The global Security Operations Center market is expected to witness a CAGR of 11.5% during the forecast period 2019–2025 to reach revenue of $61,199.7 million by 2025
Bangalore, India, May 15, 2019: With its recently published study “Global Security Operations Center Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025”, Infoholic Research forecasts that the global market for Security Operations Center is expected to grow, owing to the increasing need to consolidate the threat detection and prevention operations at one place. SOCs helps enterprises in 24×7 monitoring of the systems and data and protect its infrastructure.
SOCs find significant interest from the security vendors, IT services players, and telecom service providers. The increasing number of breaches and cyber-attacks is ever increasing and it is matter of ‘when’ that an enterprise can witness an attack. The trend of threats is likely to increase especially for SMBs during the forecast period 2019–2025, fueling the implementation of SOCs market growing at CAGR of 11.5% to reach revenue of $61,199.7 million by 2025.
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North America is dominant in the SOC market followed by Europe and Asia Pacific. North America is the largest contributor owing to the relatively high spending by Fortune 500 organizations on data protection and threat intelligence. Most number of organizations manage its own SOCs themselves, however many organizations partially outsource their security operations, mostly their detection and monitoring activities. Asia Pacific is poised to grow at the highest CAGR as the region holds great potential owing to organizations realizing the vulnerability and threat exposures of their systems to the cyber-attacks.
The security services is majorly contributing toward the SOC market. The next two significant shares for the SOC market is attributed to threat and infrastructure management and identity and access management that mainly focuses on the cybersecurity along with securing the premises. On the other hand, the data security has relatively a smaller market share; although its adoption is expected to increase over the years, consequently generating more revenue for the SOC market.
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The majority of the SOCs are managed by enterprises themselves, however many organizations are partially outsourcing their security operations. Hence the hybrid model is growing owing to outsourcing of security functions to reduce costs and get expertise from technology vendors. On the other hand, the fully outsourcing model has relatively a smaller market share; although its adoption is expected to increase over the years with more SMBs opting for full outsourcing of security operations.
“Enterprises are facing increased cyber-attacks and systems around the globe are becoming more prone to threats than ever. The security monitoring and detection approaches are becoming comprehensive and integrated approach to prevent phishing, malware, ransomware, and DoS.” said Swarup Bhowal, Research Analyst, Infoholic Research
Key insights of the report include:
- Security Services
- Threat and Infrastructure Management
- Identity and Access Management
- Data Security
- Service and Model:
- Fully Outsourcing
- Industry outlook: Market trends, drivers, restraints, and opportunities
Ms. Sunanda Ganguli
Infoholic Research LLP