Market Size – USD 6.87 Billion in 2018, Market Growth – CAGR of 17.5%, Market Trends- Emergence of cloud technology in various industries
The security advisory services market is expected to reach USD 25.05 Billion by 2026, according to a new report by Reports and Data. The growing dependence on cloud services to manage, store, and recover organization data has driven demand in the global market for security advisory services. Moreover, the crisis of cyber-attacks and fraud of fundamental individual or organization data has also directed to the growth of the worldwide market for security advisory services. The complexities of organizations and organizations have been growing alongside the development of new technologies. Hence, there is a requirement to deploy a system that centrally safeguards and secures the critical assets of several individual or organizational entities.
Security advisory services assisted organizations ensure their business-critical infrastructure from advanced cyber-attack vectors efficiently. Security advisory service vendors include a team of security professionals with various backgrounds and widespread consulting experience in the information security domain.
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The market in the Asia Pacific region is anticipated to witness the highest CAGR of 17.9% during the forecast period. Expanded spend on digitization has propelled the demand for IT Services, particularly around Systems Integration. The rapidly-growing services included Hosted Application Management and Hosting Infrastructure Services, followed by IT consulting and Application Management.
Further key findings from the report suggest
- The Security Advisory Services Market is estimated to reach USD 25.05 Billion by 2026, at a CAGR of 17.5% during the forecast period.
- The large enterprises accounted for a larger share of 65.8% of the market in 2018.
- The market merchants are adding developments consistently to their services to secure the associations, and gathering money and financial industries, against cutting edge digital dangers. Globally, the adoption of security advisory services is growing because of the rise in security breaks focusing on endeavors.
- The BFSI application segment accounted for the largest share of 31.5% of the market in 2018.
- The penetration testing service type is expected to witness the highest CAGR of 18.5% during the forecast period.
- The largest share is accounted by the North America region with a share of 31.3% of the market in 2018. The technological shifts in IT have led to constant improvements in the region. Moreover, the rising complexity in IT infrastructure, an expanding number of cyber-attacks, and the need to suffice compliance requirements are some of the principal driving factors for the growth of the market in this region.
- Various players are developing strategies to mark their presence in the industry.
- PwC partnered with Microsoft in April 2018, to concentrate on IAM, Enterprise Security Architecture (ESA), Cloud Application Security (CAS), information protection, and threat and vulnerability management.
- The Key players in the Security Advisory Services Market include Cisco systems, DXC Technology Company, Ernst & Young, Column Information Security, Delloite, PwC, DeltaRisk, KPMG, Security Compass, TCS, CybeRisk, Novacoast, and Kudelski Security.
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For the purpose of this study, Reports and Data have segmented the market on the basis of Organization Size, Service Type, Application, and region:
Organization Size Outlook (Revenue, USD Billion ; 2016-2026)
- Large enterprises
- Small and Medium-sized Enterprises (SMEs)
Service Type Outlook (Revenue, USD Billion ; 2016-2026)
- CISO advisory and support services
- Penetration Testing
- Vulnerability Management
- Risk Management Strategy
- Incident Response
- Others
Application Outlook (Revenue, USD Billion ; 2016-2026)
- BFSI
- Manufacturing
- IT and Telecommunication
- Energy and Power
- Others
Regional Outlook (Revenue, USD Billion ; 2016-2026)
- North America
- U.S.
- Europe
- France
- UK
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Middle East & Africa
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The research report answers the following key questions:
- What is the growth rate of the market during the forecast period between 2019 to 2026?
- What are the crucial drivers and restraints that will impact the Security Advisory Services market in the future?
- What is the market size and share speculated to be in the forecast period?
- Who are the key industry players and which executive strategies will they employ that can substantially impact the growth of the Security Advisory Services market globally?
- What are the most notable trends observed in the historical data that can be expected to influence the CAGR of the Security Advisory Services market?
- What are the predictions for the Security Advisory Services industry in the forecast period based on the detailed analysis of its critical aspects?
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