The global security operation center as a service market is expected to generate $11.8 billion revenue by 2030, advancing at a CAGR of 11.6% during 2021–2030. The major factors influencing the market include the increasing number of cyberattacks and data breaches along with trends such as bring-your-own-device (BYOD) and work-from-home. Moreover, the COVID-19 pandemic increased the incidences of cyberattacks significantly, boosting the market growth.
The detection and prevention services are largely used by end users to detect and prevent cyberattacks and data breaches before vital information is lost to cybercriminals. The rise in demand for these services is attributed to the increasing digital transformation across industries, which is resulting in storing sensitive personal and payment-related data.
Large enterprises dominate the market, holding approximately 60% revenue share in 2021; whereas, the SMEs category is projected to witness a higher growth rate in the coming years because cybercriminals are targeting small businesses as they do not have high cybersecurity solutions so as to minimize their operational costs.
BFSI is the largest end-user category, which accounted for around 45% of the market revenue in 2021, as cybercriminals largely target companies operating in this sector. The major reason for targeting these organizations is the financial gains, as the information is quite sensitive, and companies might be willing to provide ransom to cybercriminals so as to protect their reputation and customer trust.
Furthermore, the healthcare sector is expected to gain momentum, rising at a CAGR of around 14%, during the forecast period in the market. This can be attributed to the huge amount of medical data of individuals as well as payment-related information that is stored in healthcare companies’ databases.
North America leads the security operation center as a service market, with approximately 40% of revenue share in 2021. The U.S. is leading the regional market. This is because the country has the maximum number of SOCaaS vendors. Whereas, the APAC market is projected to witness the fastest growth during the forecast period, with China, Japan, and India are leading markets in the region. The growth in the regional market is attributed to the increasing government initiatives related to cybersecurity, such as awareness programs for employees of both public and private companies along with the implementation of laws and regulations for cybersecurity.
In recent years, companies operating in the market have been involved in launching new services to improve their market position. For instance:
Major players operating in the security operation center as a service market include AT&T Inc., IBM Corporation, Verizon Communications Inc., Nippon Telegraph and Telephone Corporation, Proficio, ConnectWise LLC, Fortinet Inc., Atos SE, Tata Consultancy Services, and Check Point Software Technologies Ltd.