The global Security operations centre Market report predicts that the SOC market revenue will expand at a CAGR of 13.6% during the forecast period. The global Security Operations Center (SOC) Market revenue is predicted to be 20,796.9 million USD. By the completion of 2030, it is presumed to reach 27.61 Billion USD.
As per Security Operations Center (SOC) Industry analysis, North America is responsible for global market expansion with the largest share and robust economic condition. Advanced system protection and focusing on its enhancement is a key reason that makes North America a key player behind the growth. The focal point of the security operations centers has always been cyber security. The Asia Pacific also has a competent potential with increasing awareness about cyber threats.
The recent isolation and COVID-19 are also market drivers. Businesses to avoid disruption in operations accepted new work from home operations. But the new approach of working increases cyber attacks on businesses. This has forced many end-users to rely on security operation centers. Many SOCs are experiencing a surge in consumers that leads them to see a rise.
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The global market of Security operations center market segments is based on components, functions, and service models. Based on components, there are two types of market. It includes services and software. The services hold the largest market share and are expected to witness a surge in the forecast period. The major contributor in services is managed security services that serve multiple clients.
Based on the functions, there is four segmentation of the SOC market. It includes security services, identity, and access management, data security, and threat and infrastructure management. Among all these markets, security services hold the largest market share. MSPs are a major contributor that boosts market growth.
Based on the service model, there are three markets. It includes in-house, hybrid, and full outsourcing. Here in-house service models are the largest market with the highest market share; Hybrid service models are the next big market for the security operations center. Many key vendors are experiencing expansion in business for their evolution and adoption of new strategies. Resellers also hold an extensive market share.
In the regional segmentation of the global SOC market, you can find five major regions contributing to the expansion of the market. It includes North America., Europe, Asia Pacific, and the rest of the world. North America always remains dominant among all the regions. The major factor that drives growth in North America is the extensive presence of MSPs; a growing number of MSPs are demanding better security against cyber threats. This is giving rise to in-house SOCs, as well as outsourced operation centers.
Europe follows North America with the second-highest market share in terms of region. Growing awareness about cyber threats and threat vulnerability are boosting the expansion of the SOC market in Europe. Asia Pacific is also a major contributor with a CAGR growth of 12.5%.
March 2021- Elastic has announced its new cloud application and host protection. It has also streamlined the operations and workflow of SOCs.
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