Security Operation Centre as a Service Market

Security Operation Centre as a Service Market Outlook from (2024 to 2034)

The security operation centre as a service market size was valued at USD 6.3 billion in 2023. By 2024, it is likely to reach a valuation of USD 7 billion. During the forecast period ranging from 2024 to 2034, the global market for security operation centre as a service is expected to register a 10.90% CAGR. A market size USD 19.7 billion is anticipated for the market in 2034.

Key Industry Trends and Highlights

• Collaboration and Partnerships- Within the security operation centre as a service market, notable collaborations and partnerships emerged, reflecting a trend toward industry collaboration to create more complete and comprehensive cybersecurity solutions. These partnerships attempt to meet the expanding difficulties posed by cyber-attacks by combining experience, technology, and resources.
• Technological Integration- Significant technological advances were made in the market, with a particular emphasis on incorporating advanced technologies like machine learning (ML), artificial intelligence (AI), and automation into security operations centre as a service offerings, thereby improving threat detection along with response capabilities.

Attributes	Details
Estimated Market Value in 2023	USD 6.3 billion
Expected Market Value in 2024	USD 7 billion
Expected Market Value in 2034	USD 19.7 billion
Value based CAGR from 2024 to 2034	10.90%

2019 to 2023 Historical Analysis vs. 2024 to 2034 Industry Forecast Projections

Report Attributes	Details
Market value in 2019	USD 4.5 billion
Market value in 2023	USD 6.3 billion
CAGR from 2019 to 2023	9%

During the historical period, the global security operation centre as a service market rose at a 9% CAGR. The increasing frequency and complexity of cyberattacks throughout the world were key drivers, leading firms to invest in advanced security solutions.

The growing awareness of the significance of proactive cybersecurity measures, along with an increasing focus on regulatory compliance, aided in the market's rise. The complexity of IT infrastructures, as well as a growing awareness of the advantages of outsourcing cybersecurity operations, fueled this market during the historical period.

Key Drivers of the Global Security Operation Centre as a Service Market

• The continual rise in both the severity and frequency of cyberattacks throughout the world is a major driver of the security operation centre as a service market. Organizations are looking for advanced outsourced safety measures to identify, respond to, and mitigate changing cyber hazards.
• Stringent data protection and privacy requirements increase demand for security operation centre as a service. Compliance with these standards is prioritized by businesses across industries, and security operation centre as a service providers provide specialized knowledge to assist enterprises in adhering to complex and developing compliance requirements.

Challenges in the Global Security Operation Centre as a Service Market

• The lack of experienced cybersecurity professionals is a serious concern in the global security operation centre as a service market. The need for specialized knowledge in threat analysis, detection, and incident response frequently exceeds the available talent pool, impeding the efficient running of a security operation centre as a service.
• Integrating a security operation centre as a service into existing organizational structures might be difficult. As enterprises attempt to embrace security operation centre as a service without affecting existing operations or compromising efficiency, ensuring compatibility with varied systems, applications, and infrastructure creates a problem.

Country wise Insights

The five countries most predicted to grow significantly throughout the forecast period are listed in the table below. Australia and Germany are expected to have the greatest progress among these countries.

Key Statistics

• The United States market for security operation centre as a service is likely to garner an 8.80% CAGR during the forecast period.
• The security operation centre as a service market in Japan is poised to expand at a 10.40% CAGR from 2024 to 2034.
• The Germany market for security operation centre as a service is poised to develop at a 12.20% CAGR during the forecast period.
• The China market for security operation centre as a service is likely to expand at an 11.50% CAGR from 2024 to 2034.
• The Australia security operation centre as a service market is poised to expand at a 14.50% CAGR during the forecast period.

Forecast CAGRs from 2024 to 2034

Country	CAGR from 2024 to 2034
The United States	8.80%
Japan	10.40%
Germany	12.20%
China	11.50%
Australia	14.50 %

Cybersecurity Threats to Enhance Demand in the United States

With a growth in sophisticated cyber assaults on companies and regulatory bodies, the United States confronts a growing complicated cyber threat setting. The necessity for strong cybersecurity measures is pushing the use of a security operation centre as a service, which provides sophisticated threat detection, real time monitoring, and quick incident response to efficiently reduce risks.

The United States has severe data protection and privacy legislation, such as GDPR and CCPA that require businesses to employ comprehensive security measures. Security operation centre as a service providers frequently specialize in assisting organizations in complying with these laws, making it an appealing alternative for enterprises seeking to assure compliance while benefiting from skilled cybersecurity services.

Cross Industry Adoption to Boost Demand in Japan

Security operation centre as a service are becoming more popular in Japan, which is expanding outside conventional industries. This widespread popularity demonstrates that security operation centre as a service are recognized as a versatile and successful solution for satisfying the varying cybersecurity demands of enterprises operating in many fields.

The technologically driven landscape promotes a desire for new cybersecurity solutions. In Japan, security operation centre as a service use modern technologies such as machine learning and artificial intelligence for threat analysis, resulting in technologically sophisticated protection against cyberattacks. The incorporation of these innovative methods improves the overall efficacy of security operation centre as a service, making it an enticing alternative for enterprises looking for revolutionary cybersecurity solutions.

Immense Demand from the Industrial Sector in Germany to Boost Demand

The deployment of a security operation centre as a service in Germany is distinguished by an intense focus on industrial security. Security operation centre as a service caters to the specific cybersecurity concerns encountered by German industry, giving customized options to protect key infrastructure and intellectual property.

Proactive monitoring is prioritized by German organizations in order to discover possible concerns before they worsen. Security operation centre as a service provides continuous monitoring and early threat detection by employing modern technologies. This proactive strategy is consistent with the regional emphasis on predictive techniques for ensuring operational continuity and mitigating risks.

The National Cybersecurity Initiative in China to accelerate Demand

The emphasis of the Chinese government on strengthening national cybersecurity is driving the development of security operation centre as a service in China. Security operation centre as a service complements the overall cybersecurity measures in China.

It does this by providing sophisticated detection and response to threats capabilities to safeguard key infrastructure and sensitive data against both internal and external attacks. As companies cope with growing cyber risks, China's fast digital transformation has raised demand for security operation centre as a service.

It is a scalable and adaptable cybersecurity solution that helps Chinese organizations secure their digital assets in the face of a changing technological landscape.

Geopolitical Position of Australia in APAC to Boost the Deployment

The deployment of the security operation centre as a service is driven by the geopolitical position of Australia in the Asia Pacific region. Security operation centre as a service enables a solid defense for safeguarding important national assets and sensitive information.

It also harmonizes with the regional strategic goals in sustaining regional stability as well as cybersecurity leadership. The adoption of security operation centre as a service is influenced by the regional dynamic regulatory environment, which is characterized by strong data protection rules. Organizations want security operation centre as a service to help them manage and comply with changing compliance standards.

Category wise Insights

On the basis of industry, the market has been segmented into BFSI, healthcare, IT and telecommunications, retail and consumer goods, media and entertainment, transportation and logistics, government, manufacturing, others. A significant market share is likely to be generated by the BFSI segment in 2024.

Based on enterprise size, the market has been divided into large enterprises and small and medium sized enterprises. In 2024, the large enterprise segment is forecast to acquire the majority of market share by size.

Category	Market share in 2024
BFSI	25%
Large Enterprise	62%

BFSI to Generate High Demand for Security Operation Centre as a Service

The BFSI segment by industry type is expected to acquire a market share of 25% in 2024. The BFSI industry has a greater need for security operation centre as a service due to its increased vulnerability to cyberattacks.

Since the BFSI sector handles large volumes of sensitive data, it is an appealing target for hackers. Security operation centre as a service takes a proactive and specialized approach to cybersecurity, including incident response, real time threat monitoring, and compliance management. The changing threat landscape, evolving regulatory requirements, and the need for constant vigilance make security operation centre as a service essential for BFSI, guaranteeing robust cyber risk protection while allowing companies to focus on core financial tasks without risking data integrity or customer trust.

Retail and E commerce Sector to Bolster the Demand for Security Operation Centre as a Service

In 2024, the large enterprise segment is likely to acquire a 62% global market share by enterprise size. Large enterprises manage massive volumes of sensitive data that are vulnerable to sophisticated cyber assaults. A security operation centre as a service delivers round the clock monitoring, leveraging innovative technology to detect and respond to security issues quickly, lowering the risk of data breaches.

The provision of a security operation centre as a service avoids the need for large upfront expenditures in infrastructure and labor. Large organizations can subscribe to a security operation centre as a service, adjusting the service to their changing needs. This scalable and cost effective solution enables enterprises to strengthen their cybersecurity posture without incurring the expense of operating an in house security operations center.

Competitive Landscape

Companies in the global Security Operation Centre as a Service market are employing enhanced threat detection along with response capabilities to provide clients with comprehensive cybersecurity solutions. These companies improve threat detection and mitigation by using modern technologies such as machine learning, AI driven analytics, and automation.

The global market is also supported by strategic collaborations, constant innovation, as well as scalability in service delivery. Proactive threat intelligence, regulatory compliance experience, and custom solutions further entice clients, promoting revenue growth and profitability in the dynamic cybersecurity services landscape.

Some of the prominent developments by the key companies in this domain are

Company	Key Developments
Thales	In 2023, Thales announced the completion of its acquisition of Imperva. Thales will help enterprises identify and safeguard critical data anywhere, control access, and secure all channels to it with the integration of Imperva beginning in January. The second largest operating nation of the company is presently North America. Imperva is the eighth purchase of the company in the digital security space in the previous nine years, and the Group's second largest acquisition behind Gemalto.
AT&T	AT&T announced ambitions to lead the commercial scale implementation of open radio access networks (Open RAN) in the United States. This industry leading step, made in conjunction with Ericsson, will advance the efforts of the telecoms sector and help to develop a stronger community of network infrastructure providers as well as suppliers. Over the course of the 5 year contract with Ericsson, AT&T might spend up to USD 14 billion.

Report Scope

Attribute	Details
Projected market value in 2024	USD 7 billion
Projected market value in 2034	USD 19.7 billion
Forecast CAGR from 2024 to 2034	10.90%
Forecast period	2024 to 2034
Historical period	2019 to 2023
Market analysis	Value in USD billion
Key regions covered	North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East and Africa
Key countries profiled	The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, Russia, Poland, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC countries, South Africa, Israel
Key market segments	Threat Type, Service Type, Offering, Application, Enterprise Size, Application, Industry, Region
Key companies profiled	Thales; AT&T; IBM CORPORATION; Check Point Software Technologies; Atos SE; Arctic Wolf Networks; CloudFlare Inc.; Verizon; Fortinet Inc.; NTT

Table of Content

• 1. Executive Summary
• 2. Market Overview
• 3. Market Background
• 4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034
• 5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Threat Type
  • 5.1. Advanced Persistent Threats
  • 5.2. Insider Threats
  • 5.3. Distributed Denial of Service (DDOS) Attacks
  • 5.4. Malware & Ransomware
  • 5.5. Phishing & Social Engineering Attacks
  • 5.6. Others
• 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Service Type
  • 6.1. Prevention Service
  • 6.2. Detection Service
  • 6.3. Incident Response Service
• 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Offering
  • 7.1. Fully Managed
  • 7.2. Co-Managed
• 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Application
  • 8.1. Network Security
  • 8.2. Cloud Security
  • 8.3. Endpoint Security
  • 8.4. Application Security
  • 8.5. Others
• 9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Enterprise Size
  • 9.1. Large Enterprises
  • 9.2. SMEs
• 10. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Industry
  • 10.1. BFSI
  • 10.2. Healthcare
  • 10.3. IT & Telecommunications
  • 10.4. Retail & Consumer Goods
  • 10.5. Media & Entertainment
  • 10.6. Transportation and Logistics
  • 10.7. Government
  • 10.8. Manufacturing
  • 10.9. Others
• 11. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region
  • 11.1. North America
  • 11.2. Latin America
  • 11.3. Western Europe
  • 11.4. Eastern Europe
  • 11.5. South Asia and Pacific
  • 11.6. East Asia
  • 11.7. Middle East and Africa
• 12. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 13. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 14. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 15. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 16. South Asia and Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 17. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 18. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 19. Key Countries Market Analysis
• 20. Market Structure Analysis
• 21. Competition Analysis
  • 21.1. Thales
  • 21.2. AT&T
  • 21.3. IBM CORPORATION
  • 21.4. Check Point Software Technologies
  • 21.5. Atos SE
  • 21.6. Arctic Wolf Networks
  • 21.7. Cloudflare, Inc
  • 21.8. Verizon
  • 21.9. Fortinet Inc
  • 21.10. NTT
• 22. Assumptions & Acronyms Used
• 23. Research Methodology