Europe Soc-as-a-service Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Europe SOCaaS Market Analysis

The Europe SOCaaS Market size is estimated at USD 3.14 billion in 2024, and is expected to reach USD 6.27 billion by 2029, at a CAGR of 14.85% during the forecast period (2024-2029).

As businesses prioritize cybersecurity to protect their digital assets, the market studied has grown significantly in recent years. SoC as a service enables companies to contract out their security operations to specialized service providers by providing an integrated approach to threat detection, incident response, and continuous monitoring.

• Cyberattacks are increasing rapidly across emerging economies in terms of volume and complexity, where incident response units are pushing their limit in terms of time, skill, and resources to obtain actionable measures at the right time to avoid such incidents. At the same time, organizations are encountering an unparalleled number of security threats and risks with increasing numbers of employees, customers, and partners, thereby embracing new trends and innovations through digital transformation.
• The rise in the pay-per-use model adoption due to the capex reduction has emerged as a major driver for adopting SOC-as-a-service in European industries in the past few years. As the need for businesses to strengthen their security landscape rises across sectors, many are turning to pay-per-use subscription models. Over the past couple of years, organizations across sectors have been focusing on opex-first models rather than capex-heavy offerings owing to the reduction in capex.
• The SMEs in the region are rapidly migrating to the cloud owing to the rising need for scalability and flexibility. Cloud computing has enabled a new way of working, allowed more flexible, collaborative, and effective work, and accelerated the delivery of outputs in small and medium-sized enterprises to scale services and capacity up or down as needed without investing in their infrastructure. As organizations undergo significant cloud deployment, the security vulnerabilities associated with cloud deployment become increasingly evident, driving the demand for managed SOC services.
• A SOCaaS vendor will need access to a business's data to detect and respond to threats efficiently. Sharing large amounts of sensitive data could lead to data exposure and higher security risks for organizations.
• Additionally, SOC service providers will also need permission to store sensitive data. This may expose the organization to data leaks if the provider is compromised. Further, although organizations can typically monitor threat warnings internally, most data processing occurs outside the perimeter, restricting organizations' ability to store and analyze extensive historical data on identified threats and potential data breaches.
• Post-pandemic, the launch of new security operations centers across European countries witnessed significant growth, further indicating the growth in demand for security operation centers as a service among a broad range of industries across Europe.
• For instance, in September 2023, Wipro, a SOC-as-a-Service provider for banks, launched its Cyber Defense Center (CDC) in Dusseldorf, Germany, to fulfill the region's cybersecurity and compliance needs. With the rising threat of cyber-attacks and the growing importance of data protection, Wipro's Cyber Defense Center will offer its clients round-the-clock cybersecurity monitoring, incident response, and remediation support.

Europe SOCaaS Market Trends

Retail and Consumer Goods to be the Fastest Growing End-user Industry

Europe SOCaaS Industry Segmentation

The Europe SOC-as-a-Service market is defined based on the revenues generated through the fully managed SOC services to manage network, cloud, or end-point protection offered through the cloud on the subscription-based model in Europe. The study also focuses on further analysis of specific countries in the region.

The Europe SOC-as-a-Service market is segmented by organization size (SMEs, large enterprises), by end-user (IT and telecom, BFSI, retail and consumer goods, healthcare, manufacturing, government, and other end users), by country (Austria, Bulgaria, Belarus, Croatia, Slovenia, Germany, and Rest of Europe). The report offers market forecasts and size in value (USD) for all the above segments.