The global security advisory services market is projected to grow at a CAGR of 12.03% to reach US$21.691 billion by 2027, from US$9.791 billion in 2020.
There is an increase in the adoption of information communication, technology, data encryption, and cybersecurity solutions by different end-user industries. These industries include BFSI, communication and technology, and automobiles, among others, and they are doing this to achieve scalability, protect identities and transactions, reduce operational costs, decrease uptime, and encrypt the sensitive data generated. The protection of digital signatures in order to prevent data breaches is increasing the demand for effective encryption solutions. These factors are thereby leading to a surge in the demand for such solutions and bolstering the market growth over the forecast period.
Some examples of product launches and offerings are as follows:
The communication and technology industries hold a considerable share over the forecast period owing to the fact that user data is being generated in voluminous amounts, which is leading to an increasing and faster adoption of various ICT solutions. Moreover, the military and defence sector is estimated to increase its share over the forecast period owing to the fact that there are rising concerns regarding the security and confidential information about various technologies and assets of the country.
The communications and technology industries hold a considerable share over the forecast period. This is attributed to the increasing penetration of the internet and the rising availability of high-speed internet at affordable prices, which leads to the generation of voluminous amounts of user data. Due to this, user data is being put at risk, which is a direct consequence of increasing cybercrimes and cyber-attacks in recent years, which has led various service providers to adopt security advisory services. Moreover, the military and defense sector is estimated to increase its market share over the forecast period, as there is a lot of data such as defence technology, state secrets, and information that is at risk to spies and other ransomware agents. This not only resulted in the deployment and adoption of other ICT solutions but security advisory solutions as well, which is contributing to the market share this segment holds.
The North American region is estimated to hold a noteworthy market share growth over the forecast period owing to the rising instances of data theft, and the well-positioned Communication and Technology Industry. The Asia Pacific region is estimated to improve its market share over the forecast period due to rising adoption in the BFSI sector and the initiatives being taken by the government.
The North American region is estimated to hold a significant share over the forecast period owing to the fact that the incidences of cybercrimes and cyber-attacks are increasing and are leading to the exploitation of the user data being generated due to the rising usage of internet services. Moreover, the well-developed communication and telecommunication industries are also contributing to the market share of the region. In addition, the Asia Pacific region is estimated to hold a significant share over the forecast period owing to the fact that the governments of countries such as India is taking extensive measures to adopt such solutions to minimize the number of phishing emails and financial frauds which are surging at a decent rate in the country.
The restrictions imposed by the governments around the in response to the outbreak of the coronavirus pandemic mandated employees to work from home. As a consequence, technology became even more crucial in everyone’s working as well as personal lives. Due to this rise of technology, it also became important for organisations still to provide a cyber-safe environment for remote work. This led to an incline in the security advisory market due to companies increasing their cybersecurity measure due to the number of breaches that were being performed, like cyberattacks on video calls. In June 2020, the figures from the National Cyber Security Center of Switzerland reported that there were 350 such cases of cyberattacks in Switzerland alone. Additionally, in July 2020, it was reported by the London Police that more than 11 million pounds had been lost since January 2020, due to covid scams.
|Market Size Value in 2020||US$9.791 billion|
|Market Size Value in 2027||US$21.691 billion|
|Growth Rate||CAGR of 12.03% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments Covered||Application, Enterprise Size, End-User Industry, And Geography|
|Regions Covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies Covered||PWC, EY, Deloitte, KPMG, Kudelski Security, Coalfire, Delta Risk, eSentire, Novacoast, TCS|
|Customization Scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What is the size of the global security advisory services market?
A1. Security Advisory Services Market was valued at US$9.791 billion in 2020.
Q2. What are the growth prospects for the security advisory services market?
A2. The security advisory services market is projected to grow at a CAGR of 12.03% over the forecast period.
Q3. How is the global security advisory services market segmented?
A3. The security advisory services market has been segmented by application, enterprise size, end-user industry, and geography.
Q4. What will be the security advisory services market size by 2027?
A4. The security advisory services market is projected to reach a market size of US$21.691 billion by 2027.
Q5. Which region holds the largest market share in the security advisory services market?
A5. The North American region is estimated to hold a significant share over the forecast period owing to the fact that the incidences of cybercrimes and cyber-attacks are increasing.
1.1. Market Overview
1.2. COVID-19 Impact
1.3. Market Definition
1.4. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis
5. Global Security Advisory Services Market Analysis, By Application
5.2. Penetration Testing
5.3. Vulnerability Management
5.4. Risk Management Strategy
5.5. Incident Response
5.6. Compliance Management
5.7. Security Program Development
5.8. Chief Information Security Officer Advisory and Support
6. Global Security Advisory Services Market Analysis, By Enterprise Size
7. Global Security Advisory Services Market Analysis, By End-User Industry
7.2. Communication and Technology
7.4. Military and Defence
8. Global Security Advisory Services Market Analysis, By Geography
8.2. North America
8.3. South America
8.4.3. United Kingdom
8.5. Middle East and Africa
8.5.1. Saudi Arabia
8.6. Asia Pacific
8.6.3. South Korea
9. Competitive Environment and Analysis
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. Company Profiles
10.5. Kudelski Security
10.7. Delta Risk
10.8. eSentire, Inc.
10.9. Novacoast, Inc.
10.10. Tata Consultancy Services Limited
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