North America SOC as a Service Market Forecast to 2030

North America SOC as a Service Market Forecast to 2030

North America 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

The North America SOC as a service market is expected to grow from US$ 2,059.30 million in 2022 to US$ 4,287.65 million by 2030. It is estimated to register a CAGR of 9.6% from 2022 to 2030.

Growing Cyberattack Incidents Across Various Industries Fuels North America SOC as a Service Market

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:

o 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.

o In February 2021, Nebraska Medicine announced that through a malware attack, a hacker accessed and copied files containing the personal, along with medical information, of 219,000 patients.

o 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.

o In May 2021, various law offices of Bailey & Galyen faced a cyberattack that exposed the personal information of an undisclosed figure of clients and employees.

o In June 2021, Wegmans Food Markets, a US supermarket chain, alerted an undisclosed number of customers that their critical data was exposed to the public after two of its cloud-based databases were misconfigured and made accessible online.

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.

North America SOC as a Service Market Overview

The US, Canada, and Mexico are among the major economies in North America. North America SOC as a service market is witnessing growth owing to the wide presence of key market players such as Fortinet, Inc.; Verizon; AT&T; Arctic Wolf Networks Inc.; and Cloudflare, Inc. These players continuously develop and expand their service portfolio to attract new customers. For instance, in April 2023, Fortinet, Inc. launched FortiOS 7.4 to support organizations in building cybersecurity platforms across endpoint security, SOC automation, application security, identity and access, and threat intelligence. FortiOS 7.4 has new real-time response and automation capabilities that help the user increase effectiveness, improve efficacy, and accelerate time to resolve sophisticated attacks. In addition, Fortinet, Inc. expands Fortinet Security Fabric by adding new and enhanced products and capabilities that allow its users to advance threat prevention and coordinate response for a self-defending ecosystem across networks, clouds, and endpoints. Moreover, implementing IoT in business operations makes hyperconnectivity affordable to enterprises, which increases the demand for IoT among enterprises. According to Cisco, the US is expected to register 13.6 billion per capita IoT devices and connections by the end of 2023. The adoption of IoT devices and connections adds complexity for the SOC team to detect cyberattacks. The security team is already dealing with the ever-changing cybersecurity industry, implementing IoT in business operations, and creating challenges for the SOC team to understand patterns of cyberattacks.

Increasing government investment in advanced innovations in the technologies is driving the market. For instance, in December 2022, the Government of the US plans to turn the Middle American metro area into a hub for tech innovation. The government invested US$ 500 million in the Regional Technology and Innovation Hub program to convert countries of Middle America into essential centers of innovation. These centers are focused on research and development of new technologies such as IoT, AI, and ML to promote automation in the business. These technologies are highly vulnerable to cyberattacks and data breaches, which increases the demand for SOC as a Service among users to protect their data.

North America SOC as a Service Market Revenue and Forecast to 2030 (US$ Million)

North America SOC as a Service Market Segmentation

The North America SOC as a service market is segmented into service type, enterprise size, application, industry, and country.

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 the largest share of the North America SOC as a service market in 2022.

In terms of enterprise size, the North America SOC as a service market is bifurcated into large enterprises and SMEs. The large enterprises segment held a larger share of the North America SOC as a service market in 2022.

By 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 the largest share of the North America SOC as a service market in 2022.

In terms of 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 the largest share of the North America SOC as a service market in 2022.

Based on country, the North America SOC as a service market is segmented into the US, Canada, and Mexico. The US dominated the North America SOC as a service market in 2022.

Arctic Wolf Networks Inc, AT&T Inc, Atos SE, Cloudflare Inc, Fortinet Inc, NTT Data Corp, Thales SA, and Verizon Communications Inc are some of the leading companies operating in the North America SOC as a service market.

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At 9.6% CAGR, North America SOC as a Service Market is Speculated to be Worth US$ 4,287.65 Million by 2030, says the Research Team

According to the Research Team’ 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.

o Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the North America SOC as a Service Market.
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 North America 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 North America 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. North America SOC as a Service Market Landscape
4.1 Overview
4.2 Ecosystem Analysis
4.2.1 List of Vendors in Value Chain:
5. North America 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 – North America Market Analysis
6.1 North America SOC as a Service Market Overview
6.2 North America SOC as a Service Market Revenue (US$ Million), 2022 – 2030
6.3 North America SOC as a Service Market Forecast and Analysis
7. North America 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. North America 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. North America 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. North America 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. North America SOC as a Service Market – Country Analysis
11.1 North America
11.1.1 North America SOC as a Service Market Overview
11.1.2 North America SOC as a Service Market Revenue and Forecasts and Analysis – By Countries
11.1.2.1 US: North America SOC as a Service Market Revenue and Forecasts to 2030 (US$ Mn)
11.1.2.1.1 US: North America SOC as a Service Market Breakdown by Service Type
11.1.2.1.2 US: North America SOC as a Service Market Breakdown by Enterprise Size
11.1.2.1.3 US: North America SOC as a Service Market Breakdown by Application
11.1.2.1.4 US: North America SOC as a Service Market Breakdown by Industry
11.1.2.2 Canada: North America SOC as a Service Market Revenue and Forecasts to 2030 (US$ Mn)
11.1.2.2.1 Canada: North America SOC as a Service Market Breakdown by Service Type
11.1.2.2.2 Canada: North America SOC as a Service Market Breakdown by Enterprise Size
11.1.2.2.3 Canada: North America SOC as a Service Market Breakdown by Application
11.1.2.2.4 Canada: North America SOC as a Service Market Breakdown by Industry
11.1.2.3 Mexico: North America SOC as a Service Market Revenue and Forecasts to 2030 (US$ Mn)
11.1.2.3.1 Mexico: North America SOC as a Service Market Breakdown by Service Type
11.1.2.3.2 Mexico: North America SOC as a Service Market Breakdown by Enterprise Size
11.1.2.3.3 Mexico: North America SOC as a Service Market Breakdown by Application
11.1.2.3.4 Mexico: North America 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 Arctic Wolf Networks 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 Cloudflare Inc
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. North America SOC as a Service Market Segmentation
Table 2. North America SOC as a Service Market Revenue and Forecasts to 2030 (US$ Million)
Table 3. North America SOC as a Service Market Revenue and Forecasts to 2030 (US$ Million) – Service Type
Table 4. North America SOC as a Service Market Revenue and Forecasts to 2030 (US$ Million) – Enterprise Size
Table 5. North America SOC as a Service Market Revenue and Forecasts to 2030 (US$ Million) – Application
Table 6. North America SOC as a Service Market Revenue and Forecasts to 2030 (US$ Million) – Industry
Table 7. North America SOC as a Service Market, by Country – Revenue and Forecast to 2030 (USD Million)
Table 8. US: North America SOC as a Service Market Revenue and Forecasts to 2030 (US$ Mn) – By Service Type
Table 9. US: North America SOC as a Service Market Revenue and Forecasts to 2030 (US$ Mn) – By Enterprise Size
Table 10. US: North America SOC as a Service Market Revenue and Forecasts to 2030 (US$ Mn) – By Application
Table 11. US: North America SOC as a Service Market Revenue and Forecasts to 2030 (US$ Mn) – By Industry
Table 12. Canada: North America SOC as a Service Market Revenue and Forecasts to 2030 (US$ Mn) – By Service Type
Table 13. Canada: North America SOC as a Service Market Revenue and Forecasts to 2030 (US$ Mn) – By Enterprise Size
Table 14. Canada: North America SOC as a Service Market Revenue and Forecasts to 2030 (US$ Mn) – By Application
Table 15. Canada: North America SOC as a Service Market Revenue and Forecasts to 2030 (US$ Mn) – By Industry
Table 16. Mexico: North America SOC as a Service Market Revenue and Forecasts to 2030 (US$ Mn) – By Service Type
Table 17. Mexico: North America SOC as a Service Market Revenue and Forecasts to 2030 (US$ Mn) – By Enterprise Size
Table 18. Mexico: North America SOC as a Service Market Revenue and Forecasts to 2030 (US$ Mn) – By Application
Table 19. Mexico: North America SOC as a Service Market Revenue and Forecasts to 2030 (US$ Mn) – By Industry
Table 20. List of Abbreviation
 

LIST OF FIGURES

Figure 1. North America SOC as a Service Market Segmentation, By Country
Figure 2. Ecosystem: North America SOC as a Service Market
Figure 3. North America SOC as a Service Market – Key Industry Dynamics
Figure 4. Impact Analysis of Drivers and Restraints
Figure 5. North America SOC as a Service Market Revenue (US$ Million), 2022 & 2030
Figure 6. North America 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. North America 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. North America 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. North America 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. North America SOC as a Service Market, By Key Country – Revenue (2022) (US$ Million)
Figure 27. SOC as a service market Breakdown by Key Countries, 2022 and 2030 (%)
Figure 28. US: North America SOC as a Service Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 29. Canada: North America SOC as a Service Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 30. Mexico: North America SOC as a Service Market Revenue and Forecasts to 2030 (US$ Mn)

1. Arctic Wolf Networks Inc
2. AT&T Inc
3. Atos SE
4. Cloudflare Inc
5. Fortinet Inc
6. NTT Data Corp
7. Thales SA
8. Verizon Communications Inc

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