Security Advisory Services Market Outlook, Segments, Geography, Dynamics, Recent Developments, and Strategic Insights by 2031

The security advisory services market size is projected to reach US$ 50.25 billion by 2031 from US$ 12.55 billion in 2023. The market is expected to register a CAGR of 18.9 % in 2023–2031. The demand for Internet of Things (IoT) security is likely to remain key security advisory services market trends.

Security Advisory Services Market Analysis

Various end-user sectors are adopting cybersecurity, data encryption, and information communication technologies at an increasing rate. Achieving scalability, protecting identities and transactions, lowering operational costs, decreasing downtime, and encrypting the sensitive data created are among the goals of these businesses, which include BFSI, communication and technology, and autos, among others. The need for efficient encryption solutions is rising as a result of the need to preserve digital signatures to stop data breaches. As a result, these factors are driving up demand for these solutions and supporting the expansion of the market.

Security Advisory Services Market Overview

Businesses can implement and comply with security rules with the help of security consultancy services. Security advice services are necessary for organizations to ensure that data and sensitive information are protected in accordance with industry standards and laws. As cloud services become more widely used and offer advantages like scalability and flexibility, new regulatory compliances are anticipated to be implemented worldwide. In order to fulfill the increasing demands for compliance, this is expected to result in a significant contribution from numerous security advisory service providers.

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Security Advisory Services Market: Strategic Insights

Security Advisory Services Market

• 
  CAGR (2023 - 2031)

  18.9%
• Market Size 2023
  US$ 12.55 Billion
• Market Size 2031
  US$ 50.25 Billion

Market Dynamics

GROWTH DRIVERS

• An increase in security incidents

FUTURE TRENDS

• The demand for Internet of Things (IoT) security

OPPORTUNITIES

• Increasing Initiatives for Digital Transformation

Key Players

• DXC Technology Company
• PricewaterhouseCoopers International Limited
• Cisco Systems, Inc.
• Tata Consultancy Services Limited
• Verizon
• Dimension Data Holdings PLC
• eSentire, Inc.
• Ernst & Young Ltd.
• KPMGInternational Cooperative
• Deloitte Touche Tohmatsu Limited

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

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

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Security Advisory Services Market Drivers and Opportunities

An increase in security incidents 

There has been an increase in demand for security consulting services, due to the frequency and severity of data breaches, security events, and cyberattacks. Governments and organizations seek assistance with incident forensic investigation, response, and implementing precautionary measures in an effort to ease the impact of security breaches.

Increasing Initiatives for Digital Transformation

With the undergoing digital transformation companies are running across new cybersecurity challenges. Various security consulting services are helping coordinate security plans with the digital transformation goals, and it ensures that emergent technologies are integrated securely.Therefore, the increasing initiatives for digital transformation is creating various opportunities for the security advisory services market.

Security Advisory Services Market Report Segmentation Analysis

Key segments that contributed to the derivation of the security advisory services market analysis are service type, enterprise size, and industry vertical.

• Based on the service type, the 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.
• By enterprise size, the market is segmented into SMEs and large enterprises
  The large enterprises segment held a larger market share in 2023.
• By industry vertical, the market is segmented into IT and telecom, healthcare, energy and power, manufacturing, BFSI, government and public sector, and others

Security Advisory Services Market Share Analysis by Geography

The geographic scope of the security advisory services market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. In terms of revenue, North America accounted for the largest security advisory services market share. The region is ascribed to the presence of top cybersecurity companies, strict legal requirements, and increased knowledge of cybersecurity threats. Because of its large investments in state-of-the-art security technologies and its large pool of competent cybersecurity workers, the area commands a significant portion of the industry.

Security Advisory Services Market Report Scope

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Security Advisory Services Market News and Recent Developments

The security advisory services market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for speech and language disorders and strategies:

• In February 2024, VMware released a security advisory to address multiple vulnerabilities in Aria Operations for Networks. A cyber threat actor could exploit one of these vulnerabilities to take control of an affected system. (Source: VMware, Press Release)
• In September 2023, the partnership with Novacoast, the first Axon service provider, further strengthened security operations and ensured comprehensive protection. (Source: Novacoast, Press Release)

Security Advisory Services Market Report Coverage and Deliverables

The “Security Advisory Services Market Size and Forecast (2023–2031)” report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles