Report : Security Advisory Services Market to 2027 - Global Analysis and Forecasts By Service Type (Penetration Testing, Security Program Management, Vulnerability Management, Incident Response, Compliance Management, CISO Advisory and Support, Security Risk Management); Enterprise Size (SMEs, Large Enterprises); Industry Vertical (IT and Telecom, Healthcare, Energy and Power, Manufacturing, BFSI, Government and Public Sector, Others)
The global security advisory services market was valued US$ 8.85 Bn in 2018 and is expected to reach US$ 37.86 Bn by 2027, with a CAGR growth rate of 17.7% in the forecast period from 2019 to 2027.
The digitalization revolution around the world presents a massive opportunity for businesses to utilize digital technology and process automation in order to transform their business models and existing processes for increased operational efficiency and revenue. End-to-end business process optimization, operational efficiency, reduction of cost, and human errors are some of the factors that are boosting the growth of digital transformation in any industry. In the past few decades, the proliferation of connected devices, digital services, the internet of things (IoT), and artificial intelligence has increased exponentially. The paradigm shift of companies from traditional to digital and automated processes is reaping many benefits for enterprises such as improved efficiency, reduced cost, and increased revenue opportunities. Digital transformation has become a critical requirement for the sustainable growth of any enterprise, owing to the growing demands of customers and rising industry competition. Despite offering many advantages, digitalization is also increasing the exposure of enterprises towards cyber-attacks. Government institutions, insurance companies, healthcare institutions, financial firms, and critical infrastructure organizations are some of the most targeted enterprises for cyber-attacks. Hence, to understand the potential risks and to enhance the overall information security framework, enterprises all across the world are anticipated to invest in security advisory services and drive growth in the coming years.
With the rising trend of digital transformation among industries and the increasing proliferation of connected devices among customers, the frequency and complexity of cyber-attacks is also growing at an unprecedented rate. The enterprises of all sizes, both large and SMEs, are facing the threat of cyber-attacks. According to Gemalto, a digital security company, the number of data breaches rose 140% in the first half of 2018 in comparison to the same time period in 2017, and more than 3 billion data records were compromised in these incidents. Similarly, according to CISCO’s “SMB Cybersecurity Report” around 53% of medium-sized companies suffered some kind of data breach in more than 25 Countries.
Source: The Insight Partners Analysis
The report segments the global security advisory services market as follows:
Global Security Advisory Services Market – By Service Type
Global Security Advisory Services Market – By Enterprise Size
Global Security Advisory Services Market – By Industry Vertical
Global Security Advisory Services Market – By Geography
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