Security Operation Center as a Service Market Outlook,Share and Growth Stance Forecast:2022-2031

The security operation center (SOC) as a service market is expected to grow at a CAGR of 25% over the forecast period. The security operation center is responsible for ensuring that the security incidents are correctly identified and reported.  The SOC is a facility with an information security team primarily accountable to monitor and analyze an organization’s security frequently. Primary objectives include detecting, analyze, and respond to cybersecurity events by grouping technology solutions with a firm set of operational processes. Security operations comprise engineers and security analysts, coupled with managers who behold security operations.

– The major factors responsible for driving the growth of the security operation center market are increasing the need for data security and rising cyber-attacks and cybercrimes.
– Building a security operation center is expensive. There is a lot of investment required for building the SOC such as construction costs, acquisition of equipment, and staffing is more. Cost of adapting to security changes, which include expenses such as acquiring new technologies to address new threats and staff churn is high and plays a crucial factor for designing SOC. These factors may hinder the growth of the SOC as a service market. However, the benefits outweighs the cost and has been the significant driver for its adoption especially in the large scale enterprises.
– In order to operate an effective SOC, a staff of highly qualified security professionals is required across a broad spectrum of network and information security disciplines. This may be a challenge for the SOC market, further hampering the growth of the market.

Scope of the Report

Security operation center is a centralized unit which deals with security issues of an organization on a technical level. Security is gaining importance in the corporate structure. A security operation center can help to secure and enable the business about attackers. It allows information security functions to respond faster, work more collaboratively, and share knowledge more effectively.

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Key Market Trends

BFSI Expected to Have Significant Growth

– BFSI is expected to have significant growth for the SOC as a service market. BFSI deals with large volumes of sensitive and private financial data. To ensure irreversible security, the enterprises in the BFSI sector are demanding SOC as a service solution. Moreover, the BFSI industry complies with many security requirements and hence is the most regulated. According to Accenture 2017 study reports, the financial services industry accounts for the highest cost from cybercrime at an average of USD 18.3 million per company surveyed.
– Many banks, hedge funds, insurance brokers and other financial institutions are the target for cyber attackers. Many companies are helping various financial services organizations. For instance, Affordable suite of subscription-based services is offered by Cygilant’s SOCVue services in order to deliver increased security visibility and guidance effectively reducing cyber risks and thereby to meet compliance requirements placed on financial services institutions.
– Small financial organizations are struggling to provide advanced security technologies, staffing of larger enterprises, and security best practices, often leaving more entry points exposed.

North America Expected to Have Significant Market Share

– North America is expected to hold a significant market share for the Security Operations Center market due to strong economic conditions in the region and increased focus to enhance advanced systems protection for the enterprises. The cybersecurity is the focus area for the SOCs detecting threats from external sources. technical advancements and increasing need of data security.
– The strong presence of several market incumbents, coupled with recent security threats in the region, is expected to drive the adoption of SOC solutions further.
– Due to the increasing cyber incidents in the country, the government is significantly investing in dealing with these cyber attacks. Ransomware detections have been more dominant owing to higher numbers of internet-connected populations. For instance, the United States ranks highest with 18.2% of all ransomware attacks. In the current annual budget plans, the Trump led US government earmarked more than USD 19 billion for cybersecurity-related initiatives. This was majorly due to the increasing number of cyber attacks in the nation.

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– Also, the National Institute of Cybersecurity Careers and Studies (NICCS) has been playing a proactive role in increasing awareness, by providing training programs to the stakeholders.

Competitive Landscape

The security operation center as a service market is fragmented as the vendors are extending the partner ecosystem with capabilities in integration to enhance their service offerings. The market is expected to strengthen the security operations of enterprises with continuous monitoring and early threat detection.

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