Security Operations Center as a Service Market to Exhibit a Remarkable Growth of USD 14.06 Bn with CAGR of 13.28 By 2030
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Rapid advancements in IT security and increasing remote working owing to COVID-19 are key factors driving market revenue growth
VANCOUVER, BC, CANADA, January 12, 2023 /EINPresswire.com/ -- The global Security Operations Center (SOC) as a Service market size was USD 5.55 Billion in 2021 and is expected to register a revenue CAGR of 16.52% during the forecast period, according to latest analysis by Emergen Research. Increasing investment by major companies is projected to support market revenue growth between 2021 and 2030. For instance, on 19 December 2022, the USD 1.3 billion Series C investment was headed by Fenbushi Capital U.S., according to an announcement by the Singapore-based Amber Group, a leading global provider of digital assets. Family offices and other investors with experience in cryptocurrencies also participated in the most recent round. After receiving a USD 1.2 billion Series B+ investment earlier this year, Amber Group's Series C round represents the highest investment the company has ever received. The Amber Group has established itself as a significant player that is deliberately associated with financiers who have the same values and goals for the industry of digital assets.
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Some Key Highlights From the Report
Small and medium enterprises segment is expected to register the largest revenue CAGR due to technology improvements and application evolution, organizational networks are growing over time. SOC as a service enables businesses to concentrate on their core competencies and use their most valuable assets for projects that are essential to their expansion.
IT and telecom segment is expected to register rapid revenue CAGR due to rising demand for SOC as a service to increase data security and backup. Security Information and Event Management (SIEM) systems are frequently included in the environments of IT industries to ingest and correlate alarms and logs produced by network devices, security devices, and endpoints, which is driving revenue growth of the segment.
Market in North America accounted for the largest revenue share in 2021 due to rising incidences of cyber-attacks. To prevent this, SOC as a service helps businesses improve their response efforts in the event of cyberattacks based on an assessment of their risk posture and preventative measures.
On 28 November 2022, to provide managed services in the region, Tata Communications International Pte Ltd., a prominent system integrator in the United Arab Emirates (UAE), expanded its cooperation with Intertec Systems. Tata Communications contributes its Cyber Security Operations Centre (SOC) and controlled security services as part of the cooperation to strengthen the cyber defense of businesses in the area. to secure the organization's mission-critical data, the SOC offers managed security services packaged with cyber-threat intelligence, providing top-notch data to assist and safeguard their business.
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Major Players/Manufacturers profiled in the report are:
IBM, AT&T Intellectual Property, Verizon, NTT Group, ConnectWise, LLC, Proficio, Tata Consultancy Services, Atos SE, Check Point Software Technologies Ltd., Cloudflare, Inc., Arctic Wolf Networks Inc., and Musarubra US LLC
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Global Security Operations Center as a Service Market Report - Segmental Analysis:
Component Outlook (Revenue, USD Billion; 2019–2030)
Solution
Professional Services
Organization Size Outlook (Revenue, USD Billion; 2019–2030)
Large Enterprises
Small and Medium Enterprises (SMEs)
Type Outlook (Revenue, USD Billion; 2019–2030)
Prevention
Detection
Incident Response
Key Geographies Profiled in the Report:
North America(the U.S., Mexico, and Canada)
Asia Pacific(China, Japan, India, and Rest of Asia Pacific)
Europe(the U.K., France, Germany, and Rest of Europe)
Latin America(Brazil and Rest of Latin America)
Middle East & Africa(GCC Countries and Rest of Middle East & Africa)
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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Security Operations Center as a Service Market Size Worth USD 14.06 Billion in 2030
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