Security Advisory Services Market Strategic Roadmap: Analysis and Forecasts 2024-2032

Key Insights

The Security Advisory Services Market size was valued at USD 12.02 USD Billion in 2023 and is projected to reach USD 42.57 USD Billion by 2032, exhibiting a CAGR of 19.8 % during the forecast period. The Security Advisory Market is an advanced one, which is a source of consultation and supply of security measures to be used by the organization. The services included here are assistance with strategic planning, risk assessment, and the establishment of needed security protocols that would ensure the fighting of cyber threats is done well. Aspects such as strategy strategy, risk level estimate, and continuous monitoring always are allegedly founders of vulnerability detection and the implementation of the optimal security system. This market is services-oriented and is known for its cybersecurity protection or services like cyber security ad consulting, risk management, compliance advisory, incident response planning, and security awareness training. Primarily, Security Advisory Services are of great help in thwarting such potential risks as a threat to security parameters, data leaks, and reputation catastrophe, thus ensuring all business areas operability in the cyber environment which is becoming more and more threatening.  

Security Advisory Services Trends

• Increasing adoption of cloud and digital transformation
• Growing awareness of cybersecurity threats
• Demand for proactive security measures

Driving Forces: What's Propelling the Security Advisory Services Market

• Rising cybercrime incidents: The growing number of cyberattacks and data breaches has heightened the need for security advisory services to help organizations protect their systems and data.
• Increased regulations: Governments worldwide are implementing stricter regulations on cybersecurity, which requires organizations to comply with specific security standards.
• Technological advancements: The advancement of technologies such as cloud computing, artificial intelligence (AI), and machine learning (ML) has created new challenges for security professionals, driving the demand for advisory services.

Challenges and Restraints in the Security Advisory Services Market

• Shortage of skilled professionals: The lack of skilled cybersecurity professionals can limit the growth of the market.
• Cost of implementation: Security advisory services can be expensive, which may hinder their adoption by small and medium-sized businesses.
• Integration challenges: Integrating security advisory services with existing systems can be complex and time-consuming.

Emerging Trends in Security Advisory Services

• Cloud-based security advisory services: Cloud-based services offer flexibility, scalability, and cost-effectiveness.
• Managed security services: Organizations outsource their security operations to managed service providers to improve their security posture.
• AI and ML in security advisory services: AI and ML technologies are used to automate threat detection and response, enhancing the efficiency of security advisory services.

Growth Catalysts in the Security Advisory Services Industry

• Growing focus on data privacy regulations: The implementation of data privacy regulations such as GDPR and CCPA has increased the demand for security advisory services.
• Increased adoption of IoT: The proliferation of IoT devices has created a vast attack surface, driving the need for security advisory services.
• Government initiatives: Governments worldwide are investing in cybersecurity initiatives, which are expected to boost the demand for security advisory services.

Market Segmentation: Security Advisory Services Analysis

Service Type:

• Vulnerability Management
• Incident Response
• Security Risk Management
• Compliance Management
• CISO Advisory & Support

Enterprise Type:

• SMEs
• Large Enterprises

Industry:

• BFSI
• Healthcare
• Government
• Manufacturing
• Energy & Utility
• IT & Telecom
• Others

Leading Players in the Security Advisory Services Market

• Cisco (U.S.)
• DXC Technologies (U.S.)
• KPMG (U.K.)
• PwC (U.K.)
• EY (U.K.)
• Deloitte (U.S.)
• NTT Security (Japan)
• Sage Data Security (U.S.)
• Verizon (U.S.)
• TCS (India)

Significant developments in the Security Advisory Services Sector

• November 2023: PwC U.K. partnered with Wiz to integrate a cloud-native application protection platform.
• November 2023: TCS collaborated with Amazon Security Lake to launch the Cyber Insight Platform.
• June 2023: Coalfire partnered with AWS to expand advisory services and penetration testing.
• September 2022: KPMG India partnered with CyberArk to offer identity security platform solutions.
• June 2022: DXC Technology introduced a new advisory service for government agencies.

Comprehensive Coverage Security Advisory Services Market Report

• Market size and forecast
• Competitive landscape
• Growth drivers and challenges
• Market trends and analysis
• Company profiles

Regional Insight

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America

Recent Mergers & Acquisition

• March 2023: Accenture acquired Openminded to enhance its security advisory services capabilities.
• January 2023: Cognizant acquired Mintigo to expand its cybersecurity consulting and advisory services.

Regulation

• GDPR (General Data Protection Regulation)
• CCPA (California Consumer Privacy Act)

Patent Analysis

• US Patent No. 9,338,599: System and method for providing security advisory services
• US Patent No. 10,467,566: Security advisory system and method

Analyst Comment

The security advisory services market is expected to continue its strong growth in the coming years, driven by the increasing need for cybersecurity measures. Organizations across industries are seeking expert guidance to protect their systems and data from cyberattacks and data breaches. The adoption of cloud-based services managed security services, and advanced technologies will further contribute to the market's expansion.