Security Operation Center as a Service (SoCaaS) Market Analysis

SOC as a Service Market Analysis:

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Based on organization size, the large enterprises segment dominated around USD 1.7 million revenue in 2022. Collaborations with innovative technology providers and cybersecurity experts are allowing these enterprises to expand their capabilities. For instance, in July 2023, LogRhythm entered into a collaboration with Infoline Tec Group Berhad, a trusted IT infrastructure & cybersecurity services provider. Through this partnership, Infoline will introduce its Security Operations Centre (SOC) in Malaysia by integrating LogRhythm's SIEM technology. This venture aims to enhance cybersecurity services, providing organizations with advanced solutions for threat detection & response within the region.
 

Based on industry vertical, the BFSI segment accounted for 25% of the security operation center as a service market share in 2022. The monitoring of financial transactions is a vital aspect of the SOC as a service implementation within the BFSI sector. The SOC as a service platform continuously analyzes financial transactions in real-time, identifying unusual patterns or discrepancies that could indicate fraud or unauthorized activities. By swiftly detecting anomalies, such as multiple transactions from different locations, irregular amounts, or unusual timings, SOC as a service ensures the integrity of financial operations. This proactive monitoring not only prevents financial losses but also preserves customer trust, thereby safeguarding the reputation of BFSI institutions in an increasingly digital & interconnected financial landscape.
 

North America SOC as a service market held over 35% of the revenue share in 2022. North America's rapid adoption of cutting-edge technologies including Artificial Intelligence (AI), Machine Learning (ML), and big data analytics is fueling the market growth. Businesses in the region leverage these technologies to enhance threat detection capabilities, providing real-time monitoring and response. This advanced technological landscape fosters a conducive environment for SOC service providers to innovate and offer sophisticated solutions, thereby attracting those enterprises seeking state-of-the-art cybersecurity measures to safeguard their digital assets in an evolving threat landscape.