June 23, 2020
According to the research report titled ‘Security Advisory Services Market to 2027 - Global Analysis and Forecasts By Service Type; Enterprise Size; Industry Vertical, available with Market Study Report LLC, the global security advisory services market was worth USD 8.85 billion in 2018 and is expected to amass USD 37.86 billion by the year 2027, growing with a CAGR of 17.7% over 2019-2027.
The importance of efficient security advisory services has increased with the evolution in cyber-attacks as they reduce the security threats and risks. Increasing cyber-attacks and need of maintenance of critical data are the key factors driving the global security advisory services market growth.
The security experts fail to handle huge volumes of daily insights due to the lack of cybersecurity knowledge, leaving the organization exposed to cyber threats. The security advisory services assist the Security Operations Center to give constructive feedback to the security analysts, who, in turn can pay attention on essential elements of the investigation with efficiency.
The global security advisory services market is bifurcated based on geography, industry vertical, enterprise size, and service type.
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Speaking of regional contribution, North America accounts for a significant industry share owing to the presence of developed countries like Canada and US, increasing adoption of technology, and robust industry base. The risk of data breaches and cyber-attacks on the enterprises in the region have increased with the automation of industry and popularity of digital services among consumers.
Enterprises in North America region are investing in cyber security solutions to protect their networks. They are also training their employees to handle the digital workplace safely.
In Asia pacific, the market revenues are projected to be driven by the concentration of developing nations, enhanced technology adoption, increasing preference for digital transformation, and high number of connected devices.
Middle East & Africa and South America are also projected to grow pertaining to government initiatives to digitalize the economy by adopting of advanced technologies.
In terms of service type, the market is divided into security risk management, CISO advisory & support, compliance management, incident response, vulnerability management, security program management, and penetration testing.
Speaking of enterprise size, the market is segmented into (SMEs) small and medium-sized enterprises and large enterprises. Considering the industry vertical, the market is divided into manufacturing, energy & power, healthcare, IT & telecom, BFSI, government & public sector, and others. Considering the geographical landscape, the market is segmented into South America, Middle East & Africa, Asia Pacific Europe, and North America.
The leading organizations in global security advisory services market are Dimension Data, eSentire Incorporation, Tata Consultancy Services Limited, Cisco, Verizon, DXC Technology Company, KPMG International Cooperative, PricewaterhouseCoopers LLP, Ernst & Young Global Limited, and Deloitte Touche Tohmatsu Limited among others.