Global Security Advisory Services Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Application (Penetration Testing, Vulnerability Management, Risk Management Strategy, Incident Response, Compliance Management, Security Program Development, Chief Information Security Officer Advisory And Support), By Enterprise Size (Small, Medium, Large), By End-User Industry (Communication And Technology, Government, Military And Defence, Manufacturing, Healthcare, BFSI, Others), And By Geography - Forecasts From 2022 To 2027

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:

• Novacoast, a company involved in the provision of various services under the segments including development, identity, access, security, and compliance also offers a variety of cybersecurity advisory services such as “Incident Response”, “DDOS Assessment”, and “Threat Hunting” among others. Their incident response solutions offer the clients persistent threat management, forensics, and containment solutions. The DDOS assessment is a solution that is being provided for end-users such as hospitals, and public utility providers, among others. These solutions aid the end-users to prevent DDOS attacks, which can result in websites being shut down and different IT services disabled. In addition, Threat Hunting is a curated solution that facilitates the detection of threats by monitoring the data feeds, investigating suspicious behaviours, and activity analysis among other features.
• Kudelski Security, which is considered one of the leading companies globally and is involved in the provision of various solutions and services, also provides its end-users with advisory services. The advisory services portfolio includes, “Risk, Threat, and Vulnerability Management, which is used to assess various cyber threats, for facilitating software assurance, advanced penetration testing, and for providing cloud security. “Incident Response and Cyber Resilience” is also offered under the portfolio and offers faster response times for various cyber threats, facilitates cyber threat hunting, and is able to provide top-quality incident response and on-demand threat retainers. In addition, they also provide other services under the segments “Cybersecurity Staffing” and “Strategy and Governance”.
• Tata Consultancy Services Limited, which is also one of the leading companies globally dealing in the provision of a host of services to various end-users, offers cybersecurity advisory, assessment, and architecture services. Some of the solutions include Identity and Access Management (offers IAM maturity assessment, IAM architecture, and product evaluation) Enterprise Vulnerability Management (offers vulnerability assessment, penetration testing, and ethical hacking), Digital Forensics, and Fraud Management (offers a host of solutions including privacy impact assessment, supplier risk framework, and maturity assessment, etc.).

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.

Key developments

• September 2022:  NTT DATA UK&I came into a partnership with SecurityScvorecard in order to transform and innovate cyber risk monitoring across the UK and Ireland.
• October 2021: Google successfully launches its security advisory services, under the name ‘Google Cyber Security Action Team’ which aims at helping government and corporate clients.
• August 2019: DXC Technology completed the acquisition of Syscom, a firm that provides expertise in security operations, in order to strengthen its capabilities of service management and security operations in the region of Norway.
• August 2019: Deloitte and Splunk Inc. came into a partnership to provide automated security monitoring and response capabilities which would help both organizations to attain stable security throughout their workflow.

COVID-19 Insights:

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.

Global Security Advisory Services Market Scope:

Market Segmentation:

• By Application
  • Penetration Testing
  • Vulnerability Management
  • Risk Management Strategy
  • Incident Response
  • Compliance Management
  • Security Program Development
  • Chief Information Security Officer Advisory and Support
• By Enterprise Size
  • Small
  • Medium
  • Large
• By End-User Industry
  • Communication and Technology
  • Government
  • Military and Defence
  • Manufacturing
  • Healthcare
  • BFSI
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  •  Europe
    • Germany
    • France
    • United Kingdom
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Thailand
    • Taiwan
    • Indonesia
    • Others