Security Advisory Services Market Size, Share & Trend Forecasts to 2027

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)

Publication Month : Feb 2020

  • Report Code : TIPRE00008346
  • Category : Technology, Media and Telecommunications
  • Status : Published
  • No. of Pages : 186
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The security advisory services market revenue from 2019 - 2027. The global security advisory services market accounted for US$ 8,846.5 million in 2018 and is anticipated to grow with a CAGR of 17.7% to account for US$ 37,860.6 million by 2027.

In the past few years, the complexity and frequency of cyber-attacks involving APTs, ransomware and other advanced malwares is growing at an unprecedented rate. This scenario is creating a challenging environment for enterprises operating in data driven industries such as government, BFSI, energy & power, IT & telecom, and healthcare. The unprecedented growth in the number of cyber-attacks has further led to an increased need for security solutions and services across enterprises. According to McAfee Labs Threats Report (2019), the ransomware attacks increased by 118% in the first quarter of 2019 and many new ransomwares are being detected at a regular basis. In general, most of the large scale cyber-attacks were focused on large enterprises and cyber criminals are using user-execution and spear-phishing file attachments to target the networks of these enterprises. In addition to the common attacks, the frequency of zero-day attacks is also increasing at a fast pace and cyber criminals are taking advantage of inadequate security systems employed by majority of enterprises globally. Hence, the need to understand potential threats, identify vulnerabilities, and take remedial steps to prevent & counter attacks is growing at a fast pace across enterprises. All these developments are expected to drive the growth of security advisory services market during the forecast period of 2019 to 2027.

Lucrative Regions for Security Advisory Services Market

Lucrative Regions for Security Advisory Services Market
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Market Insights

Increasing importance of information security among small and medium-sized enterprises 

With rising trend of digital transformation among industries and 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 same time period in 2017 and more than 3 billion data records were compromised in these incidents. Similarly, according to CISCO’s “SMB Cyber Security Report”, around 53% of medium sized companies suffered some kind of data breach in more than 25 Countries.

In general, lack of IT resources, budget constraints, and lack of awareness about latest cyber threats are some of the major factors that contribute to less investments in cyber security measures from SMEs. However, in the past few years, SMEs are investing substantially in digital transformation to improve their operations and productivity. This trend of digitalization is also increasing the risks related to cyber security. Initially, cyber attackers were used to focus on targeting large companies and big government organizations but this trend is changing fast. Ransomware, phishing attacks, advanced persistent threats (APTs), and denial-of-service attacks are some of the common threats that SMEs are facing. To identify the vulnerabilities and to mitigate the risks of cyber-attacks, the demand for security advisory services is estimated to grow at an impressive rate among SMEs. In addition to this, the stringent regulations regarding cyber safety are also driving enterprise to invest in security solutions and services. Hence, SMEs offer a huge future growth opportunity for players operating in the global security advisory services market. In order to tap this potential segment, security advisory service providers need to invest in marketing activities to spread awareness about the importance of information security services among small and medium scale enterprises.

Service Type Market Insights

On the basis of service type, the global security advisory services market is segmented into penetration testing, security program management, vulnerability management, incident response, compliance management, CISO advisory and support, and security risk management. The increasing digitalization across various industry verticals is resulting in rising susceptibility of businesses towards cyber-attacks. The rising sophistication and complexity of cyber-attacks is driving the demand for efficient security solutions and services among enterprises in diverse industry verticals such as BFSI, government, manufacturing, healthcare, and IT & telecom among others. All these factors are projected to drive the demand for security advisory services among enterprises of all sizes during the forecast period of 2019 to 2027.

Security Advisory Services Market, by Service Type– 2019 and 2027

Security Advisory Services Market, by Service Type– 2019 and 2027
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Enterprise Size Market Insight

In the digital age, security from both internal and external threats is one of the major concerns for organizations. The growing trend of process automation, digitalization, and adoption of cloud based solutions are some of the major factors that are driving the demand for security advisory services among large and small enterprises. There are various types of security advisory services offered by companies such as Deloitte, KPMG, PwC, and others. On the basis of enterprise size, the security advisory services market is segmented into small and medium enterprises (SMEs) and large enterprises. In this market study, small & medium enterprises (SMEs) are defined as companies that comprise of employees up to 500 and companies with more than 500 employees are defined as large enterprises. The growing awareness about cyber security among enterprises is anticipated to boost the growth of global security advisory services market during the forecast period of 2019 to 2027.

Industry Vertical Market Insight

With fast evolving technology landscape and growing adoption of cloud based solutions, today’s organizations are going through a paradigm shift into the digital world. The increasing automation at the operational level is making companies more vulnerable to cyber-attacks and security breaches. In addition to this, the stringent compliance rules and regulations by governments are also pushing organization to invest in efficient security solutions. The security advisory services help organizations in institutionalizing their risk management and to increase their risk awareness. Enterprises of diverse sectors are investing heavily in advanced security solutions and services. On the basis of industry vertical, the global security advisory services market is segmented into BFSI, government & public sector, IT and telecom, healthcare, energy & power, manufacturing, and others. The others section includes industry verticals such as education & research and retail & ecommerce among others. The rising incidents of cyber-attacks across industries especially in government and BFSI sectors are expected to drive the demand for security advisory services during the forecast period of 2019 to 2027.

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Security Advisory Services Market: Strategic Insights

security-advisory-services-market
Market Size Value inUS$ 8,846.5 Million in 2018
Market Size Value byUS$ 37,860.6 Million by 2027
Growth rateCAGR of 17.7% from 2019-2027
Forecast Period2019-2027
Base Year2019
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The players operating in the enterprise content management market focus on strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:

  • In Jan 2020, Cisco Systems, Inc. launched broad security architecture for the industrial IoT, which would offer optimized visibility across IoT environments and offers real-time detection of cybercriminals.
  • In April 2019, DXC Technology inaugurated a next-gen security operation center in Malaysia. The company’s security operations center optimizes the security of firms by incorporating security solutions to avoid security threats and vulnerabilities.

Global Security Advisory Services Segments:

Security Advisory Services Market – By Service Type

  • Penetration Testing
  • Security Program Management
  • Vulnerability Management
  • Incident Response
  • Compliance Management
  • CISO Advisory and Support
  • Security Risk Management

Global Security Advisory Services Market – By Enterprise Size

  • SMEs
  • Large Enterprises

Security Advisory Services Market – By Industry Vertical

  • BFSI
  • Government & Public Sector
  • Manufacturing
  • IT & Telecom
  • Energy & Power
  • Healthcare
  • Others

Security Advisory Services Market – By Geography

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • Germany
    • Italy
    • Spain
    • UK
    • Rest of Europe
  • Asia Pacific (APAC)
    • Australia
    • China
    • India
    • Japan
    • Rest of APAC
  • Middle East & Africa (MEA)
    • Saudi Arabia
    • UAE
    • South Africa
    • Rest of MEA
  • South America (SAM)
    • Brazil
    • Rest of SAM

Companies

  • Cisco Systems, Inc
  • PricewaterhouseCoopers International Limited (PWC)
  • DXC Technology Company
  • Tata Consultancy Services Limited
  • Verizon
  • Deloitte Touche Tohmatsu Limited
  • KPMG International Cooperative
  • Ernst & Young Ltd
  • eSentire, Inc.
  • Dimension Data Holdings PLC (NTT Group)
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Service Type ; Enterprise Size ; Industry Vertical

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions


Which region leads the security advisory services market?

North America region leads the security advisory services market in the year 2018. The region houses a large number of IT firms, and the growing number of cyber-attacks and increasing security concerns are expected to increase the adoption of security advisory services in this region. The companies in North America are primarily adopting security advisory services to strengthen their security and reduce the threat of cyber-attacks.

Which service type has the highest demand in the security advisory services market?

Currently, CISO advisory services hold a significant market share in the global security advisory services market. The CISO advisory and support service providers offer strategic guidance, budgeting input, project support, and presentations to the board of the client companies. Some of the elements included in the CISO advisory and support are information security program framework, management plan, information security outline, and gap assessment, among others.

Which industry vertical has the highest demand for security advisory services market?

BFSI among all the industry verticals holds the largest market share and is expected to grow at a high CAGR during the forecast period of 2019 to 2027. The growing demand for online and digital financial services by customers is further leading to the increased integration of advanced technologies in this sector. However, with continuous technological advancements and digitalization, the concerns regarding data security, fraudulent transactions, and cyber-attacks are also increasing in the BFSI industry worldwide. Owing to the increasing cyber risks, investments by financial organizations in security solutions and services are expected to grow at a fast pace.

The List of companies - Security Advisory Services Market

 

  1. DXC Technology Company
  2. PricewaterhouseCoopers International Limited
  3. Cisco Systems, Inc.
  4. Tata Consultancy Services Limited
  5. Verizon
  6. Dimension Data Holdings PLC
  7. eSentire, Inc.
  8. Ernst & Young Ltd.
  9. KPMG International Cooperative
  10. Deloitte Touche Tohmatsu Limited

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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