Rise in security breaches and increased sophistication level of cyber-attacks is expected to drive the security advisory services market
The security advisory services market size is expected to grow from USD 5.77 billion in 2017 to USD 13.57 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 18.7%. The security advisory services market is driven by factors, such as the rise in security breaches and increased sophistication level of cyber-attacks, and strong regulations and compliance requirements. However, high deployment cost of security advisory services is still a concern in front of the organizations. Furthermore, lack of end-user knowledge about advanced threats is the biggest challenge for organizations.
The incident response service type is expected to grow at the highest CAGR during the forecast period
The incident response service type is expected to have the highest CAGR during the forecast period. Incident response refers to a set of abilities to respond to an attack or a security breach before or after it has occurred. The various incident response service types include incident response readiness assessment, incident record management and forensics, user behavior analytics, remediation and recovery, and containment. The occurrence of security breach across any region requires instant response. Thus, the demand for incident response services to handle the security breaches is said to be gaining pace in the security advisory services market.
Government and public sector vertical is expected to grow at the highest CAGR during the forecast period
The public sector and government organizations are involved with data and information that are of critical nature. There has been a strong adoption of advanced technologies in the government and public sector in the recent years. The applications used in the government and public sector are becoming the prime targets for cybercriminals to access the sensitive data. Therefore, the government and public sector vertical is said to be increasingly adopting security advisory services and is expected to grow at the highest CAGR during the forecast period.
APAC is expected to have the highest growth rate during the forecast period
Asia Pacific (APAC) includes emerging economies, such as India and China, which are rapidly deploying security advisory services. This is mainly due to an increase in sophistication of cyber-attacks in organizations. APAC is expected to grow at the highest CAGR during the forecast period. Furthermore, North America is estimated to have the largest market size in 2017.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the security advisory services marketplace.
- By Company Type: Tier 1: 27%, Tier 2: 48%, and Tier 3: 25%
- By Designation: C-Level: 30%, Director Level: 25%, and Others: 45%
- By Region: North America: 57%, Europe: 16%, APAC: 15%, and RoW: 12%
The report includes the study of key players offering security advisory services, such as EY (UK), PwC (UK), eSentire (Canada), Kudelski Security (Switzerland), Novacoast (US), Security Compass (Canada), Deloitte (US), KPMG (UK), Delta Risk (US), TCS (India), CybeRisk (Israel), and Coalfire (US). The report includes in-depth competitive analysis of these key players in the security advisory services market, with their company profiles, recent developments, and key market strategies.
The report covers the security advisory services across different segments. It aims at estimating the market size and the future growth potential of this market, across different segments, such as service types, organization sizes, verticals, and regions. Furthermore, the report also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall security advisory services market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.