Increasing Advanced Technologies Adoption Boosts East Africa SOC as a Service Market

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The East Africa SOC as a service market was 67.8 million in 2022, which will increase to USD 131.5 million, advancing at an 8.3% CAGR, by 2030. 

The growth of this industry is mainly because of the increasing need for digital transaction management, growing security worries across establishments, and rising government support. 

Furthermore, the growing adoption of cutting-edge technologies in emerging economies like Uganda, Kenya, Tanzania, Burundi, and Rwanda, is also aiding this industry expansion. 

Moreover, the advancing retail sector and growing count of connected devices are also likely to boost the need for SOC as a service in such emerging economies.  

Additionally, these developing countries are observing substantial security operation center penetration, particularly in the BFSI sector, because of the rising internet infrastructure. 

The large enterprises category, on the basis of enterprise size, will be the highest contributor to the industry in 2030, with 114.8 million. Large enterprises have different operations; therefore, they are constantly adopting novel and advanced technologies to detect, avoid, and respond to any type of cyberattack. 

In 2022, the BFSI category, based on industry vertical, led the East Africa SOC as a service market. This is mainly because it is one of the most attractive sectors for cybercriminals due to its business nature.  

The healthcare category is likely to be a significant contributor to the industry in the years to come. As healthcare establishments maintain an enormous quantity of Personally Identifiable Information Payment Card Industry, or PII PCI, data for every patient for billing purposes. 

Therefore, cybercriminals are attracted to this sector, leading to the requirement to adopt the SOC as a service. 

Additionally, most PII PCI information is transmitted between clinics, laboratories, and hospitals unencrypted. Due to the extensive utilization of digital medical equipment, network administration has become important to guard devices from malicious cyberattacks. 

Kenya is likely to touch USD 59.1 million in 2030 from USD 29.4 million in 2022, with an 8.8% compound annual growth rate during this decade. This can be mainly because of the increasing acceptance of SOC as a service in the retail, BFSI, healthcare, and IT and telecom sectors; and the advantageous data protection rules & regulations, in this nation. 

In addition, the increasing incidence of organized online threats and cybercrimes, increasing ransomware, and a mounting number of end users’ system hijacking are generating the requirement for SOC as a service in this country. 

It is because of the surge in the acceptance of advanced technologies, the East Africa SOC as a service industry will continue to advance significantly in the years to come. 

SOURCE: P&S Intelligence