Soc As A Service Market Analysis and Global Forecast (2021-2034) with COVID Impact Analysis

Soc As A Service Market Overview

The Soc As A Service Market size accounted for USD 6.74 Billion in 2023 and is estimated to account for 8.36 Billion in 2024. The Market is expected to reach USD 19.75 Billion by 2034 growing at a compound annual growth rate (CAGR) of 11.25% from 2024 to 2034. Soc As A Service is a widely employed packaging method in the retail sector that serves the purpose of enclosing and safeguarding products. It entails the utilization of transparent plastic or thermoformed blisters, typically composed of PVC or PET materials, which are shaped to conform to the product’s contours. These blisters are then sealed onto a backing card or foil, resulting in a transparent and tamper-evident package that allows for prominent product display while ensuring protection against potential harm, contamination, and unauthorized access. Soc As A Service finds extensive industry vertical  in various industries such as consumer goods, pharmaceuticals, electronics, and retail merchandise. It offers notable advantages including product visibility, durability, and the potential incorporation of printed graphics, labeling, and information inserts for branding purposes and conveying essential product details.

Global Soc As A Service Market Synopsis

Global Soc As A Service Market Dynamics

The major factors that have impacted the growth of Soc As A Service are as follows:

Drivers:

⮚      Lack of In-House Security Expertise

Due to a lack of qualified cybersecurity specialists, many small and medium-sized businesses (SMEs) and even bigger organizations find it difficult to keep up internal security teams. Through SOC as a Service, companies may delegate their security operations to seasoned experts, giving them access to cutting-edge cybersecurity knowledge and resources without requiring specialized internal staff.

Restraint:

• Data Privacy and Security Concerns

Data privacy and the protection of sensitive information are issues that arise when security operations are outsourced to a third-party provider. Companies may be reluctant to give vital security data to outside contractors for fear of breaches, abuse, or unwanted access. This worry is especially common in sectors like healthcare, banking, and government that deal with sensitive data and where adhering to stringent privacy laws is essential.

Opportunity:

⮚      Rising Demand from Small and Medium-Sized Enterprises (SMEs)

There are privacy and sensitive information security issues when security activities are outsourced to a third party provider. Due to concerns about possible breaches, unauthorized access, or abuse, organizations may be reluctant to entrust external contractors with sensitive security data. This worry is especially common in fields that deal with sensitive data, like healthcare, banking, and government, where adhering to stringent privacy laws is essential.

Soc As A Service Market Segment Overview

By Service type

Based on the Service type, the market is segmented based on Prevention Service, Detection Service, Incident Response Service.

By Offering type

Based on Offering type, the market has been divided into Fully Managed, Co-Managed or Hybrid. the Fully Managed segment typically dominates due to the increasing demand for comprehensive security solutions that allow organizations to outsource their entire security operations. This offering provides businesses with expert management and 24/7 monitoring, alleviating the need for in-house resources and enhancing overall security posture.

By Application

Based on the Application, the market has been divided into Network Security, Endpoint Security, Application Security, Database Security, Others. Network Security typically dominates, as organizations prioritize the protection of their networks from threats, ensuring secure communication, data transmission, and safeguarding against unauthorized access and attacks.

By Industry vertical

Based on Industry vertical , the market has been divided into BFSI, Healthcare, Government and Public sector, IT and Telecom, Retail, Manufacturing, Energy and Utilities, Others. Based on Industry vertical , the market has been divided into BFSI, Healthcare, Government and Public sector, IT and Telecom, Retail, Manufacturing, Energy and Utilities, Others.

Global Soc As A Service Market Regional Analysis

Based on region, the market has been divided into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. The area of North America is anticipated to dominate the market for the usage of Soc As A Service, followed by those in Asia-Pacific and Europe.

North America Market

The North American region holds a dominant position in the Soc As A Service market. North America held the greatest market share for security operation centers and is anticipated to continue to lead the industry over the forecast period. The primary driver of the market’s expansion in North America is the growing necessity to monitor, detect, respond to, and look into cyber threats. The US, Canada, and Mexico make up the three countries that make up the region. In terms of security operation center market share in the area in 2021, the US market accounted for the largest proportion (55%). The nation’s industry is expanding since there are more cyberattacks and cybercrimes, which means that data security is becoming more and more important.

Asia Pacific Market

The Asia-Pacific region is witnessing rapid growth and emerging as a significant market for the Soc As A Service industry. Over the course of the forecast period, the security operation center market is anticipated to grow at the fastest rate in Asia-Pacific, with a CAGR of 12.05%. The growing requirement to centralize threat detection and prevention activities and businesses’ emphasis on system vulnerabilities and threat exposures are the main drivers propelling the market’s expansion. China, Japan, India, and the remainder of Asia-Pacific have been divided into regions based on nationality.

Competitive Landscape

The competitive landscape includes key players (tier 1, tier 2, and local) having a presence across the globe. Companies such as AlienVault, BlackStratus, Cygilant, Thales E-security, and Alert Logic are some of the leading players in the global Soc As A Service Industry. These players have adopted partnership, acquisition, expansion, and new product development, among others as their key strategies.

Key Market Players:

• AlienVault
• BlackStratus
• Cygilant
• Thales E-security
• Alert Logic
• Proficio
• Netmagic
• Arctic Wolf Networks
• Suma Soft
• GA Systems

Key Development:

November 2020: Alert Logic has announced its integration with AWS Network Firewall, a new managed solution that simplifies the deployment of critical network protections for Amazon Virtual Private Clouds (Amazon VPCs) on Amazon Web Services (AWS). Support for AWS Network Firewall adds another point of threat insight into customers’ IT systems, allowing them to halt high-profile and regular web application attacks.

August 2020: Alert Logic has introduced a new layer of its Partner Connect programme, designed specifically for managed service providers (MSPs) to deliver advanced cybersecurity services to their customers. MSPs may optimise unit economics and market penetration at scale by leveraging Alert Logic’s best-in-class security solution and unique resources through the industry’s first managed detection and response (MDR) partner programme.

Scope of the Report

Global Soc As A Service Market, by Service type

• Prevention Service
• Detection Service
• Incident Response Service

Global Soc As A Service Market, by Offering type

• Fully Managed
• Co-Managed or Hybrid

Global Soc As A Service Market, by Application

• Network Security
• Endpoint Security
• Application Security
• Database Security
• Others

Global Soc As A Service Market, by Industry vertical

• BFSI
• Healthcare
• Government and public sector
• IT and Telecom
• Retail
• Manufacturing
• Energy and Utilities
• Others

Global Soc As A Service Market, by Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • Indonesia
  • Austalia
  • Malaysia
  • India
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of Middle East & Africa

 

Parameters	Indicators
Market Size	2033: $ 19.75 Billion
CAGR	11.25% CAGR (2023-2033)
Base year	2022
Forecast Period	2023-2033
Historical Data	2021
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Segmentations	Service type, Offering type, Application, Industry vertical
Geographies Covered	North America, Europe, Asia-Pacific, Latin America, Middle East, Africa
Key Vendors	AlienVault, BlackStratus, Cygilant, Thales E-security, Alert Logic, Proficio, Netmagic, Arctic Wolf Networks, Suma Soft, GA Systems
Key Market Opportunities	Growing Demand for Protecting Critical Data
Key Market Drivers	Growing BYOD Trend Among Organizations Increasing Number of Cyber-Attacks

 

REPORT CONTENT BRIEF:

• High-level analysis of the current and future Soc As A Service market trends and opportunities
• Detailed analysis of current market drivers, restraining factors, and opportunities in the future
• Soc As A Service market historical market size for the year 2022, and forecast from 2021 to 2034
• Soc As A Service market share analysis at each product level
• Competitor analysis with detailed insight into its product segment, Government & Defense strength, and strategies adopted.
• Identifies key strategies adopted including product launches and developments, mergers and acquisitions, joint ventures, collaborations, and partnerships as well as funding taken and investment done, among others.
• To identify and understand the various factors involved in the global Soc As A Service market affected by the pandemic
• To provide a detailed insight into the major companies operating in the market. The profiling will include the Government & Defense health of the company’s past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.