SOC as Service Market Seen Soaring 10.3% Growth to Reach l USD XX Billion by 2030, Projects Univdatos Market Insights

The SOC as a Service Market was valued at 4.9 billion in 2022 and is expected to grow at a steady rate of around 10.3% in the forecasted period (2023-2030) due to escalating cybersecurity threats and lack of in-house expertise. SOC (Security Operations Center) as a Service is a cybersecurity solution that provides organizations with outsourced security monitoring, threat detection, and incident response capabilities. In this model, a third-party service provider, often referred to as a Managed Security Service Provider (MSSP), delivers SOC services to clients.

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The SOC (Security Operations Center) as a Service market is expanding because there are more and more cyber threats that can harm companies and individuals. These threats are getting smarter and harder to stop. At the same time, many organizations don’t have enough skilled people to protect them from these threats. Building a strong in-house security team is expensive and can be challenging because there aren’t enough cybersecurity experts available. So, companies are turning to SOC as a Service, where outside experts help protect them. This trend is growing because it’s more cost-effective, these experts are available around the clock, and they can use advanced technology to defend against cyberattacks.

Fig. 1. Ransomware incidents by sector 2021

Some of the recent developments are:

• In Jun 2021, METCloud has collaborated with Cygilant Inc. to enhance their cybersecurity surveillance technologies. This strategic partnership aims to bolster METCloud’s clients’ security capabilities by integrating LogPoint, SentinelOne, and Qualys. By doing so, it facilitates rapid identification and resolution of potential threats while offering deeper insights into an organization’s risk profile and the prioritization of vulnerability fixes. These comprehensive services will be delivered via a UK-based Security Operations Centre (SOC) with round-the-clock dedicated support for users.
• In Apr 2021, AT&T Cybersecurity Inc. has introduced a managed endpoint security offering in collaboration with SentinelOne. This solution, known as AT&T Managed Endpoint Security with SentinelOne, streamlines the identification of endpoint threats using a single software agent that combines antivirus, endpoint protection, endpoint detection and response, as well as IoT security capabilities. It delivers a holistic defense against ransomware and various cyberattacks, while also effectively identifying highly sophisticated threats within both enterprise networks and cloud environments.

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Conclusion

The escalating complexity and frequency of cybersecurity threats, coupled with the persistent shortage of in-house expertise, are compelling factors driving the remarkable growth of the SOC (Security Operations Center) as a Service market. This market trend reflects the essential role of external cybersecurity specialists in safeguarding organizations against the relentless evolution of cyber threats, providing cost-effective and scalable solutions that align with the shifting landscape of digital security. As the demand for robust cybersecurity measures continues to intensify, SOC as a Service remains a critical asset in fortifying the defenses of organizations across industries. According to the UnivDatos Market Insights, “SOC as a Service Market” report, the global market was valued at USD 4.9 Billion in 2022, growing at a CAGR of 10.3% during the forecast period from 2023 – 2030 to reach USD XX billion by 2030.