Modernization, along with security services, has forced the market for advanced services and increased accessibility. Security consultancy services are responsible for ensuring that the devices in use are protected. Several criteria, such as support & repair, framework & integration, and many others, should be considered. Companies that run on JAVA, Cloud, etc. systems are all similarly vulnerable to attacks. Security advisory services are needed to avoid vulnerabilities in the global market from being a danger or obstacle. Security advisory services are a measure designed to safeguard organizations against vulnerabilities. Security consulting services are created to coordinate a company's future threats and problems that can be internal as well as external.
The global security advisory service market revenue is projected to reach close to USD 28215.20 Million by 2028. The key factors driving the security advisory services market are the growth in the intensity of cyber-attacks and increased sophistication in attacking methods, the emergence of disruptive digital technologies such as IoT across verticals that need extensive security compliance, and government regulations.
However, the lack of trained experts in specialized security services and lack of knowledge of specialized cybersecurity threats are among some of the factors hindering the growth of the market for security advisory services. Furthermore, the adoption of new technology and business strategies is anticipated to create a business opportunity for security advisory service providers to maintain security compliance in enterprises and thus leading to the growth of the security advisory services market.
Key Segments of the Global Security Advisory Service Market
Service Type Overview, 2018-2028 (USD Million)
- Penetration Testing
- Vulnerability Management
- Security Risk Management
- Incident Response
- Compliance Management
- Security Program Development
- Chief Information Security Officer Advisory and Support
Organization Size Overview, 2018-2028 (USD Million)
- Small and Medium-Sized Enterprises
- Large Enterprises
Industry Vertical Overview, 2018-2028 (USD Million)
- Banking, Financial Services, and Insurance
- IT and Telecom
- Government and Public Sector
- Energy and Power
Regional Overview, 2018-2028 (USD Million)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global security advisory service market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global security advisory service market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the security advisory service industry and their strategic initiatives for the product development
- The study covers a qualitative and quantitative analysis of the market segmented based on service type, organization size, and industry vertical. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global security advisory service market. The report will benefit every stakeholder involved in the security advisory service market.
- Managers within the security advisory service industry looking to publish recent and forecasted statistics about the global security advisory service market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of global security advisory service market.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies
Because of the growing recognition of cyber hazards and threats, the global demand for security advisory services has been expanding. Among the most valued properties for the owner are the physical as well as intellectual property of people and businesses. This makes it important to weave a safety net that ensures the safety of these assets and prevents workflows from being disrupted by undue externalities. Security consulting services are also provided by security merchants, such as risk management policy, penetration testing, incident response, security program creation, and chief information security. Thus, those services fuel the security advisory services industry. Growing dependency on cloud platforms to store, maintain, and retrieve organizational data has fueled demand for security advisory services within the global market. Besides, cyber-attacks and embezzlement of a key individual or organizational data have also resulted in the development of the global security advisory services industry. Along with the emergence of new technologies, the complexities of businesses and organizations have grown. Therefore, a mechanism that centrally protects and secures the core assets of different individuals or organizational organizations needs to be deployed.
Service Type Segment
In terms of service type, the market is divided into penetration testing, vulnerability management, security risk management, incident response, compliance management, security program development, chief information security officer advisory, and support. In the year 2019, the incident response segment gathered major growth and it is likely to keep its position throughout the forecast years. Incident response services help organizations to significantly strengthen the security defense mechanics. Moreover, it helps organizations in minimizing the impact of cyber threats by quickly identifying unauthorized and malicious activities across IT infrastructure. Hence, this helps in the growth security advisory services market.
Organization Size Segment
Based on the organization size, the market is segmented into small and medium-sized enterprises and large enterprises. The small and medium-sized enterprises segment leads the market growth in 2019 and it is anticipated to hold its position during the forecast years. The market growth of this segment is mainly attributed to the increasing incidences of data breaches on these enterprises, as well as, a rise in the sophistication level of cyber-attacks.
Industry Vertical Segment
In terms of the industry vertical segment, the market is segmented into banking, financial services, and insurance, IT and telecom, government and public sector, healthcare, energy and power, manufacturing, and others. In 2019 the banking, financial services, and insurance segment accumulated the major market share, and it is expected to do so over the forecast years. The market growth of this segment is mainly ascribed to the various applications required in the industry such as fraud detection, prevention of data loss or theft as well as the overall maintenance of the integrity of the system.
The North American region dominated the overall market in 2019 and it is projected to keep its position during the forecast years 2018-2028. The market growth in this region is mostly ascribed to the fast adoption of new technologies, the occurrence of the highest number of cyber-attacks, and the presence of several key service providers. Besides, Increasing digitalization and the growing financial sector is also boosting the market growth in this region.
The major players of the global security advisory service market are PWC, EY, Deloitte, KPMG, Kudelski Security, Coalfire, Delta Risk, eSentire Inc., Novacoast Inc., and Tata Consultancy Services (TCS) Limited. The security advisory service market consists of well-established global as well as local players. Besides, the previously recognized market players are coming up with new and advanced strategic solutions and services to stay competitive in the global market.