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.

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Security Advisory Services Market: Strategic Insights

Security Advisory Services Market

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  CAGR (2018 - 2027)

  17.7%
• Market Size 2018
  US$ 8.85 Billion
• Market Size 2027
  US$ 37.86 Billion

Market Dynamics

GROWTH DRIVERS

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FUTURE TRENDS

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OPPORTUNITIES

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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.
• KPMG International Cooperative

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
• Others

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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.

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.

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.

Security Advisory Services Market Report Scope

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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)