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security operation center market

Security Operations Center Market Share, Size, Trends, Industry Analysis Report, By Service; By End-Use (BFSI, Healthcare, Manufacturing, IT & Telecom, Retail, Transportation); By Organization Size (Large Enterprises, Small & Medium Sized Businesses); By Model; By Regions; Segment Forecast, 2021 - 2028

  • Published Date: Apr 2021
  • Pages: 112
  • Format: PDF
  • Report ID: PM1843
  • Base Year: 2020
  • Historical Data: 2016 - 2019

Report Summary

The global security operations center (SOC) market size was valued at USD 34.73 billion in 2020 and is expected to grow at a CAGR of 11.9% during the forecast period. The demand for the centers has increased significantly owing to an increasing need for monitoring and analyzing enterprise safety. Security operations centers are staffed with analysts, engineers, and managers responsible for detection, analysis, and effective response to cybersecurity incidents.

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There has been a massive increase in the generation of data by organizations owing to the increased adoption of mobile devices and social media. The availability of data enables the organization to track customer behavior, acquire information about suppliers and operations, and gain market insights, which makes them susceptible to cyber-attacks and data theft.

Security operations centers are responsible for monitoring, analyzing, and detecting ongoing anomalous activities on websites, applications, networks, servers, and endpoints to defend against security incidents and compromises. An exhaustive asset survey is performed for the identification and analysis of components such as server, router, firewall, and cyber protection tools.

Industry Dynamics

Growth Drivers
Direct feeds from enterprise systems are set up to analyze data in real-time. Artificial intelligence combined with log scanning tools is used to defend against cyberattacks. SOC tools enable continuous monitoring and scanning of enterprise resources to identify potential threats and suspicious activity. Alert management, root cause analysis, and compliance audits form an essential part of the security operations center.

The increasing need for safety against cyber-attacks and data breaches by various large and small businesses is driving this market. There has been an increase in the number of organizations opting for security operations centers for continuous monitoring and analysis of data activity. The rising need for enhanced threat management and centralized safety operation is further driving the growth of this market.

The increasing penetration of smart devices, growing digitization, and regulatory mandates for cyber defense further supplements the growth of this market. Adoption of managed threat detection and response services has been on the rise owing to a greater need for preventative maintenance, continuous proactive monitoring, alert ranking and management, incident detection and response, automation and response integration, and compliance reporting.

Enterprises are increasingly shifting towards cloud-based products and services owing to its greater processing capabilities, storage, cost-effective pricing models, and reduction in operational overhead. The growing trend of cloud analytics has increased the need for threat intelligence, risk management monitoring and analysis, and real-time threat detection and response, supporting the growth of security operations centers.

Artificial intelligence, blockchain, and machine learning tools are being developed by market players to detect and report the malicious activity through analysis of deviations from normal network or application behavior. Supervised as well as unsupervised machine learning tools are used by security operations centers to enhance threat detection and response capabilities.

Security Operations Center Market Report Scope

The market is primarily segmented on the basis of service, end-use, organization size, model, and region.

By Service

By End-Use

By Organization Size

By Model

By Region

  • Incident Response Service
  • Data Protection & Monitoring
  • Security Monitoring & Detection
  • Risk Reporting & Analytics
  • Threat & Vulnerability Identification
  • Others
  • BFSI
  • Healthcare
  • Manufacturing
  • IT and Telecom
  • Retail
  • Transportation
  • Others
  • Large Enterprises
  • Small & Medium Sized Businesses
  • Outsourced
  • In-house
  • North America (U.S., Canada)
  • Europe (Germany, UK, France, Italy, Spain, RoE)
  • Asia Pacific (China, India, Japan, South Korea, RoAPAC)
  • Latin America (Brazil, Mexico, Colombia, RoLATAM)
  • Middle East & Africa (Saudi Arabia, South Africa, Israel, UAE, RoMEA)

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Service Outlook

On the basis of service, the market is segmented into incident response service, data protection and monitoring, security monitoring and detection, risk reporting and analytics, threat and vulnerability identification, and others. Organizations use increasingly adopting threat and vulnerability identification for avoiding risks and failures. Security operations centers deploy prevention and detection solutions throughout the entire attack chain and related environment to prevent attacker penetration.

End-Use Outlook

On the basis of end-use, the market is segmented into BFSI, healthcare, manufacturing, it and telecom, retail, transportation, and others. There has been an increasing demand for security operations centers from the BFSI sector. It enables banks and financial institutes to protect sensitive consumer and financial data, minimize costs, and optimize profits.

Greater availability of transactional data is encouraging banks and financial institutes to pursue security operations centers to minimize risks, reduce costs, defend against cyber-attacks, and offer enhanced customer services and customized solutions. BFSI sector is increasingly moving towards a security operations center for pricing and risk analytics, fraud detection analytics, threat and vulnerability identification, and incident response service.

Organization Size Outlook

The organization size market segment has been divided into large enterprises and small and medium-sized businesses. In 2020, the large enterprises segment accounted for the highest market share owing to the availability of a massive amount of data and resources, and greater susceptibility to cyber-attacks. However, small, and medium-sized businesses are increasing investment in security operations centers for efficient and secure operations, improved customer experience, and higher productivity.

Model Outlook

On the basis of model, the market is segmented into outsourced and in-house. There has been an increasing demand for outsourced security operations centers owing to increased scalability and reduced costs. Most established organizations have access to a large amount of data but lack abilities to secure this data and prevent data loss and theft.

Lack of skilled workforce, security tools, and platforms encourage these organizations to outsource security operations. Outsourced safety providers are capable of providing expertise on effective security tools. Outsourcing safety operations center reduce operational time along with the cost of implementation and ongoing management.

Geographic Overview

North America market dominated the global security operations center market in 2020. Due to a significant increase in the need for secure enterprise operations, businesses are increasingly turning towards security operations centers. Established internet infrastructure in the region combined with high adoption of advanced technologies fuels the growth of the market in the region. The growing adoption of technologically advanced systems by enterprises for protection against cyber-attacks and data theft fuels the market growth in the region.

Competitive Landscape

The leading players in the security operations center market include Cisco Systems, Inc., Capgemini SE, NetMagic Solutions Pvt. Ltd., Alert Logic Inc., SecureWorks Inc., IBM Corporation, Verizon Communications Inc., British Telecom Group PLC, F5 Networks, Inc., Fortinet, Inc., Broadcom Inc., Cygilant Inc., and BlackStratus Inc.

These companies are taking initiatives to strengthen their market presence by introducing advanced solutions for its customers. These players are also collaborating with other market leaders to expand their offerings and acquire new customers.

Key Take-Away
Polaris Market Research
Security Operations Center Market Size | Industry Trends Report, 2028