The global security operations center market is growing vigorously. Security operations center (SOC) technologies offer an embedded architecture that resists hacking tampering, protects against intrusion by malware, and avoids the vulnerabilities that PC-based wall processor systems risk. Increasing cyber-attacks and the need for threat management solutions is a major driving forces behind the market growth.
Security operations centers are important for the effective detection and identification of cyber threats and existing vulnerabilities in the system. Therefore enterprises need SOCs to advance their detection capabilities to respond appropriately. Moreover, corporate policies such as BYOD and bring-your-own-access (BYOA) to increase employee satisfaction and productivity influence market growth, increasing the risks of cyberattacks.
With the rising need to secure enterprise communications, the market is projected to witness significant growth in the years to come. According to Market Research Future (MRFR), the global security operations center market is poised to garner exponential traction by 2030, registering an impressive CAGR throughout the assessment period (2020–2030).
On the other hand, the lack of reliability of third-party vendors is a major factor projected to impede market growth. Also, growing data security issues pose a major challenge hampering the growth of the market. However, increasing government initiatives to protect data and increase the adoption of cloud-based services would support market growth throughout the estimated period.
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Global Security Operations Center Market - Segmentation
The report is segmented into service, model, organization size, vertical, and region. The service segment is sub-segmented into security monitoring service, information security incident response service, threat vulnerability identification, digital forensics malware analysis service, risk reporting analytics service, and others.
The model segment is sub-segmented into in-house SOC and outsourced SOC. The organization size segment is sub-segmented into large enterprises and SMEs. The vertical segment is sub-segmented into IT telecom, government, BFSI, oil gas, aerospace defense, healthcare, retail, travel tourism, and others.
Global Security Operations Center Market - Regional Analysis
North America dominates the global security operations center market. The region witnesses massive adoption of advanced security solutions. The key market share attributes to the increasing need to detect, investigate, monitor, and respond to cyber threats. Besides, the presence of several notable players and continuous investment and demand for SOC services drive the growth of the market.
Europe stands second in the global security operations center market. The market is driven by the growing need to improve security operations. Additionally, the increasing adoption of on-cloud services in the region creates vast market demand. The UK accounts for a larger market share, followed by Germany and France. The European SOC market security is predicted to show immense growth over the assessment period.
The Asia Pacific security operations center market is also growing promisingly. Factors such as the rising implementation of cloud-based technologies across various verticals and increased adoption of digital technologies influence market growth. Moreover, burgeoning industries, such as IT telecom, foster the market share of the region.
Global Security Operations Center Market - Competitive Analysis
The well-established security operations center market appears fragmented due to the strong presence of key players. To gain a larger competitive share, players incorporate strategic initiatives such as mergers acquisitions, collaboration, expansion, and product launch. SOC providers focus on innovations and new solutions, fueling the already intensified market competition.
Major Players:
Players leading the security operations center market include Cisco Systems Inc. (US), Capgemini SE (France), Secureworks Inc. (US), Raytheon Company (US), Symantec Corporation (US), Netmagic Solutions (India), Digital Guardian (US), Dark Matters Inc. (UAE), Fortinet Inc. (US), Alertlogic (US), ATT (US), F5 Networks Inc. (US), Rapid7 (US), and Netdatavault (India).
Industry/ Innovation/ Related News
May 15, 2021 --- Swimlane, provider of the industry's leading security automation platform, and Elastic, announced a strategic partnership to deliver an extensible framework for security operations teams. This partnership will enhance existing product integrations and jointly develop new capabilities to help security teams be more efficient and effective in protecting their organizations.
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