In 2023, the security operation centre as a service market is expected to be worth US$ 6.3 billion. The sector is expected to be worth US$ 7 billion by the end of 2024. The global market for security operation center as a service is estimated to grow at a 10.90% CAGR during the forecast period, reaching US$ 19.7 billion by 2034.
Security operation centre as a service are becoming more important as IT systems become more complex, encompassing cloud infrastructure, IoT devices, and various application landscapes. Organizations need comprehensive security solutions that can effectively monitor and safeguard their changing digital environments.
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Key Takeaways from the Market Analysis
- The market for security operation centre as a service garnered a 9% CAGR throughout the historical period.
- Throughout the projected period, the security operation centre as a service market in the United States is expected to rise at a 8.80% CAGR.
- Japan market for security operation centre as a service is likely to develop at a 10.40% CAGR between 2024 and 2034.
- Security operation centre as a service market will rise at a 12.20% CAGR in Germany over the course of the projected period.
- From 2024 to 2034, the security operation centre as a service market in China is anticipated to expand at a 11.50% CAGR.
- Over the course of the projected period, the security operation centre as a service market in Australia is likely to propel at a rate of 14.50% CAGR.
- By 2024, the BFSI category by industry type is predicted to have a 25% market share.
- By 2024, the large enterprise sector is expected to hold 62% of the global market by enterprise size.
“Global cyber risks are increasing the need for security operation centre as a service. Stringent data protection rules, along with the increasing complexity of IT infrastructures, are also driving the development of security operations center as a service for complete and compliance cybersecurity solutions,” – says Sudip Saha, Managing Director and Co-Founder at Future Market Insights.
Competitive Landscape
To increase profitability, companies within the security operation center as a service industry are integrating cutting edge technology. AI and machine learning (ML) play critical roles in enhancing threat detection along with response capabilities, resulting in proactive cybersecurity solutions.
Automation technologies simplify processes by lowering costs and increasing efficiency. Scalability and flexibility are enabled by cloud based solutions, which cater to the ever changing cybersecurity scenario. The use of sophisticated analytics as well as threat intelligence enables security operation center as a service providers to deliver complete and adaptable security services, resulting in revenue growth.
Key Developments
- In 2023, IBM and Palo Alto Networks announced that their strategic relationship would be expanded to better assist clients to enhance their end to end security postures and overcome changing security threats. Palo Alto Networks, a global cybersecurity leader, will join a limited group of key IBM Consulting partners, and IBM Consulting will be Palo Alto Networks’ top security services partner.
- In 2023, Check Point® Software Technologies Ltd. announced a significant upgrade to its Check Point Infinity Global Services package. Businesses need more sophisticated tools and knowledge for managed network security, secure cloud migration, and managed detection and remediation (MDR) services. The millions of open cybersecurity jobs worldwide and the unparalleled surge in cyberattacks highlight this demand. Check Point extends Infinity Global Services with new managed security services spanning networks, cloud, and security operations in this context.
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More Valuable Insights Available:
Future Market Insights offers an unbiased analysis of the global security operation centre as a service market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the global security operation centre as a service market, the market is segmented on the basis of threat type (advanced persistent threats, insider threats, distributed denial of service attacks, malware & ransomware, phishing & social engineering attacks, others), service type (prevention service, detection service, incident response service), offering (fully managed, co managed), application (network security, cloud security, endpoint security,application security, others), enterprise size (large enterprises, SMEs), industry (BFSI, healthcare, it & telecommunications, retail & consumer goods, media & entertainment, transportation and logistics, government, manufacturing, others) and region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and the Middle East & Africa).
Leading Key Players:
- Thales
- AT&T
- IBM CORPORATION
- Check Point Software Technologies
- Atos SE
- Arctic Wolf Networks
- CloudFlare Inc.
- Verizon
- Fortinet Inc.
- NTT
Segmentation Analysis of the security operation center as a service Market
By Threat Type:
- Advanced Persistent Threats (APTS)
- Insider threats
- Distributed Denial of Service (DDOS) attacks
- Malware and ransomware
- Phishing and social engineering attacks
- Others
By Service Type:
- Prevention service
- Detection service
- Incident response service
By Offering:
- Fully managed
- Co-managed
By Application:
- Network security
- Cloud Security
- Endpoint Security
- Application Security
- Others
By Enterprise Size:
- Large Enterprises
- SMEs
By Industry:
- BFSI
- Healthcare
- IT and Telecommunications
- Retail and Consumer Goods
- Media and Entertainment
- Transportation and Logistics
- Government
- Manufacturing
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
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