At 12.3% CAGR, Asia Pacific SOC as a Service Market is Projected to be Worth US$ 3,835.66 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the Asia Pacific SOC as a service market was valued at US$ 1,519.37 million in 2022 and is expected to reach US$ 3,835.66 million by 2030, registering a CAGR of 12.3% from 2022 to 2030. Growing cyberattack incidents across various industries and rising demand for SOCaaS in finance sector are among the critical factors attributed to the Asia Pacific SOC as a service market expansion.

Financial and banking institutes handle a vast amount of sensitive data, which makes them a prime target for cyberattacks. Also, digitalization and securing business continuity are highly prioritized in the finance industry. This increases the demand for SOCaaS solutions. SOCaaS providers help banks monitor networks and systems 24/7, ensuring quick detection and mitigation of potential security threats and reducing the data breach risk. In addition, SOCaaS providers also help banks to comply with various regulatory requirements. For instance, the Payment Card Industry Data Security Standard (PCI DSS) requires banks to have a robust security program. They can help banks meet such regulatory requirements by providing the needed monitoring, analysis, and reporting capabilities.

Moreover, in recent years, financial institutions witnessed a large number of data breach cases. As of December 2022, finance and insurance organizations experienced ~566 breaches worldwide, which led to over 254 million leaked records. In addition, according to the State of Ransomware in Financial Services 2023 report released by Sophos, the ransomware attacks on financial services increased from 55% in 2022 to 64% in 2023, which is approximately double the 34% reported in 2021. Hence, due to the rise in data breach cases, various banks across the globe are integrating SOCaaS solutions. For example, RBL Bank recently integrated SOCaaS by NTT to mitigate known and unknown threats and to improve the security posture of the bank. Under this, NTT is managing the entire SOC requirements of RBL and a dedicated SIEM for the log analysis. Thus, the growing recognition of the essential need for comprehensive and exhaustive SIEM and threat intelligence solutions by banks is raising the demand for SOCaaS, thereby driving the market.

On the contrary, adherence to stringent regulations and compliance hamper the growth of Asia Pacific SOC as a service market.

Based on service type, the Asia Pacific SOC as a service market is segmented into prevention service, detection service, and incident response service. The prevention service segment held 45.8% share of Asia Pacific SOC as a service market in 2022, amassing US$ 696.48 million. It is projected to garner US$ 1,793.45 million by 2030 to expand at 12.6% CAGR during 2022-2030.

Based on enterprise size, the Asia Pacific SOC as a service market is bifurcated into large enterprises and SMEs. The large enterprises segment held 71.7% share of Asia Pacific SOC as a service market in 2022, amassing US$ 1,089.05 million. It is projected to garner US$ 2,651.35 million by 2030 to expand at 11.8% CAGR during 2022-2030.

In terms of application, the Asia Pacific SOC as a service market is categorized into network security, endpoint security, application security, and cloud security. The endpoint security segment held 36.6% share of Asia Pacific SOC as a service market in 2022, amassing US$ 555.33 million. It is projected to garner US$ 1,340.58 million by 2030 to expand at 11.6% CAGR during 2022-2030.

By industry, the Asia Pacific SOC as a service market is segmented into BFSI, IT and telecom, manufacturing, retail, government and public sector, healthcare, and others. The BFSI segment held 24.6% share of Asia Pacific SOC as a service market in 2022, amassing US$ 373.32 million. It is projected to garner US$ 1,060.95 million by 2030 to expand at 13.9% CAGR during 2022-2030.

Based on country, the Asia Pacific SOC as a service market has been categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 25.8% share of Asia Pacific SOC as a service market in 2022. It was assessed at US$ 392.61 million in 2022 and is likely to hit US$ 1,073.26 million by 2030, exhibiting a CAGR of 13.4% during 2022-2030.

Key players operating in the Asia Pacific SOC as a service market are AT&T Inc, Atos SE, Cloudflare Inc, ConnectWise LLC, ESDS Software Solution Ltd, Fortinet Inc, NTT Data Corp, Thales SA, and Verizon Communications Inc, among others.

• In July 2023, NTT DATA one of the global digital business and IT services leaders, announced the launch of an outsourcing service for security management (MDR service1) to prevent incidents and minimize damage when incidents occur. The service will be first provided in Japan from July 2023, and expanded to worldwide within the fiscal year (ending March 2024).
  
  
• In February 2023, Fortinet one of the global cybersecurity leaders driving the convergence of networking and security, announced FortiSP5, the latest breakthrough in ASIC technology from Fortinet, propelling major leaps forward in securing distributed network edges. Building on over 20 years of ASIC investment and innovation from Fortinet, FortiSP5 delivers significant secure computing power advantages over traditional CPU and network ASICs, lower cost and power consumption, and the ability to enable new secure infrastructure across branch, campus, 5G, edge compute, operational technologies, and more.
  
  

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