Security Operation Center Market Highlights:
Global Security Operations Center (SOC) Market is expected to register a CAGR of 10.31% during the review period, 2019–2025. In this report, Market Research Future (MRFR) includes the segmentation and market dynamics to offer a better glimpse of the market in the coming years.
The need to defend against the growing number of cyberattacks worldwide is a key factor that boosts the market growth. For instance, in May 2019, hackers stole photos of travelers and license plate information of almost 100,000 vehicles that had moved in and out of the US, from a US-based customs and border protection surveillance contractor, who had transferred the said information to his own network. In March 2019, a security breach occurred at the American Medical Collection Agency, a healthcare-related debt collector. Filings with the US Securities and the Exchange Commission indicate that the intrusion on AMCA’s systems lasted from August 2018 to March 2019.
The growing need for enterprises to reduce risks, the need for stringent compliance with the regulatory requirements, and the technical advancements in cyberattacks are some of the factors which boost the SOC market. However, the lack of reliability of third-party vendors is a factor, which limits the market growth. The growing need for the protection of critical data from the banking, financial services, and insurance (BFSI), IT and telecommunication, healthcare, manufacturing, and other verticals offers lucrative opportunities to the key players in the global Security Operation Center Market.
Security Operation Center Market Competitive Analysis:
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) are some of the key players in the global security operations center (SOC) market among others.
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Security Operation Center Market Segmental Analysis:
- The global SOC market has been analyzed based on service, organization size, model, vertical, and region/country.
- Based on the model, the global SOC market has been bifurcated into in-house SOC and outsourced SOC.
- Based on organization size, the global SOC market has been divided into small and medium-sized enterprise (SME) and large enterprise.
- Based on vertical, the global SOC market has been segmented into healthcare, BFSI, consumer electronics and retail, IT & telecom, travel & tourism, government, oil & gas, aerospace and defense, and others.
Security Operation Center Market Regional Analysis:
The geographical analysis of the global security operations market has been carried out in four major regions, including Europe, the Asia Pacific, North America, and the rest of the world (Latin America, the Middle East and Africa).
North America holds the maximum market share of security operations center market, due to the enterprises using SOCs as the number of cyber-attacks is rapidly growing, and the need for protecting critical data is high in the region. U.S and Canada are anticipated to fuel the growth of the security operation center market. the is owing to the presence of large number of security vendors in that region. In addition, the region also has a well-established infrastructure and allows increasing penetration of devices, while the increasing adoption of progressive technologies is another reason for the growth of the security operation center market. The US dominates the market in North America as some of the major data breaches have occurred in the country recently.
Asia-Pacific is anticipated to be the fastest-growing market during the review period due to the rising need to prevent cybercrimes. Due to the growing digitalization across verticals, the need for SOCs is anticipated to increase in this region. Within Asia Pacific, security operation center market enterprises to contribute faster to the growth of revenue backed by growing adoption of web and mobile based applications in countries such as China, Japan, and India.
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