New York, US, May 24, 2023 (GLOBE NEWSWIRE) -- Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), Security Operations Center Market Information by Product Type, End-User, Distribution Channel, and Region - Forecast till 2030”, Security Operations Center Market could thrive at a rate of 8.1 % between 2022 and 2030. The market size will reach around USD 69.52 Billion by the end of the year 2030.
Market Synopsis:
A Security Operations Center (SOC) is a centralized facility that is responsible for monitoring and analyzing an organization's security posture. It is typically staffed with security professionals who are tasked with detecting, analyzing, and responding to security incidents.
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Market Competitive Landscape:
The affluent companies in the Security Operations Center industry include
- Capgemini SE
- Symantec Corporation
- AT&T Inc
- Cisco Systems, Inc
- Fortinet
- F5 Networks, Inc
- SecureWorks Corp
- Raytheon Company
- Dark Matters, Inc
- Rapid7, Inc
- Alert Logic, Inc
- Netdatavault
- Digital Guardian, Inc
Latest Industry Updates:
- February 2023 - Zoracom, a cybersecurity company, opened its Network and Security Operations Center (NSOC) in Lagos. The NSOC offers cybersecurity solutions, including cyber monitoring and mitigation, as well as training and capacity building, to public and private organizations in Nigeria.
- January 2023 - KELA, another cybersecurity company, launched a cyber threat intelligence platform in January 2023. This platform serves as a comprehensive solution for organizations looking to stay ahead of cyber threats. It can identify, address, and analyze cyber risks.
Scope of the Report - Security Operations Center Market:
| Report Metrics | Details |
| Market Size by 2030 | USD 69.52 Billion |
| CAGR during 2022-2030 | 8.1% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Key Market Opportunities | Growing Demand for Protecting Critical Data |
| Key Market Dynamics | Growing BYOD Trend Among Organizations Increasing Number of Cyber-Attacks |
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Market USP Covered:
Market Drivers:
As the number of cyber threats continues to grow, organizations are looking for ways to improve their security posture. SOCs provide a centralized platform for monitoring and responding to security incidents, which can help organizations detect and respond to threats more quickly. Many organizations are subject to regulatory requirements that mandate certain security controls. SOCs can help organizations meet these requirements by providing centralized monitoring and reporting capabilities.
Market Restraints:
The implementation and maintenance of a SOC can be expensive, particularly for small and medium-sized organizations. This can be a barrier to adoption for organizations that do not have the resources to invest in a SOC. There is currently a shortage of skilled security professionals, which can make it difficult for organizations to staff a SOC. This can also drive up the cost of hiring and retaining security professionals, which can be a further barrier to adoption for some organizations.
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COVID 19 Analysis:
The COVID-19 pandemic has impacted the Security Operations Center (SOC) market in several ways. As organizations shifted to remote work arrangements, there was a surge in cyberattacks, which increased the demand for SOC services. However, the pandemic also led to budget cuts and reduced spending on cybersecurity solutions for some companies, which could hurt the SOC market.
Moreover, the pandemic has forced many organizations to rethink their security strategies and adopt new technologies such as cloud-based security solutions and automation tools. This has presented opportunities for SOC vendors to offer innovative solutions that address the evolving security needs of their customers.
Market Segmentation:
- By Service - The service in the market includes Security Monitoring Service, Information Security Incident Response Service, Threat and Vulnerability Identification, Digital Forensics and Malware Analysis Service, Risk Reporting and Analytics Service, and Others.
- By Model - The segment includes In-House SOC and Outsourced SOC
- By Organization Size - The segment includes Large Enterprises and SMEs
- By Industry Vertical - The segment includes IT & Telecom, Government, BFSI, Oil & Gas, Aerospace and Defense, Healthcare, Retail, Travel & Tourism., and Others.
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Regional Insights
The North American region is expected to hold a significant share of the Security Operations Center (SOC) market due to the growing adoption of security solutions and services among organizations to protect their critical business data and infrastructure. Additionally, the presence of major market players, such as IBM, Symantec, and Cisco, and the growing investments in cybersecurity in the region are also expected to drive market growth. Further, the European region is also expected to witness significant growth in the Security Operations Center (SOC) market due to the increasing demand for cybersecurity solutions and services to protect sensitive data and infrastructure from cyber-attacks. Furthermore, the increasing adoption of cloud-based security solutions and the implementation of various government regulations and data protection laws are also expected to fuel the market growth in the region.
Additionally, the Asia Pacific region is expected to witness the highest growth rate in the Security Operations Center (SOC) market due to the growing number of cyber-attacks and the increasing adoption of connected devices and digital technologies in the region. The rising need for advanced security solutions and services to protect critical infrastructure and sensitive data is also expected to drive market growth. Additionally, the increasing government initiatives and regulations to promote cybersecurity in countries such as China, India, and Japan are also expected to boost the market growth in the region.
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