The security advisory services market size is projected to reach US$ 50.25 billion by 2031 from US$ 12.55 billion in 2023. The market is expected to register a CAGR of 18.9 % in 2023–2031. The demand for Internet of Things (IoT) security is likely to remain key security advisory services market trends.
Various end-user sectors are adopting cybersecurity, data encryption, and information communication technologies at an increasing rate. Achieving scalability, protecting identities and transactions, lowering operational costs, decreasing downtime, and encrypting the sensitive data created are among the goals of these businesses, which include BFSI, communication and technology, and autos, among others. The need for efficient encryption solutions is rising as a result of the need to preserve digital signatures to stop data breaches. As a result, these factors are driving up demand for these solutions and supporting the expansion of the market.
Businesses can implement and comply with security rules with the help of security consultancy services. Security advice services are necessary for organizations to ensure that data and sensitive information are protected in accordance with industry standards and laws. As cloud services become more widely used and offer advantages like scalability and flexibility, new regulatory compliances are anticipated to be implemented worldwide. In order to fulfill the increasing demands for compliance, this is expected to result in a significant contribution from numerous security advisory service providers.
There has been an increase in demand for security consulting services, due to the frequency and severity of data breaches, security events, and cyberattacks. Governments and organizations seek assistance with incident forensic investigation, response, and implementing precautionary measures in an effort to ease the impact of security breaches.
With the undergoing digital transformation companies are running across new cybersecurity challenges. Various security consulting services are helping coordinate security plans with the digital transformation goals, and it ensures that emergent technologies are integrated securely.Therefore, the increasing initiatives for digital transformation is creating various opportunities for the security advisory services market.
Key segments that contributed to the derivation of the security advisory services market analysis are service type, enterprise size, and industry vertical.
The geographic scope of the security advisory services market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. In terms of revenue, North America accounted for the largest security advisory services market share. The region is ascribed to the presence of top cybersecurity companies, strict legal requirements, and increased knowledge of cybersecurity threats. Because of its large investments in state-of-the-art security technologies and its large pool of competent cybersecurity workers, the area commands a significant portion of the industry.
The regional trends and factors influencing the Security Advisory Services Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Security Advisory Services Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 12.55 Billion |
| Market Size by 2031 | US$ 50.25 Billion |
| Global CAGR (2023 - 2031) | 18.9% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Service Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Security Advisory Services Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Security Advisory Services Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The security advisory services market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for speech and language disorders and strategies:
The “Security Advisory Services Market Size and Forecast (2023–2031)” report provides a detailed analysis of the market covering below areas:
The global security advisory services market was estimated to be US$ 12.55 billion in 2023 and is expected to grow at a CAGR of 18.9 % during the forecast period 2023 - 2031.
An increase in security incidents and increasing initiatives for digital transformation are the major factors that propel the global security advisory services market.
The demand for Internet of Things (IoT) security is anticipated to play a significant role in the global security advisory services market in the coming years.
The key players holding majority shares in the global security advisory services market are DXC Technology Company, PricewaterhouseCoopers International Limited, Cisco Systems, Inc., Tata Consultancy Services Limited, and Verizon.
The global security advisory services market is expected to reach US$ 50.25 billion by 2031.