Future Market Insights (FMI) has published a new market research report on social employee recognition systems. The report has been titled, Global SOC-as-a-Service Market: Global Industry Analysis, Forecast. Long-term contracts with large enterprises and private companies are likely to aid the expansion of business revenues, and innovation in the industry will enable social employee recognition system vendors to reach out to new potential customers in emerging markets. These factors are expected to help the global market for social employee recognition systems observe stellar growth in next few years.
As per a recent analysis by Future Market Insights (FMI), the global SOC-as-a-Service market is projected to total US$ 1.08 Bn in 2021. Expanding at 24.3% CAGR, total revenue is anticipated to reach US$ 9.5 Bn by 2031.
Rising incidence of data breach and cyber-attacks in small, medium, and large scale enterprises across the globe is spurring the demand for effective SOC-as-a-Service solutions. Prevalence of remote work culture due to worldwide lockdown restrictions is resulting in high risk for cybercrimes and phishing.
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Companies operating in the SOC-as-a-Service market are aiming at product innovation and strategic partnerships with other manufacturers to expand their product portfolios to address the demand from an expanding customer pool. Fos instance:
- In December 2020, Alert Logic, Inc. launched automated response solution for Amazon Web Services (AWS) environments. Alert Logic MDR SOAR delivers pre-built and customized playbooks ensure security teams to protect organizations from threats.
- In December 2019, Fortinet, Inc. acquired CyberSponse. This acquisition helps the company to improve security orchestration, automation, and response addition to Fortier. Also it empowers security operations teams to achieve higher efficiencies and accelerate incident response.
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The SOC-as-a-Service market is segmented into application, form, end use industry, source and geography.
Based on Service Type:
- Prevention Service
- Detection Service
- Incident Response Service
Based on Application:
- Network Security
- Endpoint Security
- Application Security
Based on Industry:
- Government and Public Sector
- IT and Telecom
- What is the size of the overall SOC-as-a-Service Market in the Technology Industry and its segments?
- What are the key segments and sub-segments in the market?
- What are the key drivers, restraints, opportunities, and challenges of the SOC-as-a-Service Market in the Technology Industry, and how they are expected to impact the market?
- What are the attractive investment opportunities within the SOC-as-a-Service Market in the Technology Industry?
- What is the SOC-as-a-Service Market in the Technology Industry size at the regional and country-level?
- What are the key market players focusing on?
- What are the strategies for growth adopted by the key players in SOC-as-a-Service Market in the Technology Industry?
- What are the recent trends in SOC-as-a-Service Market in the Technology Industry? (M&A, partnerships, new product developments, expansions)?
- What are the challenges to the SOC-as-a-Service Market in the growth of the Technology Industry?
- What are the key market trends impacting the growth of the SOC-as-a-Service Market in the Technology Industry?
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