SOC as a Service Market Future Prospects
The global SOC as a service market size is valued at an estimated USD 5.5 billion in 2024, and it is expected to advance at a CAGR of 13.6% during 2024–2030, to reach USD 11.8 billion by 2030. The major factor credited for the growth of the market is the increase in the number of security breaches and cyberattacks. For instance, there has been a 50% year-on-year growth in cyberattacks globally. Also, the bring-your-own-device (BYOD) and work-from-home trends have boosted the market growth.
Furthermore, the COVID-19 pandemic has led to the increased adoption of SOCaaS solutions, as a result of around 600% rise in cybercrimes during the period, which included theft or embezzlement, data hacking, and destruction of data.