At 11.1% CAGR, Europe SOC as a Service Market is Projected to be Worth US$ 3,970.10 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the Europe SOC as a service market was valued at US$ 1,713.31 million in 2022 and is expected to reach US$ 3,970.10 million by 2030, registering a CAGR of 11.1% from 2022 to 2030. Growing cyberattack incidents across various industries and growing adoption of SOCaaS in SMEs are among the critical factors attributed to the Europe SOC as a service market expansion.

Various SMEs worldwide have been facing a rise in cyberattacks in recent years. According to Accenture's Cybercrime study, small enterprises record 43% of total cyberattacks annually, of which 46% occurred in small businesses with 1,000 or fewer employees. As a result, on average, SMEs lose US$ 25,000 due to cyberattacks. In addition, in 2020, small enterprises faced over 700,000 attacks, which caused a total of US$ 2.8 billion in damages. Also, as per the World Economic Forum, ~95% of these attacks can be attributed to human error. Also, according to the Check Point, 43% of data breaches are caused by insiders or company employees, considering all cases, whether on purpose or not. Due to such increasing data breach activities, various SMEs witnessed a sharp decline in repeat customers. IBM unveiled that ~50% of small businesses require more than 24 hours to recover from an attack, as over 51% of all small businesses could not access their website for 8-24 hours. Hence, these alarming statistics raise the need for SMEs to implement cybersecurity services to help secure their businesses.

Verizon's 2021 SMB Data Breach Statistics show that SMEs spend between US$ 826 and US$ 653,587 on cybersecurity incidents. According to the same report, cybercrime is also expected to increase by 15%, with costs estimated to reach US$ 10.5 trillion by 2025. Hence, various SMEs are investing in managed security services such as SOCaaS to meet the ever-increasing regulatory and legal requirements. Also, as SOCaaS can provide SMEs with access to a virtual security operations center (SOC), which is responsible for monitoring as well as analyzing network traffic, providing real-time alerts to security teams, and identifying security threats, its adoption is expected to increase in SMEs, creating future opportunities for the growth of the SOC as a service market.

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

Based on service type, the Europe SOC as a service market is segmented into prevention service, detection service, and incident response service. The prevention service segment held 47.6% share of Europe SOC as a service market in 2022, amassing US$ 814.81 million. It is projected to garner US$ 1,924.97 million by 2030 to expand at 11.3% CAGR during 2022-2030.

Based on enterprise size, the Europe SOC as a service market is bifurcated into large enterprises and SMEs. The large enterprises segment held 72.4% share of Europe SOC as a service market in 2022, amassing US$ 1,241.21 million. It is projected to garner US$ 2,773.32 million by 2030 to expand at 10.6% CAGR during 2022-2030.

In terms of application, the Europe SOC as a service market is categorized into network security, endpoint security, application security, and cloud security. The endpoint security segment held 35.9% share of Europe SOC as a service market in 2022, amassing US$ 614.26 million. It is projected to garner US$ 1,361.23 million by 2030 to expand at 10.5% CAGR during 2022-2030.

By industry, the Europe 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 26.3% share of Europe SOC as a service market in 2022, amassing US$ 451.11 million. It is projected to garner US$ 1,168.62 million by 2030 to expand at 12.6% CAGR during 2022-2030.

Based on country, the Europe SOC as a service market has been categorized into France, Germany, the UK, Italy, Russia, and the Rest of Europe. Our regional analysis states that Germany captured 25.4% share of Europe SOC as a service market in 2022. It was assessed at US$ 434.67 million in 2022 and is likely to hit US$ 1,140.89 million by 2030, exhibiting a CAGR of 12.8% during 2022-2030.

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

• 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.
  
  
• In May 2022, Thales announced the signature of a definitive agreement with Sonae Investment Management to acquire two of European leading cybersecurity companies, S21sec and Excellium, gathered under the holding company Maxive Cybersecurity.
  
  

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