AT&T (US) and Thales are Leading Players in the SOC as a Service Market
MarketsandMarkets forecasts the global SOC as a Service market size is expected to grow from an estimated value of USD 6.1 billion in 2022 to USD 10.1 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 10.5% from 2022 to 2027. Exponential rise in the security breaches and sophistication of cyber-attacks, cumbersome administration after threat detection, and surge in trends such BYOD, CYOD, and WFH are some of the factors that are driving the market growth.
What is SOCaaS?
Considering the sources and association’s views on SOCaaS, MarketsandMarkets defines it as “the outsourced or third-party services that with the support of security analyst, provides 24x7x365 days monitoring and managing a company’s security infrastructure. This security infrastructure includes SIEM/logs, devices, clouds, network and assets of internal security and IT teams.” Other popular terms related to SOCaaS are managed SOC, SOC, and third-party SOC.”
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Competitive overview:
The SOCaaS market is led by some of the globally established players such as AT&T, Fortinet, ATOS, Thales, IBM, NTT, Verizo, and others. These players have adopted various growth strategies such as partnerships, agreements, collaboration, acquisitions and product developments to increase their market presence.
AT&T holds a prominent position in the SOCaaS market space. The company operates through the following business segments: Communication, Warner Media, and Latin America. One of its segments includes internet access services that offer products, including access service, dedicated access, web hosting, managed services, email, and high-speed access services. SOC as a service from AT&T includes asset discovery, vulnerability assessment, Network Intrusion Detection (NIDS), Endpoint Detection and Response (EDR), and SIEM event correlation and log management in one platform. It uses security orchestration and automation to respond to threats and uses over 300 pre-built integrations to remediate incidents. The company has adopted various organic as well as inorganic growth strategies, such as mergers, acquisitions, and collaborations, to grow in the market. The strong presence across the globe is one of the key factors leading to a good market share in the SOCaaS market.
Apart from large and SME players, start-ups such as Eventus Tech Solutions, SOCwise, SafeAeon, Bitlyft, Tracelay, and Cyflare are also evolving in SOCaaS market space.
Another important player in the SOCaaS market space is Thales which was founded in 2000, Thales offers dedicated SOCaaS to its customers in association with Provider, a datacenter organization in the Netherlands, which offers managed IT services in the cloud. Thales has broad employee base, with regional offices in more than 56 countries. Thales regional and sales offices are set up in North America, Europe, MEA, Asia Pacific, and Latin America. It majorly generates its revenue from contracts, and the sale of goods and equipment. It caters to a broad clientele, which comprises both public and private sector clients from across the globe. Thales has six existing Cybersecurity Operations Centers at Canada, France, Hong Kong, Netherlands, the UK, and Morocco through it serves more than 40 clients around the world. These SOC operates around the clock to monitor infrastructures. It provides customized services to customers in the defense, space, finance, transport and industrial sectors. In April 2022, Thales opened a new Cyber Security Operations Center (SOC) in Morocco to provide real-time protection against cyberattacks across the African continent as a whole.
According to MnM’s market evaluation framework, most companies opt for inorganic growth strategies to maintain their position in the market. The number of deals increased by around 50-60% relatively in the period of 2020-2021. These deals collectively include partnerships, acquisitions, collaborations, and alliances. Due to the COVID-19 outbreak, there was a sudden decline in product launches and business expansion activities. However, from 2021 onward, companies are expected to follow organic growth strategies to provide SOCaaS solutions and services to end users, which, on the other hand, would help companies in increasing their market revenue.
Related Reports:
SOC as a Service Market by Component, Service Type (Vulnerability Assessment & Threat Detection, and Incident Response), Offering Type (Fully Managed & Co-managed), Application Area, Industry Vertical and Region - Global Forecast to 2027
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