Future Market Insights (FMI) has published a new market research report on social employee recognition systems. The report has been titled, Global SOC-as-a-Service Market: Global Industry Analysis, Forecast. Long-term contracts with large enterprises and private companies are likely to aid the expansion of business revenues, and innovation in the industry will enable social employee recognition system vendors to reach out to new potential customers in emerging markets. These factors are expected to help the global market for social employee recognition systems observe stellar growth in next few years.
As per a recent analysis by Future Market Insights (FMI), the global SOC-as-a-Service market is projected to total US$ 1.08 Bn in 2021. Expanding at 24.3% CAGR, total revenue is anticipated to reach US$ 9.5 Bn by 2031.
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Competitive Landscape
Companies operating in the SOC-as-a-Service market are aiming at product innovation and strategic partnerships with other manufacturers to expand their product portfolios to address the demand from an expanding customer pool. Fos instance:
- In December 2020, Alert Logic, Inc. launched automated response solution for Amazon Web Services (AWS) environments. Alert Logic MDR SOAR delivers pre-built and customized playbooks ensure security teams to protect organizations from threats.
- In December 2019, Fortinet, Inc. acquired CyberSponse. This acquisition helps the company to improve security orchestration, automation, and response addition to Fortier. Also it empowers security operations teams to achieve higher efficiencies and accelerate incident response.
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Segmentation
The SOC-as-a-Service market is segmented into application, form, end use industry, source and geography.
Based on Service Type:
- Prevention Service
- Detection Service
- Incident Response Service
- Others
Based on Application:
- Network Security
- Endpoint Security
- Application Security
- Others
Based on Industry:
- BFSI
- Healthcare
- Government and Public Sector
- IT and Telecom
- Retail
- Manufacturing
- Others
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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