Service sector

SOC as a growing service market at a CAGR of 10.5% | Key player AT&T, IBM, NTT, Verizon, Proficio

“AT&T (US), IBM (US), NTT (Japan), Verizon (US), Proficio (US), ConnectWise (US), Fortinet (US), Atos ( France), TCS (India), Check Point (Israel), Cloudflare (US), Kaseya (US), Arctic Wolf (US), ESDS Software Solutions (India), Suma Soft (India), Clear Network (US), Stratosphere Network (US), Silversky (US), Expel (US), Binary Defense (US), eSentite (Canada).

SOC as a Services Market by Component, Service Type (Vulnerability Assessment and Threat Detection and Incident Response), Offering Type (Fully Managed and Co-Managed), Application Domain, Vertical, and Region – Forecast world until 2027

MarketsandMarkets predicts the world SOC market as a service size is expected to grow from an estimated value of $6.1 billion in 2022 to $10.1 billion by 2027, at a compound annual growth rate (CAGR) of 10.5% from 2022 to 2027. Exponential increase security vulnerabilities and sophistication of cyber-attacks, administrative red tape after detection of threats, and upsurge in trends such as BYOD, CYOD, and WFH are some of the factors driving the growth of the market.

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By Service Type, Incident Response segment is expected to grow at a higher CAGR during the forecast period

On the basis of service types, the SOCaaS market is segmented into two categories such as vulnerability assessment and threat detection and incident response. These services help organizations protect systems against exploitation and data loss. A major trend influencing the SOCaaS market is the complexity of advanced technologies. Incident response service refers to a predefined and organized set of procedures and approaches that must be followed in the event of cyber attacks, also known as cyber incidents, security incidents and information technology (IT) incidents. The service is a systematic process to manage and address complex cyberattacks after detection, and help businesses repair computer damage and data loss. It helps organizations manage and manage not only the consequences of attacks, but also define a clear set of protocols that must be followed before and during security incidents.

Based on organization size, SMEs are expected to grow at a higher CAGR during the forecast period

Based on organization size, the SOCaaS market is segmented into large enterprise and SME. This segmentation was done based on the number of employees working in the organizations. Small businesses are expected to experience faster growth in SOCaaS adoption. SMEs are defined as organizations with a workforce ranging from 1 to 1,000 employees. In the current scenario, SMBs are facing different IT challenges due to their small staff and tight financial budget. Managed services become necessary for SMBs due to high security risks as they do not follow any formal security policies. In the case of SMEs, cybersecurity comes into play after a cyberattack. The growing demand for security from SMBs to improve their productivity and the pooling of the knowledge base has prompted vendors to provide services at lower cost. SOCaaS is the best solution for SMBs because profitability is the biggest advantage. The adoption and acceptance of SOCaaS by SMBs will help expand their customer base and improve their business efficiency.

What is SOCaaS?

Considering the association’s sources and views on SOCaaS, MarketsandMarkets defines it as “the outsourced or third-party services that, with the support of a security analyst, provide 24x7x365 monitoring and management of the infrastructure This security infrastructure includes SIEM/logs, devices, clouds, network and assets of internal security and IT teams.” Other popular terms related to SOCaaS are managed SOC, SOC and third-party SOC.

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Competitive Overview:

The SOCaaS market is led by some of the global players such as AT&T, Fortinet, ATOS, Thales, IBM, NTT, Verizo and others. These players have adopted various growth strategies such as partnerships, agreements, collaborations, acquisitions, and product developments to increase their presence in the market.

AT&T has a leading position in the SOCaaS market. The Company operates through the following business segments: Communication, Warner Media and Latin America. One of its segments includes Internet Access Services, which offers products, including access service, dedicated access, web hosting, managed services, email and broadband access services . AT&T’s SOC as a Service includes Asset Discovery, Vulnerability Assessment, Network Intrusion Detection (NIDS), Endpoint Detection and Response (EDR), SIEM Event Correlation and log management in one platform. It uses security orchestration and automation to respond to threats and uses over 300 prebuilt integrations to remediate incidents. The company has adopted various organic and inorganic growth strategies, such as mergers, acquisitions, and collaborations, to expand in the market. The strong presence across the globe is one of the key factors leading to a good market share in the SOCaaS market.

Apart from big players and SMEs, start-ups such as Eventus Tech Solutions, SOCwise, SafeAeon, Bitlyft, Tracelay, and Cyflare are also evolving in the SOCaaS market.

Another important player in the SOCaaS market is Thales which was founded in 2000, Thales offers dedicated SOCaaS to its customers in association with Provider, a data center organization in the Netherlands, which offers managed IT services in the cloud. Thales has a large employee base, with regional offices in more than 56 countries. Thales regional and sales offices are located in North America, Europe, MEA, Asia-Pacific and Latin America. It mainly derives its revenue from contracts and the sale of goods and equipment. It caters to a wide customer base, which includes public and private sector clients from all over the world. Thales has six cybersecurity operations centers in Canada, France, Hong Kong, the Netherlands, the United Kingdom and Morocco, and serves more than 40 customers worldwide. These SOCs operate around the clock to monitor the infrastructure. It provides tailor-made services to clients in the defence, space, finance, transport and industrial sectors. In April 2022, Thales opened a new Cybersecurity Operations Center (SOC) in Morocco to provide real-time protection against cyberattacks across the entire African continent.

According to MnM’s market assessment framework, most companies opt for inorganic growth strategies to maintain their market position. The number of transactions increased by about 50-60% relatively during the period 2020-2021. These agreements collectively include partnerships, acquisitions, collaborations and alliances. Due to the COVID-19 outbreak, there has been a sudden drop in product launches and business expansion activities. However, from 2021, companies are expected to follow organic growth strategies to provide SOCaaS solutions and services to end users, which on the other hand would help companies to increase their revenue in the market.

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