PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1456991
PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1456991
The global security advisory services market is evaluated at US$12.922 billion for the year 2022 and is projected to grow at a CAGR of 12.61% to reach a market size of US$29.687 billion by the year 2029.
Organisations need security advice services to assist them manage the complicated world of cybersecurity risks and attacks. These services comprise a variety of professional consultations from cybersecurity experts and companies, to evaluate and strengthen an organization's security posture. These consultants find weaknesses and possible dangers through in-depth risk assessments, offering insightful information about areas that need improvement. They also provide advice on adhering to industry standards and laws, making sure that businesses follow the law and industry best practices. To protect information assets, security advice services frequently entail the creation and use of specialized security strategies, rules, and procedures.
There is an increase in the adoption of information communication, technology, data encryption, and cybersecurity solutions by different end-user industries. These industries include BFSI, communication and technology, and automobiles, among others, and these are done to achieve scalability, protect identities and transactions, reduce operational costs, decrease uptime, and encrypt the sensitive data generated. The protection of digital signatures to prevent data breaches is increasing the demand for effective encryption solutions. These factors are thereby leading to a surge in the demand for such solutions and bolstering the market growth over the forecast period.
The security consulting services market is significantly impacted by the rise in cyber risks, which raises the need for more specialized knowledge and strategic direction. The task of strengthening defenses against advanced threats such as ransomware and phishing is a problem that organizations must face due to their changing and sophisticated nature. Many organizations find that the complexity of these risks exceeds their capabilities, leading them to seek professional insights and advice from security consulting services. Security advisers are essential in identifying weaknesses, supplying threat intelligence, and creating strong cybersecurity plans that are customized to each client's unique requirements.
Initiatives aimed at digital transformation have a significant effect on the market for security advisory services because they increase the attack surface and heighten the demand for professional cybersecurity advice. Organizations face new cybersecurity risks as their IT infrastructures become more complex due to the use of cloud computing, IoT, and other revolutionary technologies. The increased danger of data breaches and other security problems is brought on by the expanded attack surface, which gives cyber attackers more options. Security advisory services are essential in assisting organizations in identifying vulnerabilities, evaluating risks, and putting into practice strong cybersecurity plans that support their objectives for digital transformation in response to these difficulties.
The communications and technology industries is predicted to hold a considerable share over the forecast period.
This is attributed to the increasing penetration of the internet and the rising availability of high-speed internet at affordable prices, which leads to the generation of voluminous amounts of user data. Owing to this, user data is being put at risk, which is a direct consequence of increasing cybercrimes and cyber-attacks in recent years, which has led various service providers to adopt security advisory services. Moreover, the military and defense sector is estimated to increase its market share over the forecast period, as there is a lot of data such as defense technology, state secrets, and information that is at risk to spies and other ransomware agents. This not only resulted in the deployment and adoption of other ICT solutions but security advisory solutions as well, which is anticipated to contribute to the market share.
North America is anticipated to be the major regional market.
The North American region is estimated to hold a significant share over the forecast period since the incidences of cybercrimes and cyber-attacks are increasing and are leading to the exploitation of the user data being generated due to the rising usage of internet services. Moreover, the well-developed communication and telecommunication industries are also contributing to the market share of the region. In addition, the Asia Pacific region is estimated to hold a significant share over the forecast period because the governments of countries such as India are taking extensive measures to adopt such solutions to minimize the number of phishing emails and financial frauds which are surging at a decent rate in the country.