Security Advisory Services Market Research Report – Global Forecast till 2027

Security Advisory Services Market Research Report: By Service (Risk & Compliance Management, Security Program Development, Incident Management), Organization Size, and Industry Vertical (BFSI, Government, Healthcare) - Global Forecast till 2027

ID: MRFR/ICT/6132-HCR | February 2021 | Region: Global | 100 pages

Please note that the assessment period of report has been updated from 2017- 2023 to 2020-2027. Cordially fill Sample form for updated data.

Market Synopsis


Globally, the security advisory services market is expected to grow from USD 5.24 billion to USD 11.79 billion by 2023 at the CAGR of 17.6% from 2018 to 2023. The growth can be attributed to the growing complexity of the IT infrastructure of enterprises, an increasing number of cyberattacks, and the need to adhere to various government regulations. The adoption of cloud computing, social media, IoT, mobile computing, and hyper-connectivity have provided numerous digital businesses the opportunity to enhance the efficiency of their businesses; however, this has also made them more vulnerable by exposing them to a larger cyber-attack surface. For enterprises, the implementation of robust security solutions has become an important area to consider.


A security advisory service enables enterprises to build a security strategy as per the business model and needs. It also provides support in implementing a robust security infrastructure for the enterprise to protect its digital assets from advanced cyber-attacks. Major services that are offered as part of security advisory services includes security risk management, threat & vulnerability management, and guidance in implementing the security operations center (SOC). Although the service is gaining traction among enterprises of all scale,  lack of awareness about various cyber threats and limited spending on cybersecurity is expected to hinder the growth of the security advisory services market.


Security advisory services have a wide adoption across the globe, particularly in the BFSI industry vertical. The industry vertical has always been the most lucrative target for cybercriminals who aim at gaining huge monetary benefits quickly. In recent years, the manufacturing industry has also experienced a high frequency of cyber-attacks,  due to which, it is expected to show the fastest adoption of security advisory services in the next five years.


Segmentation


The global security advisory services market has been segmented  on the basis of service, organization size, industry vertical, and region/country.


By service, the market has been segmented into risk & compliance management, security program development, incident management, penetration testing, vulnerability management, and chief information security officer (CISO) advisory and support.


By organization size, the market has been segmented into large enterprises and small & medium-sized enterprises (SMEs).


Based on industry vertical, the market has been segmented into banking, financial services, and insurance (BFSI), government & public sector, healthcare, IT & telecom, manufacturing, energy & utilities, and others.


By region, the market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. North America has further been segmented into the US, Canada, and Mexico; Europe into the UK, Germany, France, and the rest of Europe; Asia-Pacific into China, India, Japan, and the rest of Asia-Pacific; and the rest of the world into the Middle East & Africa and South America.


Regional Analysis


The global market for security advisory services is estimated to grow rapidly during the forecast period from 2018 to 2023. The geographical analysis of global security advisory services market is studied for North America, Europe, Asia-Pacific, and the rest of the world.


North America is anticipated to have the largest market share in the global security advisory services market. The US, Canada, and Mexico are the leading countries in the region. The growth is attributed to the fast adoption of new technologies, the occurrence of the highest number of cyber attacks, and the presence of several key service providers. Asia-Pacific is presumed to be the fastest growing market in the global security advisory services market over the forecast period. Increasing digitalization and growing financial sector are the key driving factors for the adoption of security advisory services in the region.


Competitive Analysis


The security advisory services market has the presence of a large number of service providers that intensifies competition in the market. The major service providers are adopting the strategy of enhancing their service offerings to offer best in class services to their customers and maintain a leading position in the market. Partnerships, including  agreements and collaborations, is the second most adopted strategy by the major vendors during 2016—2019 Q1 as it enabled them to enhancetheir expertise and serve new customers.


Key players


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).


Intended Audience



  • Security Advisory Service Providers

  • Cybersecurity Solution Providers

  • Cybersecurity Service Providers

  • Managed Service Providers

  • System Integrators

  • Managed Security Service Providers

  • Enterprises

  • Distributors and Value-added Resellers (VARs)

  • Security Standards Making Bodies and Associations

  • IT Consultants



Frequently Asked Questions (FAQ) :


The limited spending on cybersecurity is expected to create an obstruction in the market expansion.

The elevated adoption rates from the BFSI sector are expected to motivate the market in the forthcoming period.

The generation of revenues worth USD 11.79 billion by 2023 is estimated to boost the market in the coming period.

PricewaterhouseCoopers Private Limited (UK), eSentire, Inc. (Canada), Coalfire Systems, Inc. (US), KPMG International Cooperative (Netherlands), Cisco Systems, Inc. (US), Tata Consultancy Services Limited (India) and CybeRisk (US) are spurring the overall market growth in the coming period.

The strong contribution of nations such as the US and Canada are expected to motivate the North American regional market in the upcoming period.