Soc As A Service Market size to grow by USD 2,795.9 million between 2022 and 2027; Growth driven by rising bring-your-own-device and work-from-home model

NEW YORK, May 4, 2023 /PRNewswire/ — The SoC as a service market size is set to grow by USD 2,795.9 million between 2022 and 2027, progressing at a CAGR of 11.21% during the forecast period, according to Technavio Research. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. Discover market potential and make informed business decisions based on qualitative and quantitative evidence highlighted in Technavio reports, Download Sample Report 

Although the rising bring-your-own-device and work-from-home model, increasing cyber risks and threats, and the increasing demand for IoT-managed services will offer immense growth opportunities, and it is likely to pose a challenge for the market vendors. In a bid to help players strengthen their market foothold, this SoC as a service market forecast report provides a detailed analysis of the leading market vendors. The report also empowers industry honchos with information on the competitive landscape and insights into the different product offerings offered by various companies.

Frequently Asked Questions:

• Based on segmentation by end-user, which is the leading segment in the market?
  The market growth in the large enterprise segment will be significant over the forecast period.

• What are the major trends in the market?
  Data protection regulations and directives for cybercrime is identified as the key trend in the market.

• At what rate is the market projected to grow?
  The market growth is projected to grow at a CAGR of 11.21% during the forecast period.

• Who are the top players in the market?
  Arctic Wolf Networks Inc., AT and T Inc., Atos SE, Binary Defense Systems Inc., Check Point Software Technologies Ltd., Clearnetwork Inc., Cloudflare Inc., ConnectWise LLC, CYREBRO, eSentire Inc., Fortinet Inc., International Business Machines Corp., Kaseya Ltd., NTT Corp., ProSOC Inc., SilverSky Inc., Stratospherer Networks, Suma Soft Pvt. Ltd., Tata Consultancy Services Ltd., and Verizon Communications Inc. are the top players in the market.

• What are the key market drivers and challenges?
  The market is driven by the rising bring-your-own-device and work-from-home models. However, the growing demand for limited trust in SOC-as-a-Service vendors will challenge the market growth.

• How big is the North American market?
  North America will account for 40% of the market growth during the forecast period.

Soc As A Service Market 2023-2027: Segmentation

The Soc as a service Market is segmented as below:

The market growth in the large enterprises segment will be significant over the forecast period. The segment is driven by the large scope of operations and the rising security threats to large enterprises. Managed Security Service Providers (MSSPs) are establishing themselves as SOC service suppliers to offer solutions that can help enterprises fully manage their security operations to keep up with the ever-evolving cyber threats. This is another key factor driving the market growth.

North America will account for 40% of the market growth during the forecast period. The region witnesses the highest number of data breaches and cyberattacks, which has increased the number of vendors. In addition, factors such as the advent of new technologies and innovations in cloud and IoT, the growing popularity of digital transformation, and the increased importance of cybersecurity have fueled the growth of the SoC as a service market in North America.

The report comprises of various segments as well as analysis of the trends and factors that are playing a substantial role in the market, download a sample report

Soc As A Service Market 2023-2027: Scope

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The SoC as a service market report covers the following areas:

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Soc As A Service Market 2023-2027: Vendor Analysis and Scope

The SoC as a service market is fragmented with the presence of several vendors. Large vendors are acquiring smaller vendors to expand their product portfolios and boost their market shares. There are several prominent vendors holding significant positions in the SOC as a service market. Vendors distinguish their offerings using unique value propositions to survive in this intensely competitive environment. Major vendors will continue to launch several information security products with high-grade features, expand their partner network, recruit more employees, and continue to expand globally to meet the demand and retain their positions in the market. The competition in this market will likely intensify further in the coming years, with the growth of products and service extensions, technological innovations, and M&A. Some of the key vendors covered in the report include:

• Arctic Wolf Networks Inc. – The company offers SOC as a service solutions such as Detect and Monitor Cyberthreats, Contain and Respond to Incidents, and Concierge Security.

• AT & T Inc. – The company offers SOC as a service solutions such as Unified Security Management.

• Atos SE – The company offers SOC as a service solutions such as Atos SOC.

• Check Point Software Technologies Ltd. – The company offers SOC as a service solutions such as Horizon SOC.

• Binary Defense Systems Inc.

• Clearnetwork Inc.

• Cloudflare Inc.

• ConnectWise LLC

• CYREBRO

• eSentire Inc.

• Fortinet Inc.

• International Business Machines Corp.

• Kaseya Ltd.

• NTT Corp.

• ProSOC Inc.

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Soc As A Service Market 2023-2027: Driver

The market is driven by the rising adoption of bring-your-own-device (BYOD) and work-from-home model (WFH) models. Several employers across the world are adopting BYOD and WFH policies. They are providing their employees with customized laptops and cell phones with default configurations to connect to the company’s network in accordance with business guidelines. This has necessitated the need for the adoption of strict policies to secure data. In addition, the adoption of Choose-Your-Own-Device (CYOD) and remote working options have provided access to companies’ internal servers through private networks. All these factors have significantly increased the demand for SoCs, which is driving the growth of the market.

Soc As A Service Market 2023-2027: Challenge

The limited trust in SOC-as-a-service vendors is identified as the major challenge hindering the growth of the market. Unauthorized access to internal network infrastructure can become disastrous for businesses and those who work for them. In addition, the uncertainty of business owners further incurs additional costs associated with service quality, upper-level management, and data security. Also, the increased complexity of the network infrastructure and the incorporation of new security updates and product vendors lead to integration issues and slow down the systems. Such challenges are restricting the growth of the market in focus.

Soc As A Service Market 2023-2027: Key Highlights

• CAGR of the market during the forecast period 2023-2027

• Detailed information on factors that will assist SoC as a service market growth during the next five years

• Estimation of the SoC as a service market size and its contribution to the parent market

• Predictions on upcoming trends and changes in consumer behavior

• The growth of the SoC as a service market across North America, Europe, APAC, South America, and Middle East and Africa

• Analysis of the market’s competitive landscape and detailed information on vendors

• Comprehensive details of factors that will challenge the growth of SoC as a service market vendors

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Table of Contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by End-user

7 Market Segmentation by Service

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

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