At 9.6% CAGR, North America SOC as a Service Market is Projected to be Worth US$ 4,287.65 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the North America SOC as a service market was valued at US$ 2,059.30 million in 2022 and is expected to reach US$ 4,287.65 million by 2030, registering a CAGR of 9.6% from 2022 to 2030. Growing cyberattack incidents across various industries and adoption of SOCaaS in the healthcare sector are among the critical factors attributed to the North America SOC as a service market expansion.

The growing digitization in the healthcare sector is raising the need for data security due to numerous cases of data breaches. According to Fortified Health Security's mid-year report, the healthcare sector suffered approximately 337 breaches in the first half of 2022. Also, as per the US Department of Health and Human Services, 337 healthcare incidents affected 19,992,810 individuals. Out of this, 80% of the reported healthcare breaches were caused by hacking, while 15% resulted from unauthorized access. In addition, it was also witnessed that approximately 90% of healthcare institutions experienced at least one security breach in 2021 and 2022. Out of this, 30% of data breaches occurred in large hospitals where details of patients' private health information were exposed. Hence, to protect the data and improve the network security of healthcare institutions, SOCaaS can be a great solution. With the implementation of SOCaaS, organizations can detect, prevent, investigate, respond to, and analyze cyber threats, providing overall security. In addition, SOCaaS can help organizations discover all the significant weaknesses in the network and build an active detection system, which further provides more collaborative and faster security functions. Furthermore, several healthcare organizations are subjected to various regulations, which include the Health Insurance Portability and Accountability Act (HIPAA) and the General Data Protection Regulation (GDPR). Here, SOC 2 compliance can help organizations meet regulatory requirements and avoid various penalties, including fines. Thus, various healthcare institutions worldwide are adopting the SOCaaS solution to secure their network and data, which is expected to propel the growth of the market during the forecast period.

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

Based on service type, the North America SOC as a service market is segmented into prevention service, detection service, and incident response service. The prevention service segment held 46.5% share of North America SOC as a service market in 2022, amassing US$ 958.26 million. It is projected to garner US$ 2,035.45 million by 2030 to expand at 9.9% CAGR during 2022-2030.

Based on enterprise size, the North America SOC as a service market is bifurcated into large enterprises and SMEs. The large enterprises segment held 73.6% share of North America SOC as a service market in 2022, amassing US$ 1,515.14 million. It is projected to garner US$ 3,042.68 million by 2030 to expand at 9.1% CAGR during 2022-2030.

Based on application, the North America SOC as a service market is segmented into network security, endpoint security, application security, and cloud security. The endpoint security segment held 34.7% share of North America SOC as a service market in 2022, amassing US$ 714.31 million. It is projected to garner US$ 1,423.25 million by 2030 to expand at 9.0% CAGR during 2022-2030.

Based on industry, the North America 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 25.4% share of North America SOC as a service market in 2022, amassing US$ 523.05 million. It is projected to garner US$ 1,226.54 million by 2030 to expand at 11.2% CAGR during 2022-2030.

Based on country, the North America SOC as a service market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 83.6% share of North America SOC as a service market in 2022. It was assessed at US$ 1,721.99 million in 2022 and is likely to hit US$ 3,657.67 million by 2030, exhibiting a CAGR of 9.9% during 2022-2030.

Key players operating in the North America SOC as a service market are Arctic Wolf Networks Inc, AT&T Inc, Atos SE, Cloudflare Inc, 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 January 2023, Fortinet announced new and expanded services designed to help security operations center (SOC) teams "reduce their organizations' cyber risk while freeing up their time to focus on higher-priority projects," according to the company.
  
  

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