|Capgemini SE (France)|
|Cisco Systems Inc. (US)|
|Secureworks Inc. (US)|
|Symantec Corporation (US)|
|Raytheon Company (US)|
|Netmagic Solutions (India)|
|Dark Matters Inc. (UAE)|
|Market Driving Forces|
|Growing demand and penetration of internet services|
|Rise in cumbersome administration post a threat|
Security Operations Center Market Overview:
Security Operations Center (SOC) Market is expected to register a USD 27.61 Billion with a CAGR of 13.6% during the review period, 2020–2030.
The regions have been witnessing an obnoxious increase in the quantum of cyberattacks from different ends. Hence, there is an emergent need for enterprises to reduce the risks which is an excellent opportunity for the market services to cater to. The internet has become a vital source in a digital world like today, the hackers are getting an open market to target customers and exploit their vulnerabilities.
Covid 19 Analysis:The pandemic has introduced new market trends like work-from-home, online classes, and virtual events and tradeshows amongst others. The demand for constant internet services and connected devices has increased during 2020 but the market has a higher degree of threat related to cybersecurity.
Hence, the key market players are collaborating with the government for the development of strict compliance backed with regulatory needs and technological advances that will compete with the cyberattackers and safeguard the services and precious information. The players are also focusing on developing fast-speed internet services for the target audience to rely upon and enhance the operations for the global market segments during the forecast period.
Security Operations Center Market Dynamics:Drivers:The market is witnessing a growing demand and penetration of internet services which is further pushing for an increase in the connected devices demand. This demand increases the risk of online attacks. The rise in the number of sophisticated cyberattacks is huge and hence, this is emerging as one of the major facts that will drive the demand for soc as a service for the forecast period that ends in 2028. Also, the rise in cumbersome administration post a threat or cybercrime has been detected as another factor that is likely to present the market with excellent growth prospects during the ongoing forecast period.
Restraints:However, the market includes the services lent by third-party vendors. The target audience takes time to build the much-needed reliability and trust in these vendors. Rising concerns related to the protection of one’s and data privacy, data leaks, misuse of information, and frequency of attacks are likely to present restraints for the market and hence, bar the market from growing as per the prediction during the forecast period.
Technology Analysis:The market is witnessing an enhanced degree of dynamicity that prevails in the business environment and transactions which are pushing and encouraging the organizations to increase their demand for market services and technological advancements. The target audience that is spread across various global regions is enhancing their demand quantum for the adoption of soc in the form of market services and solutions to ensure a better degree of security for the data availability. Also, the target audience is witnessing an indispensable need for compliance with various regulatory alliances like hipaa, gdpr, alongside pci-dss, which have excellent prospects for the market during the forecast period that ends in 2028.
Security Operations Center Market Regional Analysis:The security operation center (soc) industry movement is remarkably working in 4 major regions of the world that is north america, asia pacific, europe, and the rest of the world. Among all these regions, the north american region will dominate this market, and the reason attributed to it is the rising need to examine, detect, investigate, and monitor, and respond to cyber threats. In addition to this stable economic conditions and increasing focus on data protection is another reason that will enhance the growth of the market in this region. The growth of this region will be led by its leading economies such as the united states of america, canada, and mexico. The asia pacific region will also witness tremendous growth during the forecast period due to the rising number and encouraging government policies in the adoption of advanced technologies. Also, a large number of small-scale industries are being established to cope up with the rising consumer demand for data security in this region which will further broaden the size of the market in this region. India, china, and japan will be responsible for the expansion of this industry in the asia pacific region.
Competitive Landscape:To get a detailed and profound idea about the security operation center (soc) market insights, it is very important to create a competitive environment amongst the different key players at different market locations all around the world. The global players of the market are opting for mergers and acquisitions that will help in enhancing the market operations. The prime players of this market include:-
Report Overview:The security operation center (soc) industry report presents a shift analysis that includes market drivers, opportunities, and restraints that are available in the global market. The report discusses the impact of covid-19 on the key players of this market. The report also tells about the market segmentation on a different basis and how a competitive environment is developed among the key players around the globe. At last, the report presents some recent developments in this industry.
|Market Size||USD 27.61 Billion|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||by Service, Organization Size|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Capgemini SE (France), Cisco Systems Inc. (US), Secureworks Inc. (US), Symantec Corporation (US), Raytheon Company (US), Netmagic Solutions (India), Dark Matters Inc. (UAE), Digital Guardian (US), Fortinet Inc. (US), AT&T (US), Alertlogic (US), Rapid7 (US), F5 Networks Inc. (US), and Netdatavault (India).|
|Key Market Opportunities||The SOC team aims to detect, analyze, and respond to cybersecurity threats using a combination of technology solutions and processes. SOC staff consists of security analysts and managers who oversee all the security operations.|
|Key Market Drivers||
In-House SOC and Outsourced SOC are the top models of security operations centers.
IT & Telecom, Government, Healthcare, BFSI, Retail, Oil & Gas, Consumer Electronics, Travel & Tourism, Aerospace and Defense, are the significant verticals outlined in the MRFR report.
The projected market size by the year 2030 is USD 27.61 billion.
As per MRFR estimation, the APAC market can achieve the fastest CAGR during the given timeframe.
The top marketing strategies being adopted by the companies include agreements, collaborations and partnerships.