South & Central America SOC as a Service Market
Published On: Jun 2024
Published On: Jun 2024
At 8.3% CAGR, South & Central America SOC as a Service Market is Projected to be Worth US$ 274.88 Million by 2030, says Business Market Insights
According to Business Market Insights' research, the South & Central America SOC as a service market was valued at US$ 145.17 million in 2022 and is expected to reach US$ 274.88 million by 2030, registering a CAGR of 8.3% 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 South & Central 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. 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. 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 South & Central America SOC as a service market.
Based on service type, the South & Central America SOC as a service market is segmented into prevention service, detection service, and incident response service. The prevention service segment held 44.8% share of South & Central America SOC as a service market in 2022, amassing US$ 64.98 million. It is projected to garner US$ 125.51 million by 2030 to expand at 8.6% CAGR during 2022-2030.
In terms of enterprise size, the South & Central America SOC as a service market is bifurcated into large enterprises and SMEs. The large enterprises segment held 75.7% share of South & Central America SOC as a service market in 2022, amassing US$ 109.95 million. It is projected to garner US$ 200.79 million by 2030 to expand at 7.8% CAGR during 2022-2030.
By application, the South & Central America SOC as a service market is segmented into network security, endpoint security, application security, and cloud security. The endpoint security segment held 33.7% share of South & Central America SOC as a service market in 2022, amassing US$ 48.93 million. It is projected to garner US$ 88.64 million by 2030 to expand at 7.7% CAGR during 2022-2030.
Based on industry, the South & Central 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 23.9% share of South & Central America SOC as a service market in 2022, amassing US$ 34.64 million. It is projected to garner US$ 73.88 million by 2030 to expand at 9.9% CAGR during 2022-2030.
Based on country, the South & Central America SOC as a service market has been categorized into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 68.9% share of South & Central America SOC as a service market in 2022. It was assessed at US$ 100.03 million in 2022 and is likely to hit US$ 195.31 million by 2030, exhibiting a CAGR of 8.7% during 2022-2030.
Key players operating in the South & Central America SOC as a service market are AT&T Inc, Atos SE, Cloudflare Inc, Fortinet Inc, NTT Data Corp, and Thales SA, among others.
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