The SOC as a Service market is projected to grow from USD 471 million in 2020 to USD 1,656 million by 2025, at a Compound Annual Growth Rate (CAGR) of 28.6% during the forecast period. The increasing venture capital funding and growing investments in SOC as a Service technology to drive the market growth.
By service type, the detection service segment to register the highest growth rate during the forecast period
The detection service provides the ability to detect fraudulent activities across enterprise networks rapidly and responds to cyber incidents quickly and effectively. It also provides reports on security-related incidents and events, and sends alerts on analyzing any malicious activity. Therefore, detection service segment holds the highest growth rate during the forecast period.
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Based on industry vertical, government and public sector to grow at the highest CAGR during the forecast Period
Government and public sector organizations deal with critical data and information. These organizations have seen the strong adoption of advanced technologies in recent years. Through the initiatives of digital governance and smart cities, governments are heavily deploying modern technological solutions. The applications used in the government and public sector industry vertical are becoming prime targets for cybercriminals to access sensitive data. Therefore, government and public sector are registers the highest growth rate during the forecast period.
Major vendors covered in the market report include AlienVault (US), BlackStratus (US), Cygilant (US), Thales E-security (France), Alert Logic (US), Proficio (US), Netmagic (India), Arctic Wolf Networks (US), AqmTechnologies (India), ESDS Software Solution (India), Suma Soft (India), GA Systems (Australia), Expel (US), Radar Cyber Security (Austria), Stratozen (US), Fortinet (US), Binary Defense (US).
These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions to expand their presence in the SOC as a Service market. Partnerships, agreements and collaborations, and new product launches have been the most adopted strategies by the major players from 2017 to 2020 to innovate their offerings and broaden their customer base.
Alien Vault (US) is a prominent provider of SOC as a Service solutions. AlienVault develops commercial and open-source products to prevent cyber threats. In July 2019, AlienVault’s USM platform had integrated with VirtualArmour’s CloudCastr client portal. It caters to various industry verticals, including telecommunication, retail, automobile, BFSI, IT, aerospace, government, hospitality, healthcare, and media and entertainment. The company has a global presence across North America, Europe, Asia Pacific (APAC), MEA and Latin America.
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BlackStratus (US) is another top player in the SOC as a Service market. The company provides cloud-based security solutions. Its security portfolio includes various solutions, including cloud-based SIEM, log management, SOC as a Service, threat detection, and risk and liability assessment. It also provides post-contract support and professional services. It caters its solutions to various industries, including aerospace, communications, energy and utilities, financial institutions, healthcare, education, manufacturing, defense and military, retail, nonprofit organizations, and public sector.
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