SOC as a Service market on the up, driven by greater focus on security
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The global System On a Chip (SOC) as a Service market is set to reach US$676.8 million by 2026, according to a new study from Valuates Reports.
This represents an increase from US$305.5 million in 2020, at a CAGR of 14.2% during the forecast period 2021-2026.
The major factors that are driving the growth of SOC as a service market size are a rise in sophisticated cyber attacks, increasing venture capital funding, and growing investments in SOC as a Service technology, the report states.
In addition, a surge in trends such as BYOD and work from home is expected to drive the SOC as a service market size.
WFH employees use private networks such as telephone or internet links, the security strength of which is not known to organisations.
As these are mostly used for business purposes, they may be at risk of ransomware and other cybersecurity threats that did not originate within the organisation.
In order to protect businesses from possible harms that may be caused by these developments, corporations are embracing SOC as a Service to reduce the threat, the report states.
Furthermore, increased adoption of SOC as a Service by government and public sector is expected to drive the SOC as a Service market size.
Governments are heavily deploying new technology solutions through digital governance initiatives and smart cities.
Applications in the government and public sector industry verticals are becoming the primary targets for cyber criminals to access confidential data.
Due to the COVID-19 pandemic, the reliance on online businesses has increased significantly.
BFSI, retail, government and public sector, electricity, and infrastructure, healthcare and manufacturing sectors, among others, are using the internet to provide the requisite services to customers.
This increasing focus on online business due to the COVID-19 pandemic is expected to further propel the growth of SOC as a Service market size.
When it comes to regions, Asia Pacific is expected to witness the highest CAGR growth during the forecast period. Industries such as financial institutions, government and public sector, healthcare, retail, manufacturing, energy and utilities, and others are expected to adopt SOC as a service solution in this region.
Companies operating in APAC will benefit from flexible economic conditions, government-driven industrialisation policies, and increasing digitalisation, the report finds.
North America also is expected to hold a significant SOC as a service market share during the forecast period. This is due to the increased focus to enhance advanced systems protection for the enterprises, increasing the need for data security, and the strong presence of several market players.
Major key vendors include Proficio, BlackStratus, Thales e-Security, Cygilant, Alert Logic, Arctic Wolf Networks, Netmagic Solutions, ESDS Software Solution, AQM Technologies and Suma Soft.
In the report Global Opportunity Analysis and Industry Forecast, 2021–2026, SOC as a Service Market is Segmented by type (Prevention, Detection, Incident Response), application (BFSI, Healthcare, Education, Retail, IT and Telecom, Logistics and Transportation, Manufacturing, Others), key vendors and regional growth.