BANGALORE, India, Dec. 23, 2020 /PRNewswire/ — The SOC as a Service Market is Segmented by Type (Prevention, Detection, Incident Response), Application (BFSI, Healthcare, Education, Retail, IT and Telecom, Logistics and Transportation, Manufacturing, Others), Key Vendors and Regional Growth: Global Opportunity Analysis and Industry Forecast, 2021–2026. This report is published on Valuates Reports in the Software & Services category.
The global System On a Chip (SOC) as a Service market size is projected to reach USD 676.8 Million by 2026, from USD 305.5 Million in 2020, at a CAGR of 14.2% during the forecast period 2021-2026.
The major factors that are driving the growth of SOC as a service market size are a rise in sophisticated cyber-attacks, increasing venture capital funding, and growing investments in SOC as a Service technology.
The report lists the major players in the regions and their respective market share based on global revenue. It also explains their strategic moves in the past few years, investments in product innovation, and leadership changes.
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TRENDS INFLUENCING THE SOC as a SERVICE MARKET SIZE
A surge in trends such as BYOD and work from home is expected to drive the SOC as a service market size. WFH employees use private networks such as telephone or internet links, the security strength of which is not known to organizations. As these are mostly used for business purposes, they may be at risk of ransomware and other cybersecurity threats that did not originate within the organization. In order to protect businesses from possible harms that may be caused by these developments, corporations are embracing SOC as a Service to reduce the threat.
Increased adoption of SOC as a Service by government and public sector is expected to drive the SOC as a Service market size. Governments are heavily deploying new technology solutions through digital governance initiatives and smart cities. Applications in the government and public sector industry verticals are becoming the primary targets for cybercriminals to access confidential data.
Due to the COVID-19 pandemic, the reliance on online businesses has increased significantly. BFSI, retail, government and public sector, electricity, and infrastructure, healthcare and manufacturing sectors, among others, are using the Internet to provide the requisite services to customers. This increasing focus on online business due to the COVID-19 pandemic is expected to further propel the growth of SOC as a Service market size.
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