The global security advisory services market size is slated to garner monumental growth from 2023 to 2033. According to the research report published by Future Market Insights, the global market is projected to surpass a valuation of USD 14,612.7 million in 2023. It is predicted to hit a valuation of USD 46,753.3 million by 2033. The market is foreseen to thrive at a striking CAGR of 12.3% from 2023 to 2033.
The rapid technological advancement and development in IT infrastructure are driving the market expansion.
| Attribute | Details |
|---|---|
| Market Share (2022) | USD 13,200.3 million |
| Market Share (2023) | USD 14,612.7 million |
| Market Share (2033) | USD 46,753.3 million |
| Market Share (2023 to 2033) | 12.3% |
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With the development of IT infrastructure every day, companies are implementing security advisory services aligned with their respective business models. Security advisory services help companies to identify and evaluate the potential threat in their system. Security advisory services enable organizations to frame the right security strategy against their business goals.
The rising demand for strong security regulations and compliance requirements is driving the security advisory market. Many companies implement periodic audits, which has anticipated fuelling the market expansion. The increase in demand for cloud solutions from enterprises to enhance performance is also driving the security advisory services market.
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An effective cyberattack on a business can cause significant damage to the business. Security breaches in the company can cause financial, reputational, and legal consequences for them. A cyberattack in a company can cause the violation of private information of the customers, like their bank information and password.
Even companies are facing cyber-attacks and losing data related to their products and source codes, exposing the companies to larger financial risks. In order to tackle cyber-attacks, companies are implementing security advisory services for detecting and identifying if any breach is there or not in their system.
Security advisory services help companies identify potential risks, spot security weaknesses, and offer solutions to safeguard information and systems. The services and solutions against cyberattacks are driving the demand for security advisory services, fuelling the growth of the market. Furthermore, the developing IT infrastructure and technological advancement mayl also lead to the development of new malware and viruses, which mayl lead to the development of new security advisory services to tackle the effect of such malware, which mayl drive the growth of the security advisory services market in the coming years.
The increase in cyberattacks has motivated companies to invest in security advisory services. However, small and medium-sized enterprises are facing financial challenges to afford security advisory services to maintain security protocols. The high cost connected with security advisory services is restraining the market expansion.
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The global security advisory services industry size developed at a CAGR of 10.2% from 2018 to 2022. In 2018, the global market size stood at USD 8,934.5 million. The market witnessed stunning growth in the following years, accounting for USD 13,200.3 million in 2022.
Security advisory services are used to protect and ensure a business's data integrity and security. Organizations use security advisory services to secure and protect data per industrial regulations. In addition, the adoption of cloud services is increasing among organizations, and new regulations are going to be formulated and enforced globally for data security in cloud services, which is expected to drive market expansion in the coming years.
The global security advisory services market is forecasted to record a CAGR of 12.3% and sales worth USD 46,753.3 million by the end of 2033. The United States is likely to continue to be the leading market for security advisory services throughout the analysis period accounting for over USD 9.8 billion absolute dollar opportunity in the coming 10-year epoch.
| Historical CAGR (2018 to 2022) | 10.2% |
|---|---|
| Forecasted CAGR (2023 to 2033) | 12.3% |
The lack of budget to hire a dedicated CISO is driving the adoption of CISO advisory and support services among the SMEs, which is driving the segment. It is one of the most economical methods for managing risk and maintaining the information in the security system. However, SMEs are availing the services of virtual CISO (vCISO) to cut down on expenses which are further fuelling the growth of the segment.
The BFSI vertical is prone to cyber-attacks as they hold data associated with financial transactions and private information. For instance, in November 2021, Robinhood Markets Inc. reported a data breach in its server and mentioned that about 7 million users' personal information was compromised, and the culprit demanded payment from the company. The increasing cyber-attacks are raising the demand for well-developed and advanced security advisory services in the BFSI vertical, which is driving the growth of the segment.
The penetration testing segment under service type is predicted to gain impeccable growth in the coming years. As per FMI, the penetration testing segment captured 18.1% of global market shares in 2022. To preserve the privacy and security of sensitive data, governments, and regulatory organizations have implemented several kinds of data protection and cybersecurity laws. Organizations must abide by these rules, which frequently call for regular security evaluations like penetration testing. As businesses try to comply with regulations, the need for penetration testing services rises.
The large enterprise segment dominates the global market and is predicted to continue leading the market during the forecast period. As per FMI, the large enterprises segment captured 72.2% of global market shares in 2022. The potential financial loss and reputational harm that security breaches might cause are of greater concern to large businesses. They are aware that a safety breach may cause business interruption, financial loss, reputational harm to the brand, and legal repercussions.
Large businesses use security consulting services to identify vulnerabilities, implement efficient security measures, and create incident response plans that minimize the effects of security incidents while preserving business continuity.
North America held the leading share of the security advisory services market in 2022. The government policies and regulations related to data security in organizations are fuelling market growth in the region. The adoption of new technologies and well-developed IT infrastructure is boosting the adoption of security advisory services in the IT sector in North America.
The adoption of security advisory services is at a good pace among IT & Telecom industries as they help to improve and protect the data, enhance the working of the enterprises, and help to tackle the companies from cyber-attacks, which is expected to boost the demand for security advisory services over the forecast period.
Security Advisory Services in the Asia Pacific is anticipated to grow at the fastest rate over the forecast period. The developing IT sector and the increasing number of companies in the IT sector is the key factor driving the security advisory services market in this region.
China holds the leading share of the security advisory services market in Asia Pacific. The increasing cyber-attacks in the business vertical have boosted the adoption of security advisory services among them. Furthermore, in November 2021, the Cyberspace Administration of China (CAC) released a draft regulation on Network Data Security Management for public comment.
The draft regulations may strengthen the existing three laws- the Cybersecurity Law (CSL), the Data Security Law (DSL), and the Personal Information Protection Law (PIPL).
The draft regulation is an opportunity to boost the adoption of security advisory services in China, and many key players are using this opportunity to expand their services in the country. The security advisory services market in China is expected to reach a valuation of USD 2.9 billion by the end of the forecast period. In 2022, China occupied 10.3% shares in the global market.
The security advisory services market in the United States was valued at around USD 4 billion in 2021 and surpassed a valuation of USD 4.8 billion in 2022 end. The United States captured 16.2% of global market shares in 2022. The well-developed IT sector and government regulations for data encryption is the key driver fuelling the security advisory service market in the United States.
For example, in the United States, the Federal Information Processing Standards (FIPS), which is implemented by the National Institute of Standards and Technology (NIST), is a computer security program in which specific levels of cryptographic security are required for particular types of data. These Federal standards are applicable to organizations who use cryptography-based security systems to protect their data. The market in the United States is anticipated to reach a valuation of USD 14.6 billion by the end of 2033.
| Countries | CAGR (2022) |
|---|---|
| United States | 16.2% |
| United Kingdom | 8.2% |
| China | 10.3% |
| Japan | 3.3% |
| India | 13.2% |
At present, security advisory services providers are developing new service offerings and expanding their existing service offerings with new tools and modules. The key companies operating in the security advisory services market include Cisco, DXC Technology, KPMG, Deloitte, PricewaterhouseCoopers (PwC), Tata Consultancy Services (TCS), Ernst & Young (EY), Verizon, Rapid7, Dimension Data, eSentire Inc., Kudelski Security, NTT Security, ePlus, Coalfire, Novacoast, Inc., Security Compass, Sage Data Security and Avalon Cyber.
Some recent developments by key providers of security advisory services are as follows:
Similarly, recent developments related to companies developing security advisory services have been tracked by the team at Future Market Insights, which is available in the full report.
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD million for Value |
| Key Regions Covered | North America; Latin America; Europe; Asia Pacific; The Middle East & Africa (MEA) |
| Key Countries Covered | United States, Canada, Germany, United Kingdom, Nordic, Russia, BENELUX, Poland, France, Spain, Italy, Czech Republic, Hungary, Rest of EMEAI, Brazil, Peru, Argentina, Mexico, South Africa, Northern Africa, GCC Countries, China, Japan, South Korea, India, ASEAN, Thailand, Malaysia, Indonesia, Australia, New Zealand, Others |
| Key Segments Covered | Service Type, Organization Size, Vertical, Region |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Trend Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The security advisory services market size reaches USD 14,612.7 million in 2023.
The security advisory services market is set to proliferate at a CAGR of 12.3% through 2033.
Given its profound cyber threat insights & proactive approach, penetration testing is gaining the maximum popularity.
Growing cyber threats, digitalization across sectors, and regulatory compliance are key drivers boosting the demand for security advisory services.
Key security advisory services market players include Cisco, KPMG, Deloitte, PricewaterhouseCoopers, Tata Consultancy Services, Ernst & Young, and others.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Service Type 5.1. Penetration Testing 5.2. Vulnerability Management 5.3. Security Risk Management 5.4. Incident Response 5.5. Compliance Management 5.6. Security Program Management 5.7. CISO Advisory and Support 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Organization Size 6.1. SMEs 6.2. Large Enterprises 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Vertical 7.1. BFSI 7.2. Government and Public Sector 7.3. IT and Telecom 7.4. Healthcare 7.5. Energy and Power 7.6. Manufacturing 7.7. Others 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Western Europe 8.4. Eastern Europe 8.5. South Asia and Pacific 8.6. East Asia 8.7. Middle East and Africa 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Cisco 18.2. DXC Technology 18.3. KPMG 18.4. Deloitte 18.5. PricewaterhouseCoopers 18.6. Tata Consultancy Services 18.7. Ernst & Young 18.8. Verizon 18.9. Rapid7 18.10. Dimension Data 18.11. eSentire Inc. 18.12. Kudelski Security 18.13. NTT Security 18.14. ePlus 18.15. Coalfire 18.16. Novacoast, Inc. 18.17. Security Compass 18.18. Sage Data Security 18.19. Avalon Cyber 19. Assumptions & Acronyms Used 20. Research Methodology
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Security Advisory Services Market
