The East Africa SOC as a Service Market size is expected to advance at a CAGR of 8.3% during 2022–2030, to reach $131.5 million by 2030.
This market growth is primarily due to the increasing requirement for digital transaction management, growing security concerns across enterprises, surging government support, and growing usage of advanced technologies in emerging economies, such as Uganda, Kenya, Rwanda, Tanzania, and Burundi.
The healthcare sector is projected to contribute a significant revenue share to the market during the forecast period. Since healthcare organizations maintain a huge amount of Personally Identifiable Information Payment Card Industry (PII PCI) data for each patient for billing purposes; thus, cybercriminals are attracted to these organizations, resulting in the need to implement the security operation center as a service.
Moreover, most of the PII PCI data is sent between hospitals, clinics, and laboratories unencrypted. Because of the widespread usage of digital medical equipment, network administration has become critical to protect devices from malicious cyberattacks. In the last three years, more than 90% of healthcare organizations have experienced a cyberattack. Furthermore, SOCaaS solutions assist enterprises in this sector in securing the data of their customers and patients.
Companies have inclined toward cloud-based applications and services to ensure the cost-effectiveness, flexibility, and security of their business procedures. The ease of availability as well as the accessibility of cloud solutions has been one of the key reasons for enterprises to opt for cloud-based solutions. Due to the pandemic’s effect across the world, a significant increase in digitization of transactions and communication has increased. Hence, the number of risks related to privacy breaches, data theft, and others is growing, which are prevented through a highly secure infrastructure and advanced solutions, which are provided by various information security companies.
The growing penetration of the internet and rising demand for connected devices have augmented the chances of online attacks. Owing to the growth in sophisticated cyberattacks, the requirement for SOCaaS has skyrocketed. Furthermore, the complexity of administration following threat detection is propelling the growth of the East Africa SOC as a service market.
Moreover, the number of individuals using the internet (total percentage of population) in Kenya is rising from 7% in 2010 to 30% in 2020; in Tanzania, from 3% to 22%; and likewise, in Uganda, from 4% to 20%. Moreover, internet penetration in these countries propels the overall market growth, owing to technological advancements and the high demand for connectivity. The risk of increased frequency of data breaches and cyberattacks in small, medium, and large-scale businesses is rising as internet penetration is surging across the region. To eliminate such risks, the demand for effective SOCaaS solutions is increasing rapidly.
The process of detecting and then applying effective strategies to prevent cyberattacks is essential in almost all industries. Through machine learning and other advanced technologies, an insight into trends, patterns, and types is obtained and utilized in making efficient security solutions to combat threats.
Unauthorized access, damage to data, and privacy breaches are some of the common cyber threats that are prevalent across industries, and to combat these attacks, investment in infrastructure and regular updating of software, as well as related technologies, is being practiced. Moreover, optimal management of data, identification of threats, and implementation of effective security measures are essential components for preventing cyberattacks.
Cyber defense solutions must adhere to existing government data protection legislation. Data protection guidelines are crucial in addressing growing concerns about the privacy of the individual's data. Furthermore, the constantly altering threat landscape has resulted in a vast number of government processes that must be properly followed by firms. If businesses fail to follow such rules, they must pay significant fines to governments. Thus, directives proposed by governments help the market grow at a substantial rate.
Some of the major players operating in the East Africa SOC as a service market are Dimension Data, Serianu Limited, Safaricom PLC, MFI Document Solutions Ltd, Liquid Intelligent Technologies Limited, Secur, a Vui Ventures Company, Tai SOC, AdcareIT, SMTP Africa Servers Ltd. and Simba Technology Ltd.