Growth Opportunities in the SOC as a Service Market

The SOC as a Service (SOCaaS) market is anticipated to grow from approximately US$6.09 billion in 2024 to US$11.34 billion by 2031, reflecting a compound annual growth rate (CAGR) of 6.5% during the forecast period. This growth is driven by escalating cybersecurity threats, increasing cloud adoption, and advancements in artificial intelligence (AI) and machine learning. Europe is expected to see a significant increase in revenue share, while North America currently dominates the market with a 43% share. Key market players include IBM, Cisco, and Palo Alto Networks, with a notable rise in demand for Managed Detection and Response (MDR) services. The banking, financial services, and insurance (BFSI) sector holds a substantial market share, emphasizing the trend toward managed detection and response services.