In a recent published report, Kenneth Research has updated the market report for Security Advisory Services Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Security Advisory Services Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023.
Globally, the security advisory services market is expected to grow from USD 5.24 billion to USD 11.79 billion by 2023 at the CAGR of 17.6% from 2018 to 2023. The growth can be attributed to the growing complexity of the IT infrastructure of enterprises, an increasing number of cyber attacks, and the need to adhere to various government regulations. The adoption of cloud computing, social media, IoT, mobile computing, and hyper-connectivity have provided numerous digital business the opportunity to enhance the efficiency of their businesses; however, this has also made them more vulnerable byexposing them to a larger cyber-attack surface. For enterprises, the implementation of robust security solutions has become an important area to consider.
The Final Report will cover the impact analysis of COVID-19 on this industry:
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A security advisory service enables enterprises to build a security strategy as per the business model and needs. It also provides support in implementing a robust security infrastructure for the enterprise to protect its digital assets from advanced cyber-attacks. Major services that are offered as part of security advisory services includes security risk management, threat & vulnerability management, and guidance in implementing the security operations center (SOC). Although, the service is gaining traction among enterprises of all scale, lack of awareness about various cyber threats and limited spending on cybersecurity areexpected to hinder the growth of the security advisory services market.
Security advisory services have a wide adoption across the globe, particularly in the BFSI industry vertical. The industry vertical has always been the most lucrative target for cybercriminals who aim at gaining huge monetary benefits quickly. In recent years, the manufacturing industry has also experienced a high frequency of cyber attacks, due to which, it is expected to show the fastest adoption of security advisory services in the next five years.
Global Security Advisory Services Market
Source: Secondary Literature, Expert Interviews, and MRFR Analysis
The global security advisory services market has been segmented on the basis of service, organization size, industry vertical, and region/country.
By service, the market has been segmented into risk & compliance management, security program development, incident management, penetration testing, vulnerability management, and chief information security officer (CISO) advisory and support.
By organization size, the market has been segmented into large enterprises and small & medium-sized enterprises (SMEs).
Based on industry vertical, the market has been segmented into banking, financial services, and insurance (BFSI), government & public sector, healthcare, IT & telecom, manufacturing, energy & utilities, and others.
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By region, the market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. North America has further been segmented into the US, Canada, and Mexico; Europe into the UK, Germany, France, and the rest of Europe; Asia-Pacific into China, India, Japan, and the rest of Asia-Pacific; and the rest of the world into the Middle East & Africa and South America.
The global market for security advisory services is estimated to grow rapidly during the forecast period from 2018 to 2023. The geographical analysis of global security advisory services market is studied for North America, Europe, Asia-Pacific, and the rest of the world.
North America is anticipated to have the largest market share in the global security advisory services market. The US, Canada, and Mexico are the leading countries in the region. The growth is attributed to the fast adoption of new technologies, the occurrence of the highest number of cyber attacks, and the presence of several key service providers. Asia-Pacific is presumed to be the fastest growing market in the global security advisory services market over the forecast period. Increasing digitalization and growing financial sector are the key driving factors for the adoption of security advisory services in the region.
The security advisory services market has the presence of a large number of service providers that intensifies competition in the market. The major service providers are adopting the strategy of enhancing their service offerings to offer best in class services to their customers and maintain a leading position in the market. Partnerships, including agreements and collaborations, is the second most adopted strategy by the major vendors during 2016—2019 Q1 as it enabled them to enhancetheir expertise and serve new customers.
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The prominent players in security advisory services market are Deloitte Touche Tohmatsu Limited (US), Ernst & Young Global Limited (UK), KPMG International Cooperative (Netherlands), PricewaterhouseCoopers Private Limited (UK), Coalfire Systems, Inc. (US), CybeRisk (US), Cisco Systems, Inc. (US), Tata Consultancy Services Limited (India), eSentire, Inc. (Canada), Security Compass (Canada), Novacoast, Inc. (US), Kudelski Security (Switzerland), DXC Technology Company (US), Rapid7 LLC (US), and Intertek Group PLC (UK).
Security Advisory Service Providers
Cybersecurity Solution Providers
Cybersecurity Service Providers
Managed Service Providers
Managed Security Service Providers
Distributors and Value-added Resellers (VARs)
Security Standards Making Bodies and Associations
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