Security Advisory Services Market Overview
The global Security Advisory Services market is expected to witness high growth during the forecast period. This is due to the increasing demand for these services from various industries, such as IT, banking, healthcare, and government, to protect their data and systems from malicious threats and attacks. The rising number of cyber-attacks and data breaches has been another driving factor for the growth of the security advisory services market. Various services offered by security advisory services include threat assessment and management, security risk management, penetration testing, and incident response services. These services help organizations identify and mitigate security threats, ensuring their data and systems remain safe and secure. Furthermore, the increasing awareness of the importance of data security and the need for efficient security measures are also expected to propel the growth of the security advisory services market.
A geographical analysis of the global Security Advisory Services market is conducted for North America, Europe, Asia-Pacific, and the rest of the world.
The North American market has been segmented into the US, Canada, and Mexico. The regional market is expected to be the largest contributor to the Security Advisory Services market during the forecast period. The high adoption of the services in the region can be attributed to the presence of many key service providers, fast adoption of new technologies, and the occurrence of the highest number of cyber attacks. The US is the dominating country in terms of market share while Canada is expected to grow at the highest CAGR during the forecast period.
Security Advisory Services Market is Expected to Reach USD 36.3 Billion with 13.60% CAGR during the forecast periods 2022-2030.
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In terms of market share, Europe is expected to be the second largest region. The region has further been segmented into the UK, Germany, France, and the rest of Europe. The presence of leading service providers, wide adoption of advanced technologies, and stringent government regulations drive the Security Advisory Services market in the region. In terms of market size, the UK is the leading country while France is expected to witness the highest CAGR during the forecast period.
The market in Asia-Pacific is expected to be the fastest-growing during the forecast period, 2018-2023. The regional market has been segmented into China, Japan, India, and the rest of Asia-Pacific. The countries in the region, such as China, India, Japan, Singapore, and South Korea are expected to show a fast adoption of Security Advisory Services in the upcoming years.
Growing economies in the Middle East & Africa and South America are expected to show significant growth in terms of technology adoption, resulting in the high demand for Security Advisory Services. These regions are expected to offer numerous opportunities to the service providers as the services are yet to be adopted in most of its countries.
The global Security Advisory Services market has also been segmented based on service, organization size, and industry vertical.
By service, the market has been segmented into risk & compliance management, security program development, incident management, penetration testing, vulnerability management, and chief information security officer (CISO) advisory and support. By services, the CISO advisory and support services is expected to hold the largest share while the penetration testing services segment is expected to grow at the highest CAGR during the forecast period.
By organization size, the market has been segmented into large enterprises and small & medium-sized enterprises (SMEs). Large enterprises are expected to contribute the larger share while the SMEs segment is expected to grow at the higher CAGR from 2018 to 2023.
Based on industry vertical, the market has been segmented into banking, financial services, and insurance (BFSI), government & public sector, healthcare, IT & telecom, manufacturing, energy & utilities, and others. The BFSI segment is expected to be the largest contributor whereas the manufacturing segment is expected to grow at the highest CAGR during the forecast period.
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The key players in Security Advisory Services market are Deloitte Touche Tohmatsu Limited (US), Ernst & Young Global Limited (UK), KPMG International Cooperative (Netherlands), PricewaterhouseCoopers Private Limited (UK), Coalfire Systems, Inc. (US), CybeRisk (US), Cisco Systems, Inc. (US), Tata Consultancy Services Limited (India), eSentire, Inc. (Canada), Security Compass (Canada), Novacoast, Inc. (US), Kudelski Security (Switzerland), DXC Technology Company (US), Rapid7 LLC (US), and Intertek Group PLC (UK).
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