The major factor driving the global SOC as a service market is the rising count of cyberattacks and security threats. In 2021, the market stood at $4.4 billion, which is predicted to reach $11.8 billion by the end of this decade. In addition, the market will witness an 11.6% CAGR from 2021 to 2030. Furthermore, at least a 50% annual hike is observed in cyberattacks all around the world. Moreover, the market growth is owing to the work-from-home and BYOD trends, which is why the outbreak of COVID-19 had resulted in an increasing inclination toward SOCaaS solutions.
Within the type segment, the detection service category generated the highest revenue in 2021, accounting for an about 37% market share, and it will continue to show this trend during this decade. This can be attributed to the surging integration of digital technologies in all industries. Moreover, because people are sharing massive amounts of data and depending increasingly on digital information than ever before, the incidence of targeted attacks is increasing globally. To deal with this situation, the requirement for fraud detection solutions among several corporations is on the surge.
The SOC as a service market can be bifurcated into SMEs and large enterprises. The latter category comprises multinational enterprises, which are continuously developing and implementing the latest technologies to deal with all types of cyberattack, by detecting, preventing, and responding to it. Furthermore, there is a rising adoption of SOCaaS solutions by MNCs to enhance the security of financial resources, because they have numerous revenue streams and intricate corporate networks. Therefore, this category dominates the enterprise size segment of the industry.
In 2021, the BFSI sector ruled the SOC as a service market with at least 45% revenue, on account of being prone to cyberattacks because all it deals with is money, shares, and financial bonds. Furthermore, the BFSI is the target of at least 70% of the cyberattacks very year. Moreover, the count of breached bank accounts will surge to over 30 billion by 2030. Moreover, BFSI corporations are the most attractive of all kinds of companies for cybercriminals, losing about $6 million for every data breach on average.
The healthcare category, in the vertical segment of the SOC as a service market, is predicted to potentially grow in the coming years. This can be ascribed to the data records of healthcare organizations, which encompass every patient’s PII PCI data for billing purposes. Hence, there is a dire need to execute the security operation center as a service in this sector. Furthermore, unencrypted PII PCI data is transferred within laboratories, clinics, and hospitals, putting people’s lives in danger.
In 2021, North America dominated the SOC as a service market, generating approximately 40% of the global revenue, because it is home to the highest count of security operation centers as a service vendors on this planet. This is because of the unending number of cyberattacks and data breaches in this region. Moreover, the skyrocketing demand for cloud-based platforms, technologies, and apps will create a demand for stronger security solutions, because the data of corporations and customers, including information related on payments, is on these platforms and apps.
Hence, the rising concerns about data security among individuals and corporations will pave the way for market growth.