Global Security Advisory Services Market is expected to reach US$ 15.12 Bn by 2024 from US$ 5.8 Bn in 2016 at a CAGR of 19.8%.
Global Security Advisory Services MarketThe report segment of security advisory services market based on service type, Organization size, vertical, and region. On the basis of service type, the security advisory services market is classified into penetration testing, risk management strategy, vulnerability management, incident response, security program development, compliance management, chief information security officer (CISO) advisory and support. Based on organization size, the security advisory services market is categorized into small & medium enterprises, large enterprises. In terms of vertical, the security advisory services market is segmented into banking, financial services, and insurance (BFSI), government and public sector, IT and telecommunication, healthcare, manufacturing, energy and power, and others. Region wise into North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
The key driving factor for this market include rise in security breaches and increased sophistication level of cyber-attacks are said to be the main drivers of the market. Factors such as increased adoption of cloud services and increase in adoption of web and mobile based applications in business processes, growing attacks on network infrastructures and need of enterprises to comply with various regulatory and compliance requirements are the factors driving the growth of security advisory services. However, lack of qualified professionals in advanced security services and deficient knowledge regarding advanced cyber security threats are some factors causing a hindrance in the growth of security advisory services market.
The small and medium enterprises among the organization size segment is anticipated to lead the market share over the forecast period, and anticipated to dominate the segment over the forecast period this is majorly due to increasing incidences of data breaches on these enterprises, as well as, a rise in the sophistication level of cyber-attacks. SMEs are small in terms of their size.
The government and public sector vertical is anticipated to contribute to the largest market share in the security advisory services market. There have been a strong adoption of advanced technologies in the government and public sector in the recent years. The applications used in the government and public sector are becoming the prime targets for cybercriminals to access the sensitive data. The Banking, Financial Services, and Insurance (BFSI) vertical is anticipated to dominate the security advisory services market, with the largest market size in 2017.
In terms of region, North America security advisory services holds the largest market share and is anticipated to dominate the market in the near future owing to large number of early technology adopters in this region. Europe contributes a significant market share in security advisory services market due to increase in adoption of digitization by enterprises in these regions. Asia-Pacific region is estimated to show the highest growth rate as enterprise are adopting security advisory services to combat IT security threats.
Some of key players in the security advisory services market are Cisco Corporation, DXC Technology Company, Column Information Security, Ernst & Young, Delloite, KPMG, PwC, DeltaRisk, TCS, CybeRisk, Coalfire, eSentire, Novacoast, Security Compass and Kudelski Security.
The scope of the Global Security Advisory Services Market
Global Security Advisory Services Market by Service Type
- Penetration testing
- Risk management strategy
- Vulnerability management
- Incident response
- Security program development
- Compliance management
- Chief Information Security Officer (CISO) advisory and support
Global Security Advisory Services Market by Organization Size
- Small & Medium Enterprises
- Large Enterprises
Global Security Advisory Services Market by Vertical
- Banking, Financial Services, and Insurance (BFSI)
- Government and public sector
- IT and telecommunication
- Healthcare
- Manufacturing
- Energy and power
- Others
Global Security Advisory Services Market by Geography
- North America
- Europe
- Asia-Pacific
- Middle East & Africa
- Latin America
Key Players operating in the Global Security Advisory Services Market
- Deloitte
- Kudelski Security
- Delta Risk
- Coalfire
- EY
- Cyberisk
- PQ Solutions
- Novacoast
- Infineon
- PQ Solutions
- KPMG
- Security Compass
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