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Security Advisory Services Market Overview
Security Advisory Services Market Size is forecast to reach $29.91 billion by 2027, at a CAGR of 14.11% during 2022-2027. Security advisory services enable the enterprises to meet and deploy security risk management policies. Organizations require security advisory services to guarantee incident response for protecting the data and critical information, as per the industry regulations and mandates. With the increasing cyber threats across various industries, the deployment of various security advisory services has witnessed a significant boom owing to its wide range of offerings such as penetration testing, vulnerability management and compliance management among others, contributing towards the Security Advisory Services market growth. For instance, according to the report by IBM Corporation, the healthcare and government sectors currently have the highest volume of weekly attacks, closely followed by the hospitality sectors. This tend to bring significant growth in the demand of security advisory services, further propelling the Security Advisory Services industry outlook in the global market. Furthermore adoption of new technology and business strategies is anticipated to create business opportunity for security advisory service industry to maintain the security compliance in enterprises.
Security Advisory Services Market Segment Analysis – By Offering
By Offering, the Security Advisory Services Market Report is segmented into Penetration Testing, Vulnerability Management, Incident Response, Risk Management Strategy, Compliance Management and Chief Information Security Officer Advisory & Support and Others. Chief Information Security Officer (CISO) Advisory & Support segment is analysed to be the highest growing segment with a CAGR of 15.44% in Security Advisory Services Market during the forecast period 2022-2027, owing to the various advantages it offers to the enterprises ecosystem. CISO advisory and support helps organizations in forming strategies, integrate technologies, monitor the process that prevents the cyber threat and advises the board members about the strategic roadmap of security. It is one of the cost-effective ways to maintain the information security system and manage risk which tend to be significant factor for its growth in the Security Advisory Services Market during the forecast period. For instance, in February 2022, NYU Tandon School of Engineering launched all new Chief Information Security Officer (CISO) Program for senior professionals in cybersecurity-focused roles seeking career advancement. These developments tend to be significant driving factor for the Chief Information Security Officer (CISO) Advisory & Support services, further propelling Security Advisory Services Market during the forecast period.
Security Advisory Services Market Segment Analysis – By End Use Industry
By End-use Industry, the Security Advisory Services Market Report is segmented into Banking, Finance Services and Insurance (BFSI), IT & Telecommunication, Government and Public Sector, Healthcare, Energy and Power, Manufacturing and Others. BFSI sector industry is analysed to be the highest growing segment with a CAGR of 16.31% in Security Advisory Services Market during the forecast period 2022-2027, owing to the increasing fraudulent activities in this industry across the globe. The increasing technological penetration and digital channels, such as internet banking and mobile banking are becoming prominent customer choices for banking services, making it crucial for banks to leverage security advisory services. Ongoing developments to safeguard personalized banking and financial data across the BFSI industry tend to bring significant growth in the demand of security advisory services, further driving its market growth. For instance, in November 2021, WNS Holdings Limited, a leading provider of global Business Process Management (BPM) solutions launched WNS FINSIBLE, a suite of banking solutions enabling FinTechs to efficiently streamline, manage and scale operations, hence driving the Security Advisory Services Market growth in BFSI sector.
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Security Advisory Services Market Segment Analysis – By Geography
Asia-Pacific is analysed to be the major region with a share of 34% in 2021 for the Security Advisory Services Market owing to the rapid digitization across various industries in this region. The Asia-Pacific manufacturing sector is currently facing the proliferation in adoption to digital technologies and the shift toward Industry 4.0 which is analysed to bring significant growth in the deployment of the Service Delivery Automation, further driving its market growth. For instance, according to the World Bank Reports, investments done in digitalization across various manufacturing industries elevated from $6.23 trillion in 2019 to $6.24 trillion in 2020. These increasing investments is anticipated to bring major growth in the adoption of security advisory services in this region, further driving its market growth. Moreover, according to India Brand Equity Foundation (IBEF), the advancement in technology has brought mobile and internet banking services to the fore. The banking sector of India is laying greater emphasis on providing improved services to their clients and customers and upgrading their technology infrastructure to enhance customer’s overall experience as well as give banks a competitive edge and is estimated to reach $1 trillion by 2023 driven by the five-fold increase in the digital disbursements. This increasing digitalization of offering wide range of services tend to drive the growth of Security Advisory Services Market in this region during the forecast period.
Security Advisory Services Market Drivers
Increasing cyber threats and stringent government guidelines is propelling the market growth
Increasing cyber-attacks, theft of confidential data and other cybercrime activities is analysed to be a major driving factor for the deployment of security advisory services across various enterprises. The growth of confidential organizational data, and the growth of trends in mobile devices has increased the necessity for the adoption of security advisory services. Over the years, the use of cloud technologies has increased greatly, increasing the need to provide more reliable and cost-effective security solutions, further driving the Security Advisory Services Market growth. For instance, according to the Wipro State of Cybersecurity Report 2020, the consumer and retail sectors are being targeted more frequently than other sectors. The report further adds that at least 73% of the organizations are anticipated to lose revenue in case of an attack due to the non-availability of services at critical times. This increasing cyber-attacks tend to create huge impact in the market growth of security advisory services during the forecast period.
Growing popularity of security as a service across various enterprises is propelling the demand of Security Advisory Services
Ongoing adoption of cloud-based services across various industries owing to the implementation of Industry 4.0 has brought an era of Security as a Service (SaaS) platform in the global market. The Covid-19 pandemic has led to higher adoption of cloud-based services such as edge computing and virtualization. In order to maximize market productivity, Small and Medium Scale Enterprises are also increasingly concentrating on streamlining their business models by adopting cloud services. Furthermore, in order to streamline their operations, SMEs do not have strict security measures to secure their files, networks, endpoints and applications from cyber-attackers. As SMEs turn their attention to cloud services, it is anticipated that cloud-based data management solutions and service providers will see huge opportunities for innovation and adoption of better security solutions which in turn will fuel the Security Advisory Services Market growth during the forecast period. As per Interpol reports, during Covid-19 pandemic, about 59% of cyber-threats were reported regarding phishing, scam and frauds. The report further suggests that this trend is likely to increase due to the economic downturn and shift in the business landscape following the pandemic. This tend to make huge impact in the Security Advisory Services Market growth during the forecast period.
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Security Advisory Services Market Challenges
Increasing complexities of cyber-attacks coupled with low budget is analysed to hamper the Security Advisory Services Market growth
One of the most important factor restraining the market growth of Security Advisory Services Market across the global is its high implementation cost. As the frequency of cybersecurity breaches has increased, organizations have increased their IT security investments to protect themselves from advanced threats. However, for many enterprises, including SMEs, these investment costs are a matter of concern. Furthermore, for strong and advanced security, the cost of innovation is still high, and many organizations view budgetary constraints as a barrier to the growth of the security advisory services market. Moreover, the complexity of cyber threats has also increased considering the rise of fraud accounts. Fraudsters are getting more sophisticated in their attacks. These factors tend to bring major challenges in The Security Advisory Services Market growth during the forecast period.
Security Advisory Services Industry Outlook
Production Innovation, Acquisitions, Collaboration, and R&D activities are key strategies adopted by players in the Security Advisory Services Market. In 2021, the market of Security Advisory Services Industry outlook has been fragmented by several companies. Security Advisory Services top 10 companies include
In April 2021, TPx, a leading nationwide managed services provider delivering managed IT, cybersecurity, connectivity and cloud communications, announced the expansion of their services portfolio to include Security Advisory Services for small and medium-sized businesses (SMB’s). The new Security Advisory Services will provide a cost-effective way for SMB’s to understand their vulnerabilities, identify gaps in their business’s cybersecurity and define a strategy to secure their business.
In October 2021, Taos, an IBM Company, launched Strategic Advisory Services Suite and DevSecOps Security Subscription Services to accelerate enterprise it clouds transformation.
In January 2020, IntSights, the threat intelligence company focused on enabling enterprises to Defend Forward launch of the company’s in-person Security Advisory Services offering. This new offering brings IntSights world-class cybersecurity professionals into the conference rooms of the company’s global customer base to provide actionable training for hands-on analysts, SOC team members, CISOs, C-level executives, and board members.
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Increasing cyber threats across various enterprises and growing adoption of cloud-based services for optimizing industrial digitalization is analysed to significantly drive the Security Advisory Services Market during the forecast period 2022-2027.
Vulnerability Management is analysed to hold highest share 31.12% in 2021 owing to the increasing cyber-attacks and data breaches of confidential data across the globe.
IT & Telecommunication sector is analysed to hold the highest market share 35.61% during the forecast period owing to the large amount of data generated across this vertical which propels the demand of security advisory services for efficient working across the enterprise.
Asia-Pacific is analysed to hold the highest share in 2021 owing to the rapid digitization across various industries in this region.
Relevant Report Titles:
A. Security As a Service Market – Forecast (2021 – 2026)
B. Internet Security Market – Forecast (2021 – 2026)
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