Middle East & Africa SOC as a Service Market Forecast to 2030
Middle East & Africa SOC as a Service Market Forecast to 2030 – Regional Analysis – by Service Type (Prevention Service, Detection Service, and Incident Response Service), Enterprise Size (Large Enterprises and SMEs), Application (Network Security, Endpoint Security, Application Security, and Cloud Security), and Industry (BFSI, IT and Telecom, Manufacturing, Retail, Government and Public Sector, Healthcare, and Others)
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Description
Technological Advancements in SOCaaS Fuel Middle East & Africa SOC as a Service Market
To detect cyber threats and take appropriate action in real-time, various market players are continuously working on technological advancement in the SOCaaS. With the integration of AI, the market players are providing advanced SOC to their customers. AI-driven SOC offers organizations the latest and most advanced security technologies to keep their systems, networks, and data safe. It also helps in providing an ability to identify and respond to potential threats at an unprecedented speed and accuracy. In addition, AI-driven SOC provides automation of threat response processes, which can help neutralize potential threats quickly, thus reducing the fatigue of SOC analysts and enabling them to focus on more complex threats and investigations. Moreover, AI-powered tools can collect and analyze data from various sources, including blogs, social media, and dark web forums, to identify emerging threats and vulnerabilities. The information from these sources can then be used to form an organization’s security strategy, thus proactively addressing potential risks before they result in huge incidents. Furthermore, integrating machine learning algorithms and predictive analytics into the operations will help increase network and system security. These algorithms can further help analyze large amounts of data, identify patterns associated with data, and make predictions based on those patterns. Thus, the above technological advancements can help in shifting the focus of SOCaaS from reactive to proactive security measures, which is likely to create future growth in the SOC as a service market.
Middle East & Africa SOC as a Service Market Overview
The SOC as a Service market in the Middle East & Africa is segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East and Africa. The increasing number of data breach activities in the region is increasing the adoption of SOC as a Service among industries for protecting confidential information. The financial sector in the Middle East & Africa is experiencing the highest volume of data breach activities, which incurred huge losses on company revenue. For instance, according to the Cost of a Data Breach Report by IBM Security, in August 2023, the Middle East faced a loss of US$ 8 billion from data breach activities, registering a 15% increase in data breach cases compared to 2020. The rise in data breach activity is associated with the increasing adoption of advanced solutions such as IoT and connected devices. These devices are highly vulnerable to cyberattacks, which increases the adoption of SOC as a Service among consumers. The growth in data breach activities in the region is mandating companies to adopt SOC as a Service to protect their data from breach. The market in Africa is projected to expand during the forecast period due to the growing need for cybersecurity solutions among consumers and businesses to protect data from theft. A few established domestic players are also driving the market growth in the region. These players are expanding their presence to other countries in Africa to help consumers and businesses protect data from cyberattacks. For instance, in February 2023, Zora Communications Limited launched the Network and Security Operations Center (NSOC) in Lagos to provide cybersecurity solutions to public and private enterprises. The center offers a wide range of cybersecurity solutions, including cyber mitigation, monitoring, and training/capacity building for an organization. This helps consumers and organizations to defend their operations, data, and information within their network.
Middle East & Africa SOC as a Service Market Revenue and Forecast to 2030 (US$ Million)
Middle East & Africa SOC as a Service Market Segmentation
The Middle East & Africa SOC as a service market is segmented into service type, enterprise size, application, industry, and country.
Based on service type, the Middle East & Africa SOC as a service market is segmented into prevention service, detection service, and incident response service. The prevention service segment held the largest share of the Middle East & Africa SOC as a service market in 2022.
In terms of enterprise size, the Middle East & Africa SOC as a service market is bifurcated into large enterprises and SMEs. The large enterprises segment held a larger share of the Middle East & Africa SOC as a service market in 2022.
Based on application, the Middle East & Africa SOC as a service market is segmented into network security, endpoint security, application security, and cloud security. The endpoint security segment held the largest share of the Middle East & Africa SOC as a service market in 2022.
Based on industry, the Middle East & Africa 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 the largest share of the Middle East & Africa SOC as a service market in 2022.
Based on country, the Middle East & Africa SOC as a service market is segmented into Saudi Arabia, South Africa, the UAE, and the Rest of Middle East & Africa. The UAE dominated the Middle East & Africa SOC as a service market in 2022.
AT&T Inc, Atos SE, Cloudflare Inc, ConnectWise LLC, Fortinet Inc, NTT Data Corp, Thales SA, and Verizon Communications Inc are some of the leading companies operating in the Middle East & Africa SOC as a service market.
Summary Info
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According to the Research Team’ research, the Middle East & Africa SOC as a service market was valued at US$ 300.66 million in 2022 and is expected to reach US$ 612.59 million by 2030, registering a CAGR of 9.3% 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 Middle East & Africa SOC as a service market expansion.
In recent years, several organizations across various industries have faced several cyberattacks. According to AAG IT Services, ~236.1 million ransomware attacks took place globally in the first half of 2022. Such growing cyberattacks are affecting various organizations’ brand value, which is compelling various large organizations and small & medium enterprises to opt for SOC as a service (SOCaaS) to protect consumer information and improve organization security. This factor is helping the players operating in the SOC as a service market to capitalize their customer base and revenues. A few of the data breach incidents that occurred in recent years are mentioned below:
In January 2021, Parler, the conservative social media app, witnessed that a hacker scraped its data. Approximately 70 TB of information was leaked, which included 99.9% of messages, posts, and video data containing EXIF data. In addition, Parler’s Verified Citizens, or the users who had verified their identity by uploading their photo IDs, including driver’s licenses, among others, were also exposed.
In March 2021, SITA, a global IT company that supports 90% of the world’s airlines, confirmed that it fell victim to a cyberattack, exposing the personally identifiable information (PII) of various airline passengers.
Such a growing number of cyberattack incidents in various industries is raising the need for SOCaaS as it helps in faster threat detection and more efficient remediation to streamline security events, driving the growth of the SOC as a service market.
On the contrary, adherence to stringent regulations and compliance hamper the growth of Middle East & Africa SOC as a service market.
Based on service type, the Middle East & Africa SOC as a service market is segmented into prevention service, detection service, and incident response service. The prevention service segment held 48.3% share of Middle East & Africa SOC as a service market in 2022, amassing US$ 145.27 million. It is projected to garner US$ 301.95 million by 2030 to expand at 9.6% CAGR during 2022-2030.
Based on enterprise size, the Middle East & Africa SOC as a service market is bifurcated into large enterprises and SMEs. The large enterprises segment held 74.5% share of Middle East & Africa SOC as a service market in 2022, amassing US$ 223.87 million. It is projected to garner US$ 439.92 million by 2030 to expand at 8.8% CAGR during 2022-2030.
In terms of application, the Middle East & Africa SOC as a service market is segmented into network security, endpoint security, application security, and cloud security. The endpoint security segment held 32.6% share of Middle East & Africa SOC as a service market in 2022, amassing US$ 97.96 million. It is projected to garner US$ 190.93 million by 2030 to expand at 8.7% CAGR during 2022-2030.
By industry, the Middle East & Africa 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 27.7% share of Middle East & Africa SOC as a service market in 2022, amassing US$ 83.20 million. It is projected to garner US$ 189.46 million by 2030 to expand at 10.8% CAGR during 2022-2030.
Based on country, the Middle East & Africa SOC as a service market has been categorized into Saudi Arabia, South Africa, the UAE, and the Rest of Middle East & Africa. Our regional analysis states that the UAE captured 39.4% share of Middle East & Africa SOC as a service market in 2022. It was assessed at US$ 118.37 million in 2022 and is likely to hit US$ 243.11 million by 2030, exhibiting a CAGR of 9.4% during 2022-2030.
Key players operating in the Middle East & Africa 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 January 2023, Fortinet, one of the global leaders in broad, integrated, and automated cybersecurity solutions, announced new security operations center (SOC) augmentation services designed to help strengthen an organization’s cyber resiliency and support short-staffed teams strained by the talent shortage. In addition, as part of Fortinet’s leadership efforts to help close the cyber skills gap, the Fortinet Training Institute has added initiatives across its programs to further increase access to its industry-recognized training and certifications.
In April 2022, Thales created a new Cyber Security Operations Centre (SOC) in Morocco, the sixth in its international network. This centre will provide real-time protection against cyber-attacks in the country and across the African continent as a whole.
o Highlights key business priorities in order to assist companies to realign their business strategies.
o The key findings and recommendations highlight crucial progressive industry trends in the Middle East & Africa SOC as a Service Market, thereby allowing players across the value chain to develop effective long-term strategies.
o Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
o Scrutinize in-depth Middle East & Africa market trends and outlook coupled with the factors driving the market, as well as those hindering it.
o Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing, and distribution.
TABLE OF CONTENTS
1. Introduction
1.1 the Research Team Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Middle East & Africa SOC as a Service Market Landscape
4.1 Overview
4.2 Ecosystem Analysis
4.2.1 List of Vendors in Value Chain:
5. Middle East & Africa SOC as a Service Market – Key Industry Dynamics
5.1 Drivers
5.1.1 Growing Cyberattack Incidents across Various Industries
5.1.2 Rising Demand for SOCaaS in Finance Sector
5.2 Market Restraints
5.2.1 Adherence to Stringent Regulations and Compliance
5.3 Market Opportunities
5.3.1 Growing Adoption of SOCaaS in SMEs
5.3.2 Rising Need for Cloud Security
5.4 Market Trends
5.4.1 Adoption of SOCaaS in the Healthcare Sector
5.4.2 Technological Advancements in SOCaaS
5.5 Impact of Drivers and Restraints:
6. SOC as a Service Market – Middle East & Africa Market Analysis
6.1 Middle East & Africa SOC as a Service Market Revenue (US$ Million), 2020 – 2030
6.2 Middle East & Africa SOC as a Service Market Forecast and Analysis
7. Middle East & Africa SOC as a Service Market Analysis – Service Type
7.1 Prevention Service
7.1.1 Overview
7.1.2 Prevention Service Market Revenue and Forecasts to 2030 (US$ Million)
7.2 Detection Service
7.2.1 Overview
7.2.2 Detection Service Market Revenue and Forecasts to 2030 (US$ Million)
7.3 Incident Response Service
7.3.1 Overview
7.3.2 Incident Response Service Market Revenue and Forecasts to 2030 (US$ Million)
8. Middle East & Africa SOC as a Service Market Analysis – Enterprise Size
8.1 Large Enterprises
8.1.1 Overview
8.1.2 Large Enterprises Market Revenue and Forecasts to 2030 (US$ Million)
8.2 SMEs
8.2.1 Overview
8.2.2 SMEs Market Revenue and Forecasts to 2030 (US$ Million)
9. Middle East & Africa SOC as a Service Market Analysis – Application
9.1 Network Security
9.1.1 Overview
9.1.2 Network Security Market Revenue and Forecasts to 2030 (US$ Million)
9.2 Endpoint Security
9.2.1 Overview
9.2.2 Endpoint Security Market Revenue and Forecasts to 2030 (US$ Million)
9.3 Application Security
9.3.1 Overview
9.3.2 Application Security Market Revenue and Forecasts to 2030 (US$ Million)
9.4 Cloud Security
9.4.1 Overview
9.4.2 Cloud Security Market Revenue and Forecasts to 2030 (US$ Million)
10. Middle East & Africa SOC as a Service Market Analysis – Industry
10.1 BFSI
10.1.1 Overview
10.1.2 BFSI Market Revenue and Forecasts to 2030 (US$ Million)
10.2 IT and Telecom
10.2.1 Overview
10.2.2 IT and Telecom Market Revenue and Forecasts to 2030 (US$ Million)
10.3 Manufacturing
10.3.1 Overview
10.3.2 Manufacturing Market Revenue and Forecasts to 2030 (US$ Million)
10.4 Retail
10.4.1 Overview
10.4.2 Retail Market Revenue and Forecasts to 2030 (US$ Million)
10.5 Government and Public Sector
10.5.1 Overview
10.5.2 Government and Public Sector Market Revenue and Forecasts to 2030 (US$ Million)
10.6 Healthcare
10.6.1 Overview
10.6.2 Healthcare Market Revenue and Forecasts to 2030 (US$ Million)
10.7 Others
10.7.1 Overview
10.7.2 Others Market Revenue and Forecasts to 2030 (US$ Million)
11. Middle East & Africa SOC as a Service Market – Country Analysis
11.1 Middle East & Africa
11.1.1 Middle East & Africa SOC as a Service Market Overview
11.1.2 Middle East & Africa SOC as a Service Market Revenue and Forecasts and Analysis – By Countries
11.1.2.1 South Africa: Middle East & Africa SOC as a Service Market Revenue and Forecasts to 2030 (US$ Mn)
11.1.2.1.1 South Africa: Middle East & Africa SOC as a Service Market Breakdown by Service Type
11.1.2.1.2 South Africa: Middle East & Africa SOC as a Service Market Breakdown by Enterprise Size
11.1.2.1.3 South Africa: Middle East & Africa SOC as a Service Market Breakdown by Application
11.1.2.1.4 South Africa: Middle East & Africa SOC as a Service Market Breakdown by Industry
11.1.2.2 Saudi Arabia: Middle East & Africa SOC as a Service Market Revenue and Forecasts to 2030 (US$ Mn)
11.1.2.2.1 Saudi Arabia: Middle East & Africa SOC as a Service Market Breakdown by Service Type
11.1.2.2.2 Saudi Arabia: Middle East & Africa SOC as a Service Market Breakdown by Enterprise Size
11.1.2.2.3 Saudi Arabia: Middle East & Africa SOC as a Service Market Breakdown by Application
11.1.2.2.4 Saudi Arabia: Middle East & Africa SOC as a Service Market Breakdown by Industry
11.1.2.3 UAE: Middle East & Africa SOC as a Service Market Revenue and Forecasts to 2030 (US$ Mn)
11.1.2.3.1 UAE: Middle East & Africa SOC as a Service Market Breakdown by Service Type
11.1.2.3.2 UAE: Middle East & Africa SOC as a Service Market Breakdown by Enterprise Size
11.1.2.3.3 UAE: Middle East & Africa SOC as a Service Market Breakdown by Application
11.1.2.3.4 UAE: Middle East & Africa SOC as a Service Market Breakdown by Industry
11.1.2.4 Rest of Middle East & Africa: Middle East & Africa SOC as a Service Market Revenue and Forecasts to 2030 (US$ Mn)
11.1.2.4.1 Rest of Middle East & Africa: Middle East & Africa SOC as a Service Market Breakdown by Service Type
11.1.2.4.2 Rest of Middle East & Africa: Middle East & Africa SOC as a Service Market Breakdown by Enterprise Size
11.1.2.4.3 Rest of Middle East & Africa: Middle East & Africa SOC as a Service Market Breakdown by Application
11.1.2.4.4 Rest of Middle East & Africa: Middle East & Africa SOC as a Service Market Breakdown by Industry
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 New Product Development
13. Company Profiles
13.1 Fortinet Inc
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Atos SE
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 NTT Data Corp
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Verizon Communications Inc
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Thales SA
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 AT&T Inc
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 Cloudflare Inc
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 ConnectWise LLC
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
14. Appendix
14.1 Word Index
LIST OF TABLES
Table 1. Middle East & Africa SOC as a Service Market Segmentation
Table 2. Middle East & Africa SOC as a Service Market Revenue and Forecasts to 2030 (US$ Million)
Table 3. Middle East & Africa SOC as a Service Market Revenue and Forecasts to 2030 (US$ Million) – Service Type
Table 4. Middle East & Africa SOC as a Service Market Revenue and Forecasts to 2030 (US$ Million) – Enterprise Size
Table 5. Middle East & Africa SOC as a Service Market Revenue and Forecasts to 2030 (US$ Million) – Application
Table 6. Middle East & Africa SOC as a Service Market Revenue and Forecasts to 2030 (US$ Million) – Industry
Table 7. Middle East & Africa SOC as a Service Market, by Country – Revenue and Forecast to 2030 (USD Million)
Table 8. South Africa: Middle East & Africa SOC as a Service Market Revenue and Forecasts to 2030 (US$ Mn) – By Service Type
Table 9. South Africa: Middle East & Africa SOC as a Service Market Revenue and Forecasts to 2030 (US$ Mn) – By Enterprise Size
Table 10. South Africa: Middle East & Africa SOC as a Service Market Revenue and Forecasts to 2030 (US$ Mn) – By Application
Table 11. South Africa: Middle East & Africa SOC as a Service Market Revenue and Forecasts to 2030 (US$ Mn) – By Industry
Table 12. Saudi Arabia: Middle East & Africa SOC as a Service Market Revenue and Forecasts to 2030 (US$ Mn) – By Service Type
Table 13. Saudi Arabia: Middle East & Africa SOC as a Service Market Revenue and Forecasts to 2030 (US$ Mn) – By Enterprise Size
Table 14. Saudi Arabia: Middle East & Africa SOC as a Service Market Revenue and Forecasts to 2030 (US$ Mn) – By Application
Table 15. Saudi Arabia: Middle East & Africa SOC as a Service Market Revenue and Forecasts to 2030 (US$ Mn) – By Industry
Table 16. UAE: Middle East & Africa SOC as a Service Market Revenue and Forecasts to 2030 (US$ Mn) – By Service Type
Table 17. UAE: Middle East & Africa SOC as a Service Market Revenue and Forecasts to 2030 (US$ Mn) – By Enterprise Size
Table 18. UAE: Middle East & Africa SOC as a Service Market Revenue and Forecasts to 2030 (US$ Mn) – By Application
Table 19. UAE: Middle East & Africa SOC as a Service Market Revenue and Forecasts to 2030 (US$ Mn) – By Industry
Table 20. Rest of Middle East & Africa: Middle East & Africa SOC as a Service Market Revenue and Forecasts to 2030 (US$ Mn) – By Service Type
Table 21. Rest of Middle East & Africa: Middle East & Africa SOC as a Service Market Revenue and Forecasts to 2030 (US$ Mn) – By Enterprise Size
Table 22. Rest of Middle East & Africa: Middle East & Africa SOC as a Service Market Revenue and Forecasts to 2030 (US$ Mn) – By Application
Table 23. Rest of Middle East & Africa: Middle East & Africa SOC as a Service Market Revenue and Forecasts to 2030 (US$ Mn) – By Industry
Table 24. List of Abbreviation
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LIST OF FIGURES
Figure 1. Middle East & Africa SOC as a Service Market Segmentation, By Country
Figure 2. Ecosystem: SOC as a Service Market
Figure 3. Middle East & Africa SOC as a Service Market – Key Industry Dynamics
Figure 4. Impact Analysis of Drivers and Restraints
Figure 5. Middle East & Africa SOC as a Service Market Revenue (US$ Million), 2020 – 2030
Figure 6. Middle East & Africa SOC as a Service Market Share (%) – Service Type, 2022 and 2030
Figure 7. Prevention Service Market Revenue and Forecasts to 2030 (US$ Million)
Figure 8. Detection Service Market Revenue and Forecasts to 2030 (US$ Million)
Figure 9. Incident Response Service Market Revenue and Forecasts to 2030 (US$ Million)
Figure 10. Middle East & Africa SOC as a Service Market Share (%) – Enterprise Size, 2022 and 2030
Figure 11. Large Enterprises Market Revenue and Forecasts to 2030 (US$ Million)
Figure 12. SMEs Market Revenue and Forecasts to 2030 (US$ Million)
Figure 13. Middle East & Africa SOC as a Service Market Share (%) – Application, 2022 and 2030
Figure 14. Network Security Market Revenue and Forecasts to 2030 (US$ Million)
Figure 15. Endpoint Security Market Revenue and Forecasts to 2030 (US$ Million)
Figure 16. Application Security Market Revenue and Forecasts to 2030 (US$ Million)
Figure 17. Cloud Security Market Revenue and Forecasts to 2030 (US$ Million)
Figure 18. Middle East & Africa SOC as a Service Market Share (%) – Industry, 2022 and 2030
Figure 19. BFSI Market Revenue and Forecasts to 2030 (US$ Million)
Figure 20. IT and Telecom Market Revenue and Forecasts to 2030 (US$ Million)
Figure 21. Manufacturing Market Revenue and Forecasts to 2030 (US$ Million)
Figure 22. Retail Market Revenue and Forecasts to 2030 (US$ Million)
Figure 23. Government and Public Sector Market Revenue and Forecasts to 2030 (US$ Million)
Figure 24. Healthcare Market Revenue and Forecasts to 2030 (US$ Million)
Figure 25. Others Market Revenue and Forecasts to 2030 (US$ Million)
Figure 26. Middle East & Africa SOC as a Service Market, by Key Country – Revenue (2022) (US$ Million)
Figure 27. Middle East & Africa SOC as a Service Market Breakdown by Key Countries, 2022 and 2030 (%)
Figure 28. South Africa: Middle East & Africa SOC as a Service Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 29. Saudi Arabia: Middle East & Africa SOC as a Service Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 30. UAE: Middle East & Africa SOC as a Service Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 31. Rest of Middle East & Africa: Middle East & Africa SOC as a Service Market Revenue and Forecasts to 2030 (US$ Mn)
The List of Companies – Middle East & Africa SOC as a Service Market
1. AT&T Inc
2. Atos SE
3. Cloudflare Inc
4. ConnectWise LLC
5. Fortinet Inc
6. NTT Data Corp
7. Thales SA
8. Verizon Communications Inc
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