Security Operation Center as a Service Market Size

SOC as a Service Market Size

Security Operation Center as a Service Market size was valued at USD 5.8 billion in 2022 and is estimated to register a CAGR of over 11% between 2023 and 2032. The escalating frequency of cyberattacks is driving the demand for Security Operation Center (SOC) as a service. With the rise in cyber threats, businesses are seeking specialized security solutions.

According to the Government of United Kingdom, in a cyber security breaches survey, 38% of micro & small businesses in the UK experienced a cyberattack in 2022. Among these businesses, 82% reported phishing attempts, while 25% faced more advanced attacks such as denial of service, malware, or ransomware attacks. This growing need for robust cybersecurity strategies in the face of increasing cyberattacks is fueling the demand for SOC as a service, making it a crucial solution for businesses worldwide.

The increasing demand for applications, such as cybersecurity monitoring, incident response, threat intelligence, compliance management, vulnerability management, log analysis, phishing detection, cloud security, endpoint security, and network security, is driving the security operation center as a service market growth. As cyber threats become more sophisticated & prevalent, businesses across various sectors will recognize the importance of robust security measures. SOC as a service providers offer specialized expertise, real-time monitoring, and immediate response capabilities, thereby meeting the growing need for comprehensive cybersecurity solutions. This rising demand is propelling the market expansion, ensuring the digital safety of organizations.
 

The data privacy concerns in the SOC as a service market are increasing due to the apprehensions about sharing sensitive information with external service providers. Businesses, especially those dealing with confidential customer data or intellectual property, worry about potential breaches and unauthorized access. Compliance with the data protection regulations such as the GDPR in Europe adds to the complexity. SOC service providers must assure clients of robust security measures, transparent data-handling practices, and the strict adherence to applicable laws to alleviate these concerns and foster trust among them.