Excerpt from Newstrail Article, Published on Oct 18, 2024.
The global Security Operations Center (SOC) as a Service market is poised for rapid growth, with competition intensifying among major players such as Trustwave, IBM, AT&T Cybersecurity, and Secureworks. A recent study by HTF Market Intelligence highlights the market’s promising trajectory, projecting growth from $9 billion in 2024 to a substantial figure by 2032, driven by a CAGR of 20%.
SOC as a Service provides businesses with outsourced cybersecurity monitoring, threat detection, and incident response capabilities. As the frequency and sophistication of cyberattacks increase, companies are seeking more comprehensive solutions to safeguard their assets. This growing demand has led to the rise of key market segments, including managed detection and response, threat intelligence, incident response, and compliance management.
The SOC as a Service market is also being driven by organizations’ need for specialized cybersecurity expertise, particularly as global businesses face a shortage of skilled professionals. In addition to cybersecurity, SOC services cater to regulatory compliance, risk management, and IT infrastructure needs, making it an attractive option for companies across various industries.
Geographically, the market is expanding across key regions including North America, Latin America, Western and Eastern Europe, and Asia-Pacific. The demand for SOC services is notably rising in regions like East Asia and Southern Europe, as businesses there strive to fortify their defenses against cyber threats.
As competition heats up, industry leaders such as IBM and Trustwave are expected to continue innovating and expanding their SOC offerings to meet the growing needs of businesses worldwide. With increased cyber risks and stringent compliance requirements, SOC as a Service is set to become an essential component of modern cybersecurity strategies.
To delve deeper into this topic, please read the full article on Newstrail.
