Security Operations Center Market Size 2021 Share, Trends, projected revenue figures, growth rate throughout the forecast period 2030

In a recent published report, Kenneth Research has updated the market report for Security Operations Center Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Security Operations Center Market products.

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According to a report by the World Health Organization (WHO), the total health spending is growing with an annual average rate of 6% in the low- and middle-income nations, and close to 4% in the high-income countries. Further, in the year 2016, the expenditure made on health reached close to 10% of the GDP of the world and crossed a value of USD 7 trillion.

This market research report identifies many companies which includes Capgemini, Cisco, Symantec, SecureWorks, IBM, etc. in the Security Operations Center market. SOC market is fragmented with several security vendors, services vendors, and telecom providers competing for larger market share. This report also provides a detailed analysis of the market by component (software and services), function (security services, threat and infrastructure management, identity and access management, and data security), service model (in-house, hybrid, and fully outsourcing), and region (North America, Europe, Asia Pacific, Middle East and Africa and Latin America).

Overview of the Security Operations Center market
Kenneth’s market research report predicts that the Security Operations Center market revenue is estimated to be $31,796.9 million in 2019 and is expected to reach $61,199.7 million by 2025, growing at a CAGR of 11.5% during the forecast period 2019–2025.
According to the SOC market analysis, North America accounted for the largest share of the Security Operations Center market in 2019 owing to strong economic conditions in the region and increased focus to enhance advanced systems protection for the enterprises. The cybersecurity is the focus area for the SOCs detecting threats from external sources. The Asia Pacific region holds a good potential for the vendors and is expected to grow at the highest CAGR during the forecast period 2019–2025. The Asia Pacific region is expected to witness growth in SOCs due to presence of the emerging countries such as India, China, and Philippines and organizations in the region are experiencing increase in customers and focus on data protection and threat detection.

Competitive Analysis and Key Vendors
The Security Operations Center market vendors are extending its partner ecosystem with capabilities in integration, consulting, reseller, and geographical reach to enhance their service offerings. The Security Operations Center market is expected to enhance the security operations of enterprises with continuous monitoring and early threat detection.
The report contains an in-depth analysis of vendor profiles, which include analyst opinion, offerings, and competitive landscape. The holistic systems protection with endpoint security, data loss prevention, threat intelligence, among others are expected to drive the Security Operations Center market set up across the globe. 

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Some of the key vendors in the market are:
• Capgemini
• Cisco
• Symantec
• SecureWorks
• IBM
Other companies covered in the report are Fortinet, F5 Networks, Verizon, British Telecom, and Digital Guardian.

Segmentation of component
• Software
• Services 
In 2019, the services segment occupied the largest market share and is expected to have the higher share during the forecast period. The services segment is majorly contributed by the managed security services providers who provide services from their SOCs to multiple clients and manage the SOCs of the clients. 

Segmentation of function
• Security Services
• Threat and Infrastructure Management
• Identity and Access Management
• Data Security
In 2019 the security services occupied the largest market share and is expected to grow at a high CAGR during the forecast period. The MSSPs help enterprises in continuous security software updates and enhanced detection of cyber-attacks.
Segmentation of service model
In-house
Hybrid
Fully Outsourcing

In 2019, the in-house service model occupied the largest market share and the hybrid service model is expected to gain major interest from enterprises owing to partial outsourcing of security operations to the Security Operations Center by the vendors.

Benefits
The study offers a comprehensive analysis of the “Security Operations Center” market bringing out the complete key insights of the industry, the report also aims to provide an opportunity for companies to understand the latest trends, current market scenarios, government initiatives, and technologies related to the market. In addition, it helps the venture capitalists in understanding the companies better and take informed decisions.

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About Kenneth Research:

Kenneth Research provides market research reports to different individuals, industries, associations and organizations with an aim of helping them to take prominent decisions. Our research library comprises of more than 10,000 research reports provided by more than 15 market research publishers across different industries. Our collection of market research solutions covers both macro level as well as micro level categories with relevant and suitable market research titles. As a global market research reselling firm, Kenneth Research provides significant analysis on various markets with pure business intelligence and consulting services on different industries across the globe. In addition to that, our internal research team always keep a track on the international and domestic market for any economic changes impacting the products’ demand, growth and opportunities for new and existing players.

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