Market Scope
The global market for security advisory services attained a valuation of USD 5.24 billion in 2018 and is currently on track to reach a valuation of USD 11.79 billion by 2023, estimates Market Research Future (MRFR). MRFR notes the possibilities of the market, achieving a robust growth rate of 17.6% from 2018 to 2023, which is the forecast period.
Top Drivers and Key Challenges
Surge in cybersecurity risks has been identified as one of the chief reasons behind the strong market growth for security advisory services. The overall impact of cybersecurity risk is hard to anticipate, which calls for the use of these services. With increasing awareness, a number of enterprises are increasingly deploying services that can help them avoid vulnerabilities.
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Various aspects of an enterprise can be optimized with the use of security advisory services. Security advisory services help understand the main weaknesses in an organization, given the rising adoption rates of cloud computing solutions and the subsequent rise in cyber-attacks.
High adoption of cloud services combined with the increase use of web and mobile based applications across business processes, mounting attacks on network infrastructures and the rising need to comply with regulatory standards could also benefit the Security Advisory Services Market in the following years.
Segmentation.
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.
Key players
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).
Regional Analysis
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, 2018–2023.
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.
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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
Table 11 Middle East & Africa: Security Advisory Services Type Market, By Country, 2017–2023
Table 12 Latin America: Security Advisory Services Type Market, By Country, 2017–2023
Table 13 Global Security Advisory Services Organization Size Market, By Region, 2017–2023
Table 14 North America: Security Advisory Services Organization Size Market, By Country, 2017–2023
Table 15 Europe: Security Advisory Services Organization Size Market, By Country, 2017–2023
Table 16 Asia-Pacific: Security Advisory Services Organization Size Market, By Country, 2017–2023
Continued…
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