SOC as a Service Market To Observe Fastest Growth In APAC
As per a report by P&S Intelligence, the SOC as a service market will generate a value of USD 11.8 billion, propelling at an 11.6% CAGR, by 2030.
The key factor boosting the growth of the industry is the increasing incidence of cyberattacks and security breaches. For example, there has been year-on-year growth of 50% in cyberattacks across the world. Moreover, the work-from-home and bring-your-own-device trends have advanced the growth of the industry.
The pandemic of COVID-19 has resulted in the increasing implementation of SOCaaS solutions, due to the rise of approximately 600% in cybercrimes during the pandemic, which comprised embezzlement or theft, destruction of data, and data hacking.
Based on type, in 2021, the detection service category held the largest SOC as a service market share, of approximately 37%, and it will gain momentum in the years to come, because of the mounting implementation of digital technologies.
In 2021, the BFSI sector held a revenue share of over 45% in the industry. This is credited to the fact that it is one of the most targeted sectors for cybercriminals due to the nature of its business.
On the other hand, the healthcare industry will contribute a significant share to the SOC as a service industry revenue in the years to come.
In 2021, the North American industry generated a revenue share of approximately 40%. This is credited to the fact that the region has the largest number of SOC as a service vendor in the world. The number of vendors has been growing because the region has been observing a high incidence of cyberattacks and data breaches.
In 2021, the U.S. held the largest revenue share in the North American industry, and the nation's industry will also gain momentum in the years to come. This is ascribed to the increasing implementation of SOCaaS solutions, because of the mounting cybercrimes and identity thefts in the nation.
Whereas, the APAC industry will observe the fastest growth, progressing at a significant growth rate, in the years to come. This is credited to the fact that businesses in the region are increasingly implementing SOC as a service to protect themselves from cyberattacks.
In 2021, the Chinese industry accounted for the largest share in APAC and it will also observe the fastest growth in the years to come. This is credited to the focus of government to rise consciousness regarding cybersecurity among private and public industries, as well as the implementation of cybersecurity regulations in the nation.
Hence, with the increasing occurrence of cyberattacks and security breaches and the growth in work-from-home and bring-your-own-device trends, the SOC as a service industry will grow significantly in the years to come.
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