Global Security Advisory Services Market : Industry Analysis and Forecast (2019-2026)

Global Security Advisory Services Market is expected to reach US$ 15.12 Bn by 2026 from US$ XX Bn in 2019 at a CAGR of XX%.

The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.

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The report segment of security advisory services market based on service type, Organization size, vertical, and region. On the basis of service type, the security advisory services market is classified into penetration testing, risk management strategy, vulnerability management, incident response, security program development, compliance management, chief information security officer (CISO) advisory and support. Based on organization size, the security advisory services market is categorized into small & medium enterprises, large enterprises. In terms of vertical, the security advisory services market is segmented into banking, financial services, and insurance (BFSI), government and public sector, IT and telecommunication, healthcare, manufacturing, energy and power, and others. Region wise into North America, Europe, Asia Pacific, Middle East & Africa and Latin America.

The key driving factor for this market include rise in security breaches and increased sophistication level of cyber-attacks are said to be the main drivers of the market. Factors such as increased adoption of cloud services and increase in adoption of web and mobile based applications in business processes, growing attacks on network infrastructures and need of enterprises to comply with various regulatory and compliance requirements are the factors driving the growth of security advisory services. However, lack of qualified professionals in advanced security services and deficient knowledge regarding advanced cyber security threats are some factors causing a hindrance in the growth of security advisory services market.

The small and medium enterprises among the organization size segment is anticipated to lead the market share over the forecast period, and anticipated to dominate the segment over the forecast period this is majorly due to increasing incidences of data breaches on these enterprises, as well as, a rise in the sophistication level of cyber-attacks. SMEs are small in terms of their size.

The government and public sector vertical is anticipated to contribute to the largest market share in the security advisory services market. There have been a strong adoption of advanced technologies in the government and public sector in the recent years. The applications used in the government and public sector are becoming the prime targets for cybercriminals to access the sensitive data. The Banking, Financial Services, and Insurance (BFSI) vertical is anticipated to dominate the security advisory services market, with the largest market size in 2017.

In terms of region, North America security advisory services holds the largest market share and is anticipated to dominate the market in the near future owing to large number of early technology adopters in this region. Europe contributes a significant market share in security advisory services market due to increase in adoption of digitization by enterprises in these regions. Asia-Pacific region is estimated to show the highest growth rate as enterprise are adopting security advisory services to combat IT security threats.

Some of key players in the security advisory services market are Cisco Corporation, DXC Technology Company, Column Information Security, Ernst & Young, Delloite, KPMG, PwC, DeltaRisk, TCS, CybeRisk, Coalfire, eSentire, Novacoast, Security Compass and Kudelski Security.

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Global Security Advisory Services Market by Service Type

• Penetration testing

• Risk management strategy

• Vulnerability management

• Incident response

• Security program development

• Compliance management

• Chief Information Security Officer (CISO) advisory and support

Global Security Advisory Services Market by Organization Size

• Small & Medium Enterprises

• Large Enterprises

Global Security Advisory Services Market by Vertical

• Banking, Financial Services, and Insurance (BFSI)

• Government and public sector

• IT and telecommunication

• Healthcare

• Manufacturing

• Energy and power

• Others

Global Security Advisory Services Market by Geography

• North America

• Europe

• Asia-Pacific

• Middle East & Africa

• Latin America

Key Players operating in the Global Security Advisory Services Market

• Deloitte

• Kudelski Security

• Delta Risk

• Coalfire

• EY

• Cyberisk

• PQ Solutions

• Novacoast

• Infineon

• PQ Solutions

• KPMG

• Security Compass

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[Swaswati Borpuzari]

The Global Security Advisory Services Market is experiencing significant growth, driven by the increasing need for robust cybersecurity measures across various industries. This market, which encompasses a wide range of services including risk assessment, security strategy development, compliance management, and incident response, is expected to expand substantially from 2019 to 2026. The primary factors contributing to this growth include the rising frequency and sophistication of cyber threats, stringent government regulations, and the growing awareness of the importance of proactive security measures. As businesses increasingly adopt digital transformation strategies, the demand for expert security advisory services to navigate complex regulatory landscapes and protect sensitive data is on the rise. Furthermore, the advent of new technologies such as cloud computing, the Internet of Things (IoT), and artificial intelligence (AI) is creating new security challenges that organizations are eager to address through specialized advisory services. The market is also witnessing a trend towards more integrated and holistic security solutions, as companies seek comprehensive strategies to mitigate risks and enhance their overall security posture. Key players in the market are investing heavily in research and development to stay ahead of emerging threats and to offer innovative solutions that meet the evolving needs of their clients. With these dynamics at play, the Global Security Advisory Services Market is poised for robust growth over the forecast period, making it a critical area of focus for both established and emerging players in the cybersecurity industry.