News
Security Operation Center as a Service Market to Reach $16.5 Bn by 2032
May 2024 by Global Market Insights, Inc.
As per the report by Global Market Insights, Inc. “Worldwide Security Operation Center as a Service Market was valued USD 5.8 billion in 2022 and will surpass a revenue collection of USD 16.5 billion by 2032 with an annual growth rate of 11% over 2023 to 2032.”
The market growth is due to the escalating cybersecurity threats across the globe. The increasing complexity of cyber threats and the shortage of skilled cybersecurity professionals is leading to the growing need for 24/7 monitoring. The soaring emphasis by organizations on seeking advanced threat detection and response capabilities is also fueling the demand for SoCaaS solutions.
The ability of SoCaaS to offer cost-effective, outsourced security operations with real-time monitoring and incident response is reinforcing its popularity amongst businesses aiming to strengthen their cybersecurity posture. For instance, in December 2022, SecureOps, a leading provider of cybersecurity solutions launched a new security operations center in the Philippines for extending the reach of its cybersecurity services on a global scale. The increasing cloud migration trends, regulatory compliance requirements, and the growing awareness of proactive security measures will also assist the market growth.
The SoCaaS market is segregated into threat type, service type, offering, organization size, application, industry vertical, and region.
Based on threat type, the industry share from the insider threats segment is projected to expand at substantial CAGR through 2032. The increasing sophistication of insider attacks is necessitating the adoption of advanced monitoring and response capabilities. The growing focus of organizations on prioritizing SoCaaS solutions to effectively detect and mitigate insider threats will also boost the segment growth.
Security operation center as a service (SoCaaS) market share from the prevention service segment is estimated to record growth at rapid pace through 2032, due to the escalating need for proactive measures against cyber threats. With several organizations embracing SoCaaS solutions as they offer robust prevention services to safeguard against potential security breaches, the segment will further witness significant proliferation.
Regionally, the Asia Pacific security operation center as a service market is slated to expand at robust CAGR during 2023-2032. The growth can be attributed to the increasing cybersecurity concerns, rising digitalization, and the evolving threat landscape across the region. The influx of stringent regulatory requirements, the growing adoption of cloud-based services, and the rising focus on proactive threat detection will also drive the regional market expansion.
