The global security operations center market will reach USD 27.61 billion at a 13.6% CAGR by 2030, states the new Market Research Future report.
Security Operations Center Market Drivers
Growing Need to Monitor and Analyze Enterprise Safety to Boost Market Growth
The growing need to monitor and analyze enterprise safety will boost market growth over the forecast period. Engineers, analysts, and managers working in security operations centers are in charge of discovering, analyzing, and effectively responding to cyber-security problems.
Revenue Forecast in 2030
USD 27.61 Billion
CAGR of 13.6% from 2022 to 2030
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
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Rising Adoption of Social Media and Mobile Devices to offer Robust Opportunities
The rising adoption of social media and mobile devices will offer robust opportunities for the market over the forecast period. The firm is vulnerable to cyber-attacks and data theft since the availability of data makes it possible to follow customer behavior, gather knowledge about suppliers and operations, and gain market insights.
Restraints and Challenges
Growing Concern about Data Privacy to act as Market Restraint
Rising worries about the security of one's personal information, data breaches, information misuse, and the frequency of attacks are likely to put the market at a disadvantage.
Security Operations Center Market Segmentation
The global security operations center market is bifurcated based on service, organization size, model, and vertical.
By service, the security operations center market is segmented into Security Monitoring Service, Information Security Incident Response Service, Risk Reporting and Analytics Service and others
By organization size, large enterprise will lead the market over the forecast period for the accessibility of a huge amount of resources and data as well as higher susceptibility to cyber-attacks.
By model, outsourced SOC will dominate the market over the forecast period. Due to their enhanced scalability and lower costs, outsourced security operations centers have seen a surge in demand. The majority of well-established firms have access to a lot of data, but they lack the tools necessary to protect it and stop theft and loss.
By vertical, BFSI will spearhead the market over the forecast period. The BFSI sector noticed an increase in demand for security operations centers. It enables banks and financial institutions to safeguard private customer and financial information, cut expenses, and increase revenues.
Work-from-home opportunities, online education, virtual events, and tradeshows are just a few of the new industry trends that the pandemic has brought about. The market faces a greater degree of threat related to cyber-security in 2020 despite the rise in demand for continuous internet services and connected devices. In order to combat cyber-attackers and protect services and sensitive data, the major market participants are working with the government to ensure tight compliance that is supported by legislative requirements and technology advancements. For the target audience to rely on and improve operations for the worldwide market sectors during the projected period, the players are also concentrating on building high-speed internet services.
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Security Operations Center Market Regional Analysis
North America to Domineer Security Operations Center Market
In 2020, the market for security operations centers worldwide was dominated by North America. Businesses are increasingly turning to security operations centers due to the huge increase in need for safe enterprise operations. The region's developed internet infrastructure and high rate of adoption of cutting-edge technologies are what are driving the market's expansion. The region's market is developing due to the increasing adoption of technologically sophisticated systems by businesses as a means of defense against cyber-attacks and data theft. Due to the region's strong economic conditions and increased attention on enhancing the protection of modern technologies for businesses, North America held the largest share of the Security Operations Center market in recent years. The SOCs' primary focus when identifying threats from outside sources is cyber-security. Over the course of the forecast, North America is anticipated to dominate the global market. Increased cyber-attacks, escalating geopolitical tensions, and the expanding adoption of digital technologies across numerous industries in nations like the United States, Canada, & Mexico are all contributing factors to the growth. Additionally, it is predicted that over the course of the projection period, regional market expansion will be fueled by a developed industrial sector in North America and significant investments in R&D for the creation of new security devices. The increasing need to evaluate, detect, investigate, monitor, and respond to cyber threats is the primary driver of the north American region's dominance in this market. In addition to this, the region's market will develop due to the region's stable economic conditions and growing emphasis on data protection.
Security Operations Center Market Competitive Analysis
Eminent industry players profiled in the security operations center market report include Capgemini SE (France), Cisco Systems Inc. (US), Secureworks Inc. (US), Symantec Corporation (US), Raytheon Company (US), Netmagic Solutions (India), Dark Matters Inc. (UAE), Digital Guardian (US), Fortinet Inc. (US), AT&T (US), Alertlogic (US), Rapid7 (US), F5 Networks Inc. (US), and Netdatavault (India).
Key players have incorporated various strategies to stay at the forefront such as partnerships, new product launches, mergers and acquisitions, and others.
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