Security Advisory Services Market accounted for US$ 8.85 Bn in 2018 and is expected to grow at a CAGR of 17.7% over the forecast period 2019-2027, to account for US$ 37.86 Bn by 2027.
North America leads the Security Advisory Services Market by region. North America region is characterized by the presence of well-developed countries such as the US and Canada, strong industry base, and high technology adoption. Due to high level of industry automation and prevalence of digital services among customers, the enterprises in this region are facing a huge risk from cyber-attacks and data breaches. In addition to this, the rising adoption of technologies such as cloud computing, internet of things (IoT), predictive analytics, and artificial intelligence in diverse industry verticals such as BFSI, healthcare, IT, telecom, manufacturing, and government is further increasing the vulnerability of systems and networks towards cyber-attacks and other security threats. The presence of fast growing countries, rising technology adoption, increasing number of connected devices, and digital transformation of processes & services are some of the major factors that are expected to drive the growth of Security Advisory Services Market in the APAC region. Other developing regions such as MEA and SAM are also projected to grow at a steady pace, owing to the increasing government initiatives to digitalize the economy with adoption of advanced technologies.
The organizations in the North America region are investing heavily for the security of their networks. Also, they are providing training to their employees to manage the digital workplace safely. The major reason for huge investment in the cyber security is the widespread cybercrime not only in IT, telecom, and BFSI, but also among small, medium and large enterprises. Further, rising cybersecurity breaches in North America creates an opportunity for security advisory service providers to introduce their services to the organizations to handle security challenges. Due to the lack of cybersecurity knowledge, security experts are unable to handle the huge volume of daily insights, which leaves companies exposed to security threats. The Security Advisory Services help the Security Operations Center to deliver actionable feedback to the security analysts, which intern enables an analyst to focus on crucial elements of the investigation with utmost efficiency. As cybercrime is becoming more organized, it is imperative to adopt efficient security advisory services, which help mitigate security risk and threats. Thus, need for maintenance of crucial data and increasing frequency of cyber-attacks are the factors driving the growth of the Security Advisory Services Market.
Key Players Influencing the Market
Deloitte Touche Tohmatsu Limited
Ernst & Young Global Limited
KPMG International Cooperative
and DXC Technology Company
Tata Consultancy Services Limited
Dimension Data among others
The market for Security Advisory Services has been segmented on the basis of service type, enterprise size, industry vertical, and geography. Based on service type, the Security Advisory Services Market has been segmented into penetration testing, security program management, vulnerability management, incident response, compliance management, CISO advisory and support, and security risk management. Based on enterprise size, the Security Advisory Services Market has been segmented into large enterprises and small and medium-sized enterprises (SMEs). The Security Advisory Services Market is further segmented on the basis of industry vertical into BFSI, government and public sector, IT and telecom, healthcare, energy and power, manufacturing, and others. Geographically, the Security Advisory Services Market is fragmented into five regions, including North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
The overall global Security Advisory Services Market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the global Security Advisory Services Market. It also provides an overview and forecast for the Security Advisory Services Market based on all the segmentation provided for the global region. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Security Advisory Services industry.
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