The adoption of new technology and business strategies is anticipated to create a business opportunity for security advisory service providers to maintain the security compliance in enterprises and thus leading to the growth of the security advisory services market.
The global security advisory services market size is projected to reach nearly USD 28,215.20 million by 2028. Besides, it is projected to gather a CAGR of above 14.69% over the forecast years 2018-2028. Security advisory service is a form of consulting service that is designed to help organizations evaluate their security presence and develop stable cybersecurity infrastructure for high-level cyber threat defense. Modernization, along with security services, has pushed the demand for modern networks and improved connectivity. Security consulting firms are responsible for ensuring that the systems in use are safe. Several criteria should be taken into accounts, such as framework & integration, help & maintenance, and many others. Companies that run on JAVA, Cloud, etc. systems are all similarly vulnerable to attacks. To avoid vulnerabilities from being a danger or obstacle in the global market, security advisory services are required. Security Advisory Services is a measure designed to protect organizations from vulnerabilities. Security consulting services are established to coordinate a company's future threats and problems that can be internal as well as external. It primarily includes elements such as risk & strategic consulting, routine product reviews, and response to incidents.
The future and existing security advisory services market progress are outlined to know the market attractiveness. Key influencing factors focus on the security advisory services of market opportunities over the forecast years. Factors such as increased adoption of cloud services and an increase in the adoption of web and mobile-based applications in business processes, growing attacks on network infrastructures, and the need of enterprises to comply with various regulatory and compliance requirements are the factors driving the growth of security advisory services. However, the lack of qualified professionals in advanced security services and deficient knowledge regarding advanced cybersecurity threats are some factors causing a hindrance to the growth of security advisory services. Furthermore, the increase in e-commerce penetration across verticals is anticipated to be an opportunity for the security advisory services market.
The report also outlines the various characteristics of the global security advisory services industry by assessing the market from value chain analysis. Moreover, the security advisory services market report comprises various qualitative parts of the security advisory services industry in market restraints, essential industry drivers, and opportunities. Furthermore, the report provides a complete assessment of the market through company profiling and the competitiveness of the local as well as global vendors.
The security advisory services market has solid competition amongst the already well-known and new market players. Also, the security advisory services industry players are pursuing potential markets to seize a competitive lead among the other industry players by forming mergers & acquisitions, agreements, acquiring other companies & new startups, establishing collaboration & partnerships, and growing their business existence.
Based on the service type segment, the market is segmented 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 acquired major growth and it is likely to maintain its position during 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.
The North American region is projected to accumulate the highest growth during the forecast years. 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 services market are PWC, EY, Deloitte, KPMG, Kudelski Security, Coalfire, Delta Risk, eSentire Inc., Novacoast Inc., Tata Consultancy Services (TCS) Limited. The security advisory services market comprises well established local as well as global 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.
Segment Overview of Global Security Advisory Services 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)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America