The global market for security advisory services attained a valuation of USD 5.24 billion in 2018 and is currently on track to reach a valuation of USD 11.79 billion by 2023, estimates Market Research Future (MRFR). MRFR notes the possibilities of the market, achieving a robust growth rate of 17.6% from 2018 to 2023, which is the forecast period.
Top Drivers and Key Challenges
Surge in cybersecurity risks has been identified as one of the chief reasons behind the strong market growth for security advisory services. The overall impact of cybersecurity risk is hard to anticipate, which calls for the use of these services. With increasing awareness, a number of enterprises are increasingly deploying services that can help them avoid vulnerabilities.
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Various aspects of an enterprise can be optimized with the use of security advisory services. Security advisory services help understand the main weaknesses in an organization, given the rising adoption rates of cloud computing solutions and the subsequent rise in cyber-attacks.
High adoption of cloud services combined with the increase use of web and mobile based applications across business processes, mounting attacks on network infrastructures and the rising need to comply with regulatory standards could also benefit the security advisory services market in the following years.
The prominent players in Security Advisory Services Market are Deloitte Touche Tohmatsu Limited (US), Ernst & Young Global Limited (UK), KPMG International Cooperative (Netherlands), PricewaterhouseCoopers Private Limited (UK), Coalfire Systems, Inc. (US), CybeRisk (US), Cisco Systems, Inc. (US), Tata Consultancy Services Limited (India), eSentire, Inc. (Canada), Security Compass (Canada), Novacoast, Inc. (US), Kudelski Security (Switzerland), DXC Technology Company (US), Rapid7 LLC (US), and Intertek Group PLC (UK).
The global market for security advisory services has been segmented with respect to service, organization size and industry vertical.
Depending on the service, the market segments are security program development, risk & compliance management, penetration testing, incident management, chief information security officer (CISO) advisory and support as well as vulnerability management.
Given the organization size, the market has been divided into large enterprises as well as small & medium-sized enterprises (SMEs).
Considering the industry vertical, the market caters to government & public sector, banking, financial services, and insurance (BFSI), IT & telecom, healthcare, energy & utilities, manufacturing, and others.
The market for security advisory services has been geographically segmented into Europe, North America, Asia Pacific (APAC), and the rest of the world (RoW).
North America is all set to take over the leading position in the global security advisory services market. The United States (US) along with Canada and Mexico have emerged as the most lucrative markets for security advisory services and the main reasons behind this can be the fast-paced adoption of the latest technologies among others. The regional market growth is also backed by the high number of cyber-attacks combined with the presence of a large number of renowned service providers. Elevated awareness about cyber risks as well as security breaches has boosted the scope of security advisory services since several companies are joining forces to utilize these services that can give them information as well as guidelines to safeguard their company from threats.
APAC has the most potential to gain the fastest growth rate in the global security advisory services market in the following years. Surging digitalization coupled with the expanding financial sector are some of the top factors contributing towards the market growth in the region. Increasing complexity in the IT infrastructure, rising number of cyber-attacks, and the requirement for sufficing compliance requirements are also projected to favor the market growth in the ensuing years.
Surging frequency of cyber espionage, high number of start-ups that provide cyber security, denial of service attacks, high demand for cyber security solutions in the BFSI sector and the elevated focus on customization of cyber security services has induced the growth of the security advisory services market in Europe.
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- Security Advisory Service Providers
- Cybersecurity Solution Providers
- Cybersecurity Service Providers
- Managed Service Providers
- System Integrators
- Managed Security Service Providers
- Distributors and Value-added Resellers (VARs)
- Security Standards Making Bodies and Associations
- IT Consultants
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