also is for new operations center in IBM network.
Security Operations Center (SOC) Market Report Scope
|
Report Attributes |
Details |
|
Market size value in 2024 |
USD 7.43 billion |
|
Revenue forecast in 2032 |
USD 16.18 billion |
|
CAGR |
10.2% from 2024 - 2032 |
|
Base year |
2023 |
|
Historical data |
2024 - 2032 |
|
Forecast period |
2024 - 2032 |
|
Quantitative units |
Revenue in USD billion and CAGR from 2024 - 2032 |
|
Segments covered |
By type, By Component, By Deployment Type, By Organization Size, By End-Use, By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
|
Key companies |
Airbus Cybersecurity, Atos, AT&T Inc., Binary Defense, BitLyft Cybersecurity, Check Point, CyberSecOp, eSec Forte, eSentire Inc., IBM Corporation, Kaseya Limited, Radar Cyber Security (RadarServices Smart IT-Security GmbH), SecureKloud Technologies, Tata Consultancy Services, and Verizon Communication. |
© 2024 Polaris Market Research and Consulting. All rights reserved
