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Market Research Future Insights:
During the analysis period, 2020–2030, the global security operations center (SOC) market is anticipated to grow at a CAGR of 13.6%. Market Research Future (MRFR) combines the segmentation and industry dynamics in this study to provide a clearer picture of the market in the years to come.
One of the main factors driving the market expansion is the requirement to protect against the increasing number of cyberattacks occurring globally. For instance, in May 2019, hackers stole from a US-based customs and border protection surveillance contractor, who transferred the said material to his own network, traveller pictures and the licence plate information of over 100,000 automobiles that had gone in and out of the US.
Some of the drivers driving the security operations center market are the expanding need for businesses to decrease risks, the requirement for strict adherence to regulatory regulations, and the technological improvements in cyberattacks. However, one thing that prevents the market from expanding is the unreliability of third-party providers. The leading players in the worldwide security operations center market have lucrative prospects because of the expanding requirement for the protection of sensitive data from banking, financial services, insurance (BFSI), IT and telecommunications, healthcare, manufacturing, and other verticals.
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Some of the drivers driving the security operations center market are the expanding need for businesses to decrease risks, the requirement for strict adherence to regulatory regulations, and the technological improvements in cyberattacks. However, one thing that prevents the market from expanding is the unreliability of third-party providers. The leading players in the worldwide security operations center market have lucrative prospects because of the expanding requirement for the protection of sensitive data from banking, financial services, insurance (BFSI), IT and telecommunications, healthcare, manufacturing, and other verticals.
Security Operations Center Market Report Scope:
| Parameter | Details |
| Revenue Forecast in 2030: | USD 27.61 Billion |
| Growth Rate: | CAGR of 13.6% from 2020 to 2030 |
| Forecast Period: | 2020 -2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Market Segmentation:
Based on service, model, organization size, vertical, and geography, the global security operations centre market has been divided into segments.
The worldwide security operations centre market has been divided into services such as risk reporting and analytics, digital forensics and malware analysis, threat and vulnerability detection, information security incident response, and others. Network-level threats to companies are found using the security monitoring services provided by security operations centres (SOCs). The eradication of cybersecurity hazards to the organization is the focus of incident investigation provided by information security incident response services.
The company’s data, applications, software, and network are all targets of threats and security vulnerabilities that threat and vulnerability identification and management services proactively track down, examine, and address. To help local, state, and federal law enforcement authorities investigate cybercrimes, the digital forensics teams provide training and support. By ensuring that all operational controls are in place and giving security operations center market reports to the businesses, the risk reporting and analytics services serve to safeguard the security, availability, processing integrity, confidentiality, and privacy of the enterprises. Others include security administration and remediation services that are implemented before the security event.
The market for in-house and outsourced security operations centres has been divided based on the model. Any organisation that monitors the network for any signs of a cyberattack and reacts to any potential cybersecurity danger to the enterprise has an in-house SOC. Managed service providers who provide SOC as a service are examples of outsourced SOCs. Based on a SOC model that is tailored to the client’s business needs, a managed SOC provider offers a hybrid resourcing model that combines qualified personnel who are on-site and off-site with round-the-clock coverage.
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The worldwide security operations centre market has been segmented into major organisations and SMEs based on organisation size. Due to the significant time and financial investments required, the adoption of SOCs is higher among large businesses than among SMEs. Large businesses that strive for long-term security should use security operations center market services. The main advantage of SOCs for large businesses is that the security intelligence team will be employees of the business, lowering the chance of data breaches. For small and medium-sized businesses, cybersecurity can be difficult (SMEs).
The government, BFSI, oil & gas, aerospace and defence, healthcare, retail, travel & tourism, and others are the different verticals under which the global security operations centre market has been divided. The security operations center market largest market segment in 2017 was IT & telecom, which is predicted to grow at an 8.85% CAGR over the forecast year. With a market value of USD 4,875.01 million in 2017, the government segment held the second-largest share; it is anticipated to grow at a CAGR of 12.60%. The BFSI market category, though, is anticipated to grow at the highest CAGR of 13.69%.
Regional Analysis:
Some of the major players in the global security operations centre (SOC) market 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
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Key Players:
Some of the major players in the global security operations centre (SOC) market 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
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and also about what action to take based on these aspects.
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