Security Advisory Services Market Growth Report 2021 to 2031
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.
Security Advisory Services Market Analysis
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.
Security Advisory Services Market Overview
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.
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Security Advisory Services Market: Strategic Insights
Market Size Value in US$ 8,846.5 Million in 2018 Market Size Value by US$ 37,860.6 Million by 2027 Growth rate CAGR of 17.7% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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Security Advisory Services Market: Strategic Insights
| Market Size Value in | US$ 8,846.5 Million in 2018 |
| Market Size Value by | US$ 37,860.6 Million by 2027 |
| Growth rate | CAGR of 17.7% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
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Security Advisory Services Market Drivers and Opportunities
An increase in security incidents
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.
Increasing Initiatives for Digital Transformation
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.
Security Advisory Services Market Report Segmentation Analysis
Key segments that contributed to the derivation of the security advisory services market analysis are service type, enterprise size, and industry vertical.
- Based on the service type, the security advisory services market is segmented into penetration testing, security program management, vulnerability management, incident response, compliance management, CISO advisory and support, and security risk management.
- By enterprise size, the market is segmented into SMEs and large enterprises The large enterprises segment held a larger market share in 2023.
- By industry vertical, the market is segmented into IT and telecom, healthcare, energy and power, manufacturing, BFSI, government and public sector, and others
Security Advisory Services Market Share Analysis by Geography
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.
Security Advisory Services Market Report Scope
Security Advisory Services Market News and Recent Developments
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:
- In February 2024, VMware released a security advisory to address multiple vulnerabilities in Aria Operations for Networks. A cyber threat actor could exploit one of these vulnerabilities to take control of an affected system. (Source: VMware, Press Release)
- In September 2023, the partnership with Novacoast, the first Axon service provider, further strengthened security operations and ensured comprehensive protection. (Source: Novacoast, Press Release)
Security Advisory Services Market Report Coverage and Deliverables
The “Security Advisory Services Market Size and Forecast (2023–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Service Type ; Enterprise Size ; Industry Vertical
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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