Report : 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)
At 9.3% CAGR, Middle East & Africa SOC as a Service Market is Projected to be Worth US$ 612.59 Million by 2030, says Business Market Insights
According to Business Market Insights' 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.
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