SOC as a Service Market Size, Share, Growth Analysis, By Vertical(BFSI, Healthcare, Government, Manufacturing), By Service Type(Managed SIEM & Log, Management, Vulnerability Scanning& Assessment, Threat Detection and GRC), By Application(Network Security, Cloud Security, Endpoint Security and Application Security), By Region - Industry Forecast 2024-2031

Global SOC as a Service Market size was valued at USD 6.03 Billion in 2022 poised to grow from USD 6.70 Billion in 2023 to USD 15.66 Billion by 2031, growing at a CAGR of 11.2% in the forecast period (2024-2031).

The demand for work-from-home and remote working policies increased during COVID-19 pandemic. Consequently, this fueled an increase in security and endpoint management policies, leading to a boom in the SOC as a service market. Nonetheless, over the projected time, the SOC as a service market may be hampered by issues with data protection and customization on SOC as service platforms. On the other hand, it is expected that the period forecast will see new communication technologies such as cloud computing and 5G networks emerging which will bring possibilities for making money to SOC as a service market.

A group of IT security specialists known as a security operations centre (SOC) keeps a close eye on an organization's whole IT infrastructure in order to spot cybersecurity incidents early on and take relevant action. The role of Security Operations Centres is to offer their services to companies that lack advanced information technology security and response teams. The SOCaaS industry benefits from the opportunities created as SMEs incorporate cloud-based solutions at a growing pace while utilizing artificial intelligence, machine learning, and blockchain technologies for enhanced cybersecurity. These elements foster an environment that is conducive to the market's expansion, as businesses look for cutting-edge ways to protect their systems and sensitive data, which fuels the demand for SOCaaS solutions.