Security Operation Center (SOC) Market Analysis 2018-2023: Key Findings, Regional Syudy, Trends, Top Key Players Profiles and Future Prospects

Security Operation Center (SOC) Market
Security Operation Center Market, By Technology (Security Information Management, Security Event Management), By Function (Control, Monitoring, Operational), By Service and By Model (In-House, Outsourced, Hybrid) – Forecast 2023

Market Highlights:
The need for security operations is essential and is gaining high importance in the organizational structure. Organizations are eagerly anticipating their business operations by increasing efficiency and simultaneously reducing business risks. Organizations are inclined to build an internal security operation center which deals with security issues. A central location is allotted to supervise, monitor, and analyse the security posture of an organization on perpetual basis using the data processing technology. The department works to address security concerns and provide data recovery solutions quickly. The primary functions of a security operations center is to detect, control, monitor, operate, analyse, and respond to the security concerns with the help of technology solutions and processes. Hence, owing to the frequent changes in technology the security operations center market is expected to show major growth prospects over the assessment period.

Data is as an essence of every business as it is considered to be valuable. Privacy, accessibility, responsibility, integrity, and assessment capacity are the key concern areas in an organization. Adopting a Security Operations Center Market enables organizations to protect data and prevent data loss. Organizations adopt protective measures such as data security, computer security, and information security which safeguards the business data from getting corrupted. Protecting business data ensures the organizations to stay ahead of competition as it provides relevant and current software updates along with protection for business information which obstructs cyber-attacks. Hence, increasing need for data security is one of the factors fuelling the growth of the security operations center market during the forecast period. However, lack of knowledge about security operations is a concerning factor which is expected to hinder the growth of the market over the assessment period.

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Major Key Players:

Capgemini SE (France)
Cisco Systems, Inc. (U.S.)
Secure Works, Inc. (U.S.)
Symantec Corporation (U.S.)
Raytheon Company (U.S)
Treo (Turkey)
Digital Guardian (U.S)
F5 Networks, Inc. (U.S)
Fortinet, Inc. (U.S)
AlienVault (U.S)
Industry News:

April 2018, AlienVault, a provider of unified security management acquired by AT&T, unveiled its OTX Endpoint Threat Hunter service which scans threat in the organizations environment. It provides on-demand visibility of endpoint devices and critical security insights that diminish business risks. This allows organization to work efficiently without data breach concerns.

January 2018, SecureWorks Inc., a cyber security company formed an alliance with Carahsoft, an IT solution provider to deliver and protect critical data with the assistance of managed cyber security solutions focusing on the public sector. This alliance enables the protection of crucial government and citizen data by adapting security policies and digital transformation of an organizations core services.

Security Operations Center Market Segmentation:

Segmentation by technology: security information management and security event management.

Segmentation by function: control, monitoring, and operational.

Segmentation by service: security device management, fault management, configuration management, reporting, security alert, security assessment, vulnerability assessment, proactive analysis & systems management, and others.

Segmentation by model: in-house SOC, outsourced SOC, and hybrid SOC.

Segmentation by region: North America, Europe, Asia-Pacific, and the rest of the worl

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Security Operations Center Market Regional Analysis:

Geographically, the security operations center market is grouped into four regions namely North America, Europe, Asia-Pacific, and the rest of the world.

Increased cloud adoption in enterprises for core business functions leads to cyber-attacks and cybercrime which is expected to be a factor encouraging the growth of the security operations center market in North America. Owing to this, the region is expected to dominate the market with the largest market share during the assessment period. The US, Canada, and Mexico are leading countries in North America, owing to the adoption of security operation centers in organizations to ensure data security. Cisco Systems Inc., SecureWorks Inc., Symantec Corporation, Raytheon Company, and AT&T in the US are enhancing advanced data security architecture and are considered to be prominent players globally. Asia Pacific is expected to be the fastest growing region in the security operations center market, due to rising need for data security in large enterprises.

China, Japan, and India are leading countries in the region, due to the vast customer base leading to rising security concerns in these countries. Europe is expected to show a high growth rate during the assessment period owing to the increasing investments of tech leaders such as Microsoft, Intel, IBM, and others in the European IT market.

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