The Security Operation Center as a Service Market to reach $15.2 Billion by 2030; the rising prevalence of cyber threats, the growing demand for scalable security solutions, and the need for efficient incident response and compliance with regulatory

The Security Operation Center as a Service Market size is estimated to reach $15.2 Billion by 2030, growing at a CAGR of 12.7% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Security Operation Center as a Service Market – By Security Type (Network Security, Endpoint Security, Application Security, Data Security, Cloud Security and Others), By Service Type ( Prevention, Detection, Incident Response and Others), By Threat Type (Malware, Phishing, DDoS (Distributed Denial of Service), Insider Threats, Advanced Persistent Threats (APTs) and Others) ,By Deployment Model (Cloud-based, On-premises and Hybrid), By Organization Size (Small and Medium-sized Enterprises (SMEs) and Large Enterprises), End-User Industry (BFSI Healthcare, IT and Telecom, Government, Retail, Manufacturing, Energy and Utilities, and Others) and By Geography Analysis - Global Opportunity Analysis & Industry Forecast, 2024-2030.

The rise in cyber threats, including sophisticated attacks like ransomware and phishing, is driving organizations to prioritize enhanced security measures. Additionally, the expansion of remote work has increased the attack surface, prompting businesses to adopt managed security services to better protect their digital environments, fueling the market growth during the forecast period.

North America accounted for the largest share of the Security Operation Center as a Service Market in 2023, underscored by the escalating threats of ransomware and phishing attacks, alongside the rise in remote work. As cybercriminals refine their strategies, employing advanced ransomware tactics and phishing schemes, the demand for effective security solutions has become essential. According to an October 2024 article by EMBroker, the United States is responsible for 59% of all ransomware attacks. The increase in remote work has widened the attack surface, making organizations more susceptible to these risks. A report from Kiteworks in April 2024 indicates that over 4.7 million people in the U.S. spend at least half of their working hours remotely, with more than one in five Americans expected to work remotely by 2025. Unsurprisingly, 20% of surveyed organizations reported experiencing a data breach linked to a remote worker since 2020. These dynamics not only bolster North America's dominance in the market but also foster a strong cybersecurity ecosystem that attracts investment and drives the ongoing development of SOCaaS solutions.

The increasing prevalence of cyber threats is a significant driver of market growth, as organizations confront a growing range of attacks, such as ransomware, phishing, and advanced persistent threats. This intensifying threat landscape forces businesses to prioritize strong cybersecurity measures to protect their sensitive data and ensure operational continuity. According to a February 2024 report by Cybersecurity Ventures, global cybercrime costs are projected to rise by 15% annually over the next five years, potentially reaching an astounding $10.5 trillion by 2025. As cybercriminals continuously adapt their strategies, the demand for advanced security solutions, especially within the Security Operations Center as a Service (SOCaaS) market, is increasing. Companies are progressively investing in comprehensive security approaches to bolster their defenses and mitigate risks associated with potential breaches.

Small and medium-sized businesses (SMBs) present a significant growth opportunity for the Security Operations Center as a Service (SOCaaS) market, largely due to their growing awareness of the importance of cybersecurity in today’s digital environment. Many SMBs are particularly vulnerable to cyber threats and often lack the resources to establish in-house security teams. In response, various governments are launching initiatives to support SMBs in their cybersecurity efforts. For instance, the U.S. Small Business Administration (SBA) runs the Cybersecurity for Small Business Pilot Program, which offers grants to assist small businesses in enhancing their cybersecurity. In Ireland, the National Cybersecurity Coordination and Development Centre (NCC-IE), launched in May 2023 with a budget of €4.2 million, aims to bolster SMEs' cybersecurity resilience through research, innovation, and the adoption of advanced solutions, with funding sourced from both the EU and the Irish government. Similarly, Australia’s Cyber Security Support Program is designed to provide comprehensive assistance to small and medium enterprises in areas like cybersecurity infrastructure, awareness, training, and compliance. By offering scalable services tailored to the specific needs of SMBs, SOCaaS providers can help these businesses strengthen their security posture, comply with regulations, and protect their sensitive data more effectively.

• In July 2024, Cisco and Singapore’s HTX (Home Team Science and Technology Agency) entered into a Memorandum of Understanding (MOU) to collaborate on the advancement of 5G and AI technologies aimed at improving public safety, security, and network operations in Singapore. This agreement seeks to enable the Home Team to tackle emerging threats through innovative initiatives.

• In October 2023, Stairwell and 360 SOC formed a partnership aimed at delivering innovative security solutions at competitive prices. This collaboration merges Stairwell's AI-driven threat detection capabilities with 360 SOC's Security Operations Center as a Service (SOCaaS), providing businesses of all sizes with cost-effective, scalable, and highly automated security solutions.

• In February 2023, Zoracom inaugurated its state-of-the-art Network and Security Operations Center (NSOC) in Lagos. This center provides a range of cybersecurity solutions, including cyber monitoring, mitigation, training, and capacity building, to both public and private organizations across the country.

Key companies profiled in the Security Operation Center as a Service Market are Cloudflare, SecureWorks Inc., Alert Logic Inc., CrowdStrike, Thales Group, BAE Systems PLC, NTT Security Ltd., AQM Technologies, Broadcom Inc., AT & T Cybersecurity Inc. and others.

Incident Response Market -Incident Response Market size is forecast to reach $120 billion by 2030, estimated to grow at a CAGR of 21.3% during 2024-2030. With the growing penetration of digitalization in organizations has led to the rising demand for enhanced incident response system for mitigating the cyber-attacks.

Machine Readable Threat Intelligence (MRTI) Market - The Machine Readable Threat Intelligence (MRTI) Market is forecast to reach $13.9 billion by 2027, growing at a CAGR of 12.9% from 2022 to 2027. The growing need for threat information is being driven by an increase in cybercrime, threat breaches, and an increase in the number of sophisticated cyber-attacks in top security-conscious industries.

Managed Security Services Market - The global Managed Security Services market size is forecast to reach $46.3 billion by 2027, growing at a CAGR of 10.8% from 2022 to 2027.  Increasing demand for cost-efficient security services, gradual shift towards migrating workloads in cloud environments, alongside rise in number of security breach incidents have been potentially creating the demand for managed security services.

IndustryARC primarily focuses on Market Research and Consulting Services specific to Cutting Edge Technologies and Newer Application segments of the market. The company’s Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets.  

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Mr. Venkat Reddy

IndustryARC

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