The global East Africa SOC as a service market was valued at $67.8 million in 2022, and this number is expected to reach $131.5 million by 2030, advancing at a CAGR of 8.3% during 2022–2030, as per P&S Intelligence.
This can be ascribed to the need for digital transaction management, growing government support, snowballing safety concerns throughout organizations, and mounting acceptance of enhanced technologies in emerging economies, including Uganda, Kenya, Rwanda, Burundi, and Tanzania.
The large enterprises category is projected to generate the higher revenue, of $114.8 million, by 2030. Furthermore, large enterprises have numerous processes; therefore, they are always applying new and advanced technologies to prevent, detect, and safety from any kind of cyberattack.
In 2022, the BFSI industry is the biggest end user in the east African SOC as a service market, since it can be considered the most fascinating market for cybercriminals due to its nature of business. Normally, a worker of a financial service association gets access to approximately 11 million documents on the day of joining. This count increases to 20 million documents for employees working in large companies.
Moreover, over 70% of the cyberattacks are aimed at the financial sector. For instance, more than 30 billion accounts are estimated to be ruptured by 2030. The administrations functioning in the sector are largely prone to cyberattacks, which suffer the price of approximately $6 million per data breach.
In 2022, the Kenyan market generated $29.4 million, which is expected to rise to $59.1 million by 2030 growing at a CAGR of 8.8%. this can be credited to the increasing acceptance of SOC as a service in the healthcare, telecom, BFSI, IT, and retail industries, and helpful data protection rules and guidelines, including The Data Protection Act 2019, in the nation.
In corporate processes, log management is commonly utilized to handle information from a source. Characteristically, it deals with log messages produced by systems, like audit records, audit trails, and event logs, among others, to offer more appropriate results, it commonly gets and classifies the data.
Hence, the need for digital transaction management, growing government support, snowballing safety concerns throughout organizations, and mounting acceptance of enhanced technologies in emerging economies, are the major factors driving market growth.
In the past few years, cybersecurity has become vital for industries to protect their digital possessions from increasing cyber-attacks. Some of the most popular cyber hazards are phishing assaults, spear phishing, malware, ransomware, browser gateway frauds, vishing, whaling, DDoS, and ransomware.
Moreover, cyber attackers aim, at networks, data, endpoints, and other IT infrastructure which costs businesses, governments, and individuals a considerable amount of money.
Furthermore, cyber jeopardizes damage to companies’ important information and crucial IT infrastructure. which reduces their efficiency. Because of the rapid expansion of digital transactions throughout industries, cyber crimes are happening more commonly.
