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, growing 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 own infrastructure. As organizations undergo significant cloud deployment, the security vulnerabilities associated with cloud deployment become increasingly evident, driving the demand for managed SOC services.
• To efficiently detect and respond to threats, a SOCaaS vendor will need access to a business’s data. 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.
• Innovations and technological advancements in the past few years have revolutionized cybersecurity-related practices in Europe. With the digital transformation, IT and security professionals face one of the most challenging environments, with trends including a massive migration to public clouds, the adoption of Big Data analytics, machine learning, and Artificial Intelligence, and the emergence of Industry 4.0 and the (industrial) Internet of Things.

Europe SOCaaS Market Trends

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

Europe SOCaaS Industry Segmentation

The study tracks the revenue accrued 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 study includes market estimates and growth forecast, segment-level analysis (end-users and organization size), overall estimates and end-user ranking analysis for countries, and further details around trends and developments. However, the study does not include pricing model analysis, information related to potential SOC sites in the country, market share analysis of competitors, and details about customer personas. The analysis is based on the market insights captured through secondary research and the primaries. The market also covers the major factors impacting its growth in terms of drivers and restraints.

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, other end users), by country (United Kingdom, Germany, France, Italy, Spain, Austria, Nordics, Benelux, Rest of Europe). The market sizes and forecasts are provided in terms of value in USD for all the above segments.