SOC as a Service Market

Market Leaders - SOC as a Service Market

The global SOCaaS market size is projected to grow from USD 6.7 billion in 2023 to USD 11.4 billion by 2028 at a CAGR of 11.2% during the forecast period. The SOCaaS market is witnessing significant growth driven by critical factors, including the growing complexity of cyber threats, rapid technological advancements, the increasing trend of BYOD, CYOD, and WFH, and complex threat response. Organizations seek robust SOCaaS solutions to protect their data and operations as they embrace modern practices and technologies in the cybersecurity landscape. SOCaaS providers are capitalizing on these demands by offering innovative solutions to safeguard digital assets and ensure data privacy and integrity.

SOCaaS Market Definition

Considering the perspectives of various sources and industry opinions regarding SOCaaS, MarketsandMarkets define SOCaaS as follows: “SOCaaS refers to the external or third-party services that involve security analysts to deliver continuous, round-the-clock monitoring and management of a company’s security framework. This framework encompasses SIEM/logs, devices, clouds, networks, and the assets managed by internal security and IT teams.” Additionally, synonymous terms for SOCaaS include 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, namely NTT (Japan), Verizon (US), Lumen Technology (US), Atos (France), Fortinet (US), Thales (France), Kaseya (US), Cloudflare (US), AT&T (US), Arctic Wolf (US), Trustwave (US), Proficio (US), Airbus (France), and ConnectWise (US). Partnerships, agreements, collaborations, acquisitions, and product developments are various growth strategies these players adopt to increase their market presence.

Lumen Technology (US) is a multinational company that catalyzes organizations aiming to unlock their data’s potential and embrace transformative technologies. It connects people, data, and applications by enabling seamless digital innovations, ushering in new possibilities. The company’s customized application delivery architecture supports next-gen technologies’ demands, encompassing network assets, cloud connectivity, security solutions, and collaboration tools within a unified platform. Lumen aims to expedite human progress via technology, simplifying complexities and delivering practical solutions for customers. Its commitment to continuous improvement shapes interactions, partnerships, and team development, aiming for remarkable outcomes. The Lumen Platform integrates global network infrastructure, cloud, edge computing, security, voice, and collaboration services, delivering a cohesive user experience. With 29,000 employees globally across North America, Europe, and Asia Pacific, Lumen Technology strives to inspire customers through its offerings.

Thales (France) is a prominent multinational corporation and a significant player in the SOCaaS market, drawing on its expertise in aerospace, defense, transport, security, and electronics. It provides advanced cybersecurity solutions to government and commercial clients, standing out for its comprehensive SOCaaS offerings. Thales focuses on cutting-edge security to protect digital assets and critical data, offering services like threat detection, real-time monitoring, incident response, and vulnerability assessment. With a global presence spanning 56 countries, Thales addresses diverse SOCaaS market demands, making it a preferred partner. The company’s financial performance reflects its SOCaaS leadership, investing significantly in research and development for sophisticated cybersecurity tools. Recognizing the importance of robust cybersecurity, Thales drives the future of SOCaaS through industry knowledge, innovation, and customer satisfaction. Additionally, with acquisitions and partnerships with established companies, including Imperva (US), Tesserent (Australia), Sonae Investment Management (Portugal), and Google (US), Thales fortifies its presence in the SOCaaS market.

Apart from prominent vendors, other players include Clearnetwork, Inc., Stratosphere Networks, eSec Forte, Cybersafe Solutions, eSentire, CyberSecOp, TECEZE, Netsurion, Foresite Cybersecurity, Ascend Technologies, inSOC, SafeAeon, SOCWISE, Wizard Cyber, and Eventus Security which are also evolving in the SOCaaS market.

eSec Forte (India) is an IT services and consulting company specializing in information security. Its services encompass a range of offerings, including information security, forensic services, malware detection, penetration testing, and risk assessment. The company is notable for providing SOC subscription services involving logging, monitoring, and analyzing security events for organizations. It is facilitated by a team of security experts using cutting-edge SIEM technology deployed on a cloud-based infrastructure. eSec Forte also offers various cybersecurity services like cloud security, cyber forensics, security audits, threat hunting, and more. The company’s collaborations with industry leaders like Cato Networks (Israel) and Palo Alto Networks (US) highlight its dedication to innovation. The company is a top 10 cybersecurity firm in India and is empaneled by CERT-INDIA for information security audits. Notable achievements include securing global airports, conducting penetration testing for major telecom companies, and ensuring financial data security for Indian government banks.

Stratosphere Networks (US) holds a significant position in Unified Communications as a Service (UCaaS), Contact Center as a Service (CaaS), customer experience (CX), digital transformation, business process outsourcing (BPO), managed IT, and cybersecurity solutions. Expanding beyond telecommunications, Stratosphere Networks initially focused on managed services, covering managed cybersecurity, managed IT, and co-managed IT services until 2021. Its advanced Network Operations Center and Security Operations Center in Evanston were hubs for delivering trusted advisory services. In 2021, Ascend Technologies (US) acquired the company’s managed IT and security services division. However, the company continues to provide IT consulting and advisory services.

With a decade of experience in managed services, Stratosphere Networks advisors possess deep familiarity with various IT solutions. Leveraging the knowledge and advanced tools, the team excels in identifying products that precisely match clients’ specific needs and strategic goals.

MnM says most businesses use inorganic growth strategies to hold their market share. In 2021–2022, the number of agreements rose significantly. MnM is expecting that the rate of agreements will further increase in the SOCaaS market in the coming years as startups are evolving in the following market space, having technical advancements which, with time, get acquired or partnerships with tech giants to bring the innovations in their existing solutions and increase their market share in the SOCaaS market.

Related Reports:

SOC as a Service Market by Service Type (Managed SIEM and log Management, Vulnerability Scanning and assessment, Threat Detection & Incident Response, and GRC), Offering, Application, Sectors, Vertical and Region - Global Forecast to 2028

Mr. Aashish Mehra
MarketsandMarkets™ INC.
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USA : 1-888-600-6441
[email protected]

SOC as a Service Market Size,  Share & Growth Report
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