Security Advisory Services Market overview
The global security advisory services market is expected to register a CAGR of 13.60% from 2022 to 2030. The market was USD 5.24 billion in 2018. It should be worth USD 36.3 Billion By 2030.
Many enterprises are tapping into the security advisory services market because these technologies allow them to make their business operations and sensitive information much more secure. Security advisory services also protect their IT infrastructure and make it less vulnerable to cyberattacks.
Security Advisory Services Market COVID-19 analysis
The fallout from COVID-19 has done more to catapult the world into the digital era than any other development in the past one hundred years has. People may have been staying indoors much more often but they still had to shop and work. They just chose to do these online.
Therefore, e-commerce and e-business blossomed. Businesses suddenly increased spending on IT infrastructure manyfold. However, with that came the issue of security. These businesses turned to the security advisory services market to safeguard their business operations, their businesses, and the sensitive data that these entities harbored.
Security Advisory Services Market dynamics
Unfortunately, as the world has gone digital, hackers have gotten more clever in the ways and methods that they use to hack into various companies’ databases. Therefore, many managers and executives are turning to the global security advisory services market for solutions. This has been a major driver of growth in the market.
Many manufacturers of security advisory services are investing heavily in research and development. The objective is to try to develop a new generation of services that will keep businesses, their data, and IT infrastructure and systems even more secure.
The key restraints to security advisory services market growth are the fact that many organizations are simply unaware of the threats that cyberattacks can pose for them, and lower spending on these services.
The greatest challenge that companies in the global security advisory services market will face in the future is increasing awareness of the importance of these services to SMEs around the world.
- Cumulative growth analysis
The global security advisory services market is expected to register a CAGR of 17.6% from 2018 to 2023. The market was USD 5.24 billion in 2018. It should be worth USD 11.79 billion by 2023.
Security Advisory Services Market Technology analysis
Tata Consultancy is a key player in the global security advisory services market. It got to this position by investing heavily in research and development. Therefore, it was able to develop superior services that gave it the sustainable competitive edge it needed to become and remain profitable. The company also became an industry leader in no time.
Security Advisory Services Market Segment overview
This segment can be grouped as follows:
- Risk and compliance management
- Security program development
- Incident management
- Penetration testing
- Vulnerability management
- CIO security advisor and support
This segment can be grouped as follows:
This segment can be grouped as follows:
- Financial services
- Public sector
- IT & Telecom
- Energy and utilities
The government and public sector sub-sector are expected to register the highest CAGR at 19.9% for the time period that this report covers. The reasons for this are that the developed economies of the USA, Canada, Japan, China, and Europe will spend large amounts of money on ensuring that their government systems and IT-related infrastructure is secure from cyberattackers.
The banking and financial services sector itself is expected to register a CAGR of 18.9% for the time period that this report covers. This sub-sector is expected to be worth USD 9.7 billion by 2023.
Security Advisory Services Market Regional analysis
The global security advisory services market can be grouped into the following geographic regions:
- North America
- The European Union
- The Rest of the World
The North American region can be grouped into the following countries:
The United States of America
The European Union can be grouped into the following countries:
- The United Kingdom
- The Rest of Europe
The Asia-Pacific region can be grouped into the following countries:
The rest of the Asia-Pacific region
The rest of the world can be grouped into the following regions:
- South America
- The Middle East and Africa
The North American region is expected to enjoy the largest share in the global security advisory services market. America, especially, is home to some of the largest providers of security advisory services in the world. This fact alone puts it at an unfair advantage.
The fact that America leads in the number of security advisory services firms also allows the nation to create a sustainable competitive advantage in the global security advisory services industry.
America itself has historically been the first country in the world to adopt new technologies. The technologies that encompass security advisory services are no exception. This is another reason why America is expected to enjoy the largest security advisory services market share for the time period that this report covers.
Since the United States of America is the most digitally wired nation in the world, it makes sense that the nation also faces the greatest number of cyberattacks annually. This is another key factor that’s driving its security advisory services market growth rate.
The Asia-Pacific region is expected to enjoy the highest regional CAGR at 17.7% for the time period that this report covers. The entire Asia-Pacific region is modernizing and industrializing rapidly. Therefore, firms in all nations across Asia are going digital at a phenomenal pace.
It’s interesting to note that COVID-19 has accelerated this trend. In any case, most companies in India and China are going digital at a rapid pace. These firms need a way to safeguard themselves, their infrastructure, and the data that they harbor. That’s why they’re turning to security advisory services providers in exponentially growing numbers.
The demand for these types of providers is expected to accelerate in the coming years for companies throughout the Asia-Pacific region. That said, this trend is not just confined to the Asia-Pacific region. Companies in all regions of the world will have a greater demand for the services that security advisory service firms provide in the future.
The European Union is expected to register a growth rate of 13.6% for the time period that this report covers. Germany, especially, is expected to register the strongest growth rates in the union.
Security Advisory Services Market Competitive landscape
The global security advisory services market is highly competitive. The market itself is extremely lucrative and is registering a high CAGR. Since this trend is expected to continue for many more years, many companies are attracted to the industry (by its vast money-making potential.)
Larger companies, especially those that have larger treasuries can hire software developers and programmers that are more experienced and more talented to deliver superior solutions that will sell better in the general target markets.
There are also relatively few barriers to entry. Therefore, many larger companies find that they face very little resistance when trying to enter the market. All of these factors mean that existing companies must become very creative when trying to survive in the market.
These companies find that they must invest heavily in research and development if they want to continue to generate above-average profit margins and remain financially viable. It’s through research and development that these companies find that they can develop superior services that will not only sell better but allow them to charge higher prices to the end consumers.
Companies also find that they can create a sustainable competitive advantage by entering into strategic partnerships with other successful companies in the same or in parallel industries. The resulting company ends up increasing its knowledge and resource base by doing so. It can then invest much more intensively in research and development. The firm can also invest more in marketing - digital and traditional - so that it can reach more target markets faster.
When companies acquire and merge with other companies, they accomplish the same goals and objectives that those companies that enter into strategic partnerships with other successful companies do. For example, they can invest much more intensively in research and development. Therefore, they can develop and market a new generation of financial services that are far more effective and responsive than previous generations were.
Deloitte is a major American player in the global security advisory services market. It managed to create a sustainable competitive advantage by investing heavily in research and development. Therefore, it was able to develop and market those services that gave it a sustainable competitive advantage and allowed it to outsell the competition.
Deloitte was also able to carve out a specific niche for its services. This allowed it to gain an unfair edge over the competition.
Security Advisory Services Market List of Companies
- 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)
- Intertek Group PLC (UK)
Security Advisory Services Market Recent Developments
Deloitte announced the addition of four new modules for dynamic opponent intelligence, mobile device security, threat hunting, and digital risk prevention to its Managed Extended Detection and Response Platform (MXDR) in July 2022. The platform also includes improved cybersecurity industry intelligence. Organisations will benefit from the latest MXDR extension as they prepare for cyberattacks.
DXC Technologies announced a new consulting service in June 2022 for agencies under the Australian State Government. With the aid of new services, the government will be able to get the most out of Oracle technology and improve processes and technical guidance overall.
At the "Future Cloud event" in June 2021, Cisco announced its CX Business Critical Services for Cloud. The CX Business Critical Services for Cloud offer knowledge and consultancy services for designing and implementing.
USD 36.3 Billion By 2030
13.60% From 2022 to 2030
Value (USD Billion)
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
By Service, Organization Size
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
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).
Key Market Opportunities
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.
Key Market Drivers
The fastest growing market in the global security advisory services market over the forecast period. \r\nIncreasing digitalization and growing financial sector are the key driving factors for the adoption of security advisory services in the region.
Security Advisory Services Market Highlights:
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 36.3 billion by 2030 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.
Key Questions Answered
Request Free Sample
- ✅Global Market Outlook
- ✅In-depth analysis of global and regional trends
- ✅Analyze and identify the major players in the market, their market share, key developments, etc.
- ✅To understand the capability of the major players based on products offered, financials, and strategies.
- ✅Identify disrupting products, companies, and trends.
- ✅To identify opportunities in the market.
- ✅Analyze the key challenges in the market.
- ✅Analyze the regional penetration of players, products, and services in the market.
- ✅Comparison of major players’ financial performance.
- ✅Evaluate strategies adopted by major players.
Why Choose Market Research Future?
Speak to Analyst
- ✅Vigorous research methodologies for specific market.
- ✅Knowledge partners across the globe
- ✅Large network of partner consultants.
- ✅Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- ✅Trusted by fortune 500 companies/startups/universities/organizations
- ✅Large database of 5000+ markets reports.
- ✅Effective and prompt pre- and post-sales support.