according to a new Report published by Polaris Market Research. The report “Security Operations Center Market Share, Size, Trends, Industry Analysis Report, By Service; By End-Use (BFSI, Healthcare, Manufacturing, IT & Telecom, Retail, Transportation); By Organization Size (Large Enterprises, Small & Medium Sized Businesses); By Model; By Regions; Segment Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth. The global security operations center market size is expected to reach USD 83.55 billion by 2028
The market is projected to witness a significant growth over the forecast period. Safety operation center provides centralized protection for preventing, detecting, analyzing, and responding to cybersecurity incidents. There has been a massive increase in need for protection against cyber-attacks and data breach by enterprises owing to increased data generation, growing adoption of mobile devices, BYOD, IoT, and social media.
On the basis of service, the market is segmented into incident response service, data protection & monitoring, security monitoring & detection, risk reporting and analytics, threat & vulnerability identification, and others. Incident response service plays a major role in safety operations center. Incident response includes creation of a specific and detailed action plan to be followed over time in case of an anomaly. Incident response service prioritizes threats and incidents while ensuring an effective predefined response to different threat scenarios.
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Increasing investments by small & medium sized businesses in the market along with technological advancement in telecommunication industry is expected to drive the market growth during the forecast period. Small and medium sized businesses are increasingly adopting security operations center to maintain efficient workflow, prevent data loss and theft, defend against external attacks, monitor security risks, and manage resources.
There has been an increasing demand for outsourced segment. Outsourced segment offers a secure environment, dedicated workforce, and advanced IT safety toolsets. Outsourced segment is capable of offering optimized services through analyzing trends and detection of common patterns, and other monitored environments. Other advantages of this include reduced costs, access to threat intelligence, ease of implementation, increased flexibility and scalability, and improved efficiency.
The end-uses of the market include BFSI, healthcare, manufacturing, IT and telecom, retail, transportation, and others. The BFSI segment accounted for a significant share in 2020. Fraud incidents and money laundering have increased significantly, encouraging BFSI organizations to adopt tools to manage and analyze security risks.
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The data generated by banking and financial institutes is highly confidential, and improvement in data security provided by security operations center would prove beneficial. The growing adoption of smart phones and other mobile devices combined with significant rise in digital payments also fuels the market growth.
North America dominated the global market in 2019 and is expected to maintain its dominance over the forecast period. The adoption of security operations center has increased in retail, healthcare, transportation, and manufacturing in the region. The institution continuously monitors enterprise networks, devices, appliances, and information stores for detection of advanced threats, alert management, threat response, log management, compliance management, and preventive maintenance.
Integration of security operations center enable enterprises to increase operational efficiency and align with business objectives and compliance. The rising need for monitoring and reporting access activities and protection of financial data and consumer information from external sources have increased the adoption of security operations center.
Owing to technological advancements, and growing need to improve secure communication, companies operating in the market are collaborating in order to retain the customers and gain market share. Broadening of product portfolio is another trend that is visible in the industry.
Some of the major market participants include Cisco Systems, Inc., Capgemini SE, NetMagic Solutions Pvt. Ltd., Alert Logic Inc., SecureWorks Inc., IBM Corporation, Verizon Communications Inc., British Telecom Group PLC, F5 Networks, Inc., Fortinet, Inc., Broadcom Inc., Cygilant Inc., and BlackStratus Inc.
Polaris Market Research has segmented the security operations center market report on the basis of service, end-use, organization size, model, and region:
Security Operations Center Service Outlook (Revenue, USD Million, 2016 – 2028)
- Incident Response Service
- Data Protection & Monitoring
- Security Monitoring & Detection
- Risk Reporting & Analytics
- Threat & Vulnerability Identification
- Others
Security Operations Center End-Use Outlook (Revenue, USD Million, 2016 – 2028)
- BFSI
- Healthcare
- Manufacturing
- IT & Telecom
- Retail
- Transportation
- Others
Security Operations Center Organization Size Outlook (Revenue, USD Million, 2016 – 2028)
- Large Enterprises
- Small & Medium Sized
Security Operations Center Model Outlook (Revenue, USD Million, 2016 – 2028)
- Outsourced
- In-house
