Chicago, Feb. 12, 2024 (GLOBE NEWSWIRE) — The global SOC as a Service Market size is projected to grow from USD 6.7 billion in 2023 to USD 11.4 billion by 2028 at a CAGR of 11.2% during the forecast period, according to a new report by MarketsandMarkets™. The market for SOCaaS is experiencing notable expansion propelled by critical factors such as the increasing intricacy of cyber risks, swift technological progress, the rising adoption of practices like BYOD, CYOD, and WFH, and intricate threat countermeasures. Enterprises are actively pursuing robust SOCaaS offerings to shield their information and functions while adopting contemporary methodologies and technologies within the cybersecurity domain. Providers of SOCaaS are leveraging the demand by presenting inventive solutions that protect digital resources and guarantee the confidentiality and reliability of data.
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The SOCaaS market shows promising growth driven by leveraging the rise in cloud-based solutions adoption among SMEs and harnessing the power of AI, ML, and blockchain technologies for cyber defense advancements. These factors contribute to the wide adoption of SOCaaS solutions and services, expanding industry opportunities.
SOC as a Service Market Dynamics:
Drivers:
Increase in complexity of cyber threats.
Rapid technological advancements along with growing trends of BYOD, CYOD, and WFH
Complex threat response process
Opportunities:
Rise in adoption of cloud-based solutions among SMEs
Harnessing power of AI, ML, and blockchain technologies for cyber defence advancements
Restraints:
Data privacy and compliance concerns
Integration complexity with compatibility and interoperability issues
Cost constraints
List of key players in SOC as a Service Market:
NTT (Japan),
Verizon (US),
Lumen Technology (US),
Atos (France),
Fortinet (US),
Thales (France),
Kaseya (US),
Cloudflare (US),
AT&T (US),
Arctic Wolf (US)
Trend: Cloud Adoption and Scalability
As organizations increasingly embrace cloud computing for its operational benefits, it has become a trend extending to the SOCaaS market. Traditional SOCs often relied on on-premises infrastructure, but the shift towards cloud technologies has led to the rise of cloud-based SOCaaS solutions. These cloud-centric offerings provide several advantages. They enable organizations to quickly deploy and access security services without requiring extensive hardware investments. Moreover, cloud-based SOCaaS solutions facilitate scalability, allowing businesses to quickly adjust resources based on …
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