July 27 2020
Market Research Future published a research report on “Security Advisory Services Market Research Report – Global Forecast till 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Market Research Future reports say the global security advisory services market would reach 11.79 billion of its expected detailed valuation by 2023, above its recent valuation of USD 5.24 billion. The expected rate of growth for the market is calculated to be 17.6% CAGR during the years from 2018 to 2023.
Market’s Key Driver & Challenges
The story for the Security Advisory Services Market past years from now might be about its shift into something exceptional as the trading is a big thing for it. The growth of the market is attributing to the rising complexity of the IT infrastructure of enterprises, rising cyber-attacks, as well as the need to adhere to various government regulations. These factors have been influential to the market’s growth since past years which is still going on keeping the market on the right track of development.
Apart from this, the factor of adoption of cloud computing, social media, IoT, hyper-connectivity, and mobile computing has also impacted the market with growth opportunities. These factors have also provided numerous digital businesses the opportunity to enhance the efficiency of the companies. In this way, the market has got a substantial push which leads it towards gaining more valuation in the future.
Furthermore, for enterprises, across the globe, the implementation of vigorous security solutions has become an important area to consider, which has solely helped the market to gain more prominence in the forecast period. Besides, as per the study conducted, the security advisory services have a wide adoption mainly in the BFSI industry vertical that has provided with lucrative chances for cybercriminals who aim at gaining huge monetary benefits quickly. Such an outburst of the market has shown the fastest adoption of security advisory services, which is anticipated to continue in the next five years.
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The prominent 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).
The global market for security advisory services has been segmented with respect to service, organization size and industry vertical.
Depending on the service, the market segments are security program development, risk & compliance management, penetration testing, incident management, chief information security officer (CISO) advisory and support as well as vulnerability management.
Given the organization size, the market has been divided into large enterprises as well as small & medium-sized enterprises (SMEs).
Considering the industry vertical, the market caters to government & public sector, banking, financial services, and insurance (BFSI), IT & telecom, healthcare, energy & utilities, manufacturing, and others.
The market for security advisory services has been geographically segmented into Europe, North America, Asia Pacific (APAC), and the rest of the world (RoW).
North America is all set to take over the leading position in the global security advisory services market. The United States (US) along with Canada and Mexico have emerged as the most lucrative markets for security advisory services and the main reasons behind this can be the fast-paced adoption of the latest technologies among others. The regional market growth is also backed by the high number of cyber-attacks combined with the presence of a large number of renowned service providers. Elevated awareness about cyber risks as well as security breaches has boosted the scope of security advisory services since several companies are joining forces to utilize these services that can give them information as well as guidelines to safeguard their company from threats.
APAC has the most potential to gain the fastest growth rate in the global security advisory services market in the following years. Surging digitalization coupled with the expanding financial sector are some of the top factors contributing towards the market growth in the region. Increasing complexity in the IT infrastructure, rising number of cyber-attacks, and the requirement for sufficing compliance requirements are also projected to favor the market growth in the ensuing years.
Surging frequency of cyber espionage, high number of start-ups that provide cyber security, denial of service attacks, high demand for cyber security solutions in the BFSI sector and the elevated focus on customization of cyber security services has induced the growth of the security advisory services market in Europe.
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TABLE OF CONTENTS
LIST OF TABLES
Table 1 Global Security Advisory Services Market, By Region, 2017–2023
Table 2 North America: Security Advisory Services Market, By Country, 2017–2023
Table 3 Europe: Security Advisory Services Market, By Country, 2017–2023
Table 4 Asia-Pacific: Security Advisory Services Market, By Country, 2017–2023
Table 5 Middle East & Africa: Security Advisory Services Market, By Country, 2017–2023
Table 6 Latin America: Security Advisory Services Market, By Country, 2017–2023
Table 7 Global Security Advisory Services Type Market, By Region, 2017–2023
Table 8 North America: Security Advisory Services Type Market, By Country, 2017–2023
Table 9 Europe: Security Advisory Services Type Market, By Country, 2017–2023
Table 10 Asia-Pacific: Security Advisory Services Type Market, By Country, 2017–2023
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