Dublin, Dec. 20, 2019 (GLOBE NEWSWIRE) -- The "Security Advisory Services Market by Service Type (Penetration Testing, Vulnerability Management, Incident Response, Security Risk, Compliance Management, and CISCO Advisory and Support), Organization Size, Vertical, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The global security advisory services market size is expected to grow from USD 7,776 million in 2019 to USD 18,820 million by 2024, at a Compound Annual Growth Rate (CAGR) of 19.3% from 2019 to 2024.
The security advisory services market includes various major vendors such as Cisco (US), DXC Technologies (US), KPMG (UK), Deloitte (US), PwC (UK), TCS (India), EY (UK), Verizon (US), eSentire (Canada), Rapid7 (US), Dimension Data (South Africa), Kudelski Security (Switzerland), NTT Security (Japan), Sumeru (India), ePlus (US), Coalfire (US), Novacoast (US), Security Compass (Canada), Sage Data Security (US) and Avalon Cyber (US).
Market driven by the push from regulatory bodies across the globe and increase in adoption of hybrid network environment
Factors such as, increase in the agility of business processes without sacrificing security and need to adhere to regulatory compliance are driving the growth of the security advisory services market.
The SMEs segment is expected to grow with a higher CAGR during the forecast period
The SMEs segment is expected to grow at a higher CAGR during the forecast period. Vendors of security advisory services help SMEs secure their valuable business applications from the more sophisticated cyber-attack vectors and vulnerabilities. The security advisory services are gaining popularity among the SMEs, as they help SMEs to save their money, time, and resources. The adoption of security advisory services among the SMEs was low in the past. There were several factors, such as low levels of awareness, budget constraints, and lack of technical skills, which we're all responsible for this slow adoption. SMEs are said to be rapidly adopting security advisory services to protect their applications from vulnerabilities and attacks.
Incident response segment is expected to have a significant growth in the security advisory services market during the forecast period
Among the service type, the incident response segment is expected t grow with the highest CAGR during the forecast period. Incident response services help organizations to significantly strengthen the security defense mechanics. Moreover, it helps organizations in minimizing the impact of cyber threats by quickly identifying unauthorized and malicious activities across IT infrastructure. The incident response services allow organizations to avoid unnecessary regulatory fines. Therefore, SMEs and large organizations around the world are expected to increase their investments in the adoption of incident response services during the forecast period.
North America expected to have the largest market size during the forecast period
North America is the most mature market in terms of security advisory services adoption. North America is likely to account for a substantial share of the global security advisory services market during the forecast period. The market growth in this region is driven primarily by the presence of large IT companies/users and rapid technological advancements, such as digitalization in the US and Canada. The presence of key players in the security advisory services market in the region is expected to be a significant factor driving the market growth in North America. Key players, such as Cisco, DXC Technology, Rapid7, ePlus, and Verizon along with several startups in the region, are offering enhanced security advisory services solutions, to cater to the needs of customers.
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Market Opportunities in the Security Advisory Services Market
4.2 Market By Service Type, 2019
4.3 Market By Organization Size, 2019-2024
4.4 Market Share of Top 3 Verticals and Top 3 Regions, 2019
5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Rise in the Frequency of Cyberattacks and Increased Sophistication in Attacking Techniques
5.2.1.2 Emergence of Disruptive Digital Technologies, Such as IoT, Across Verticals
5.2.1.3 Need for Stringent Security Compliance and Government Regulations
5.2.2 Restraints
5.2.2.1 Limited Security Budget Among SMEs
5.2.3 Opportunities
5.2.3.1 Increase in the Adoption of Multi-Cloud Services
5.2.3.2 Increase in the E-commerce Penetration Across Verticals
5.2.4 Challenges
5.2.4.1 Lack of Awareness Related to Advanced and Sophisticated Cyber Threats Among Enterprises
5.3 Regulatory Implications
5.3.1 Introduction
5.3.2 General Data Protection Regulation
5.3.3 Payment Card Industry Data Security Standard
5.3.4 Health Insurance Portability and Accountability Act
5.3.5 Federal Information Security Management Act
5.3.6 Gramm-Leach-Bliley Act
5.3.7 Sarbanes-Oxley Act
5.3.8 International Organization for Standardization 27001
5.4 Innovation Spotlight
5.4.1 Mitkat Advisory Services
5.4.2 Stickman
5.5 Use Cases
5.5.1 Use Case: Coalfire
5.5.2 Use Case: Veritas
5.5.3 Use Case: Cisco
6 Security Advisory Services Market By Service Type
6.1 Introduction
6.2 Penetration Testing
6.2.1 Growing Need to Eliminate Vulnerabilities and Launch Secure Product Offerings to Drive Growth of Security Advisory Services Market
6.3 Vulnerability Management
6.3.1 Rising Demand for Cybersecurity to Spur the Growth of Vulnerability Management in the Market
6.4 Security Risk Management
6.4.1 Need to Secure Organizations From Increasing Cyberattacks to Drive the Adoption of Security Advisory Management Services
6.5 Incident Response
6.5.1 Rising Cyber Incidents Worldwide and Associated Losses to Drive the Overall Market During the Forecast Period
6.6 Compliance Management
6.6.1 Growing Need to Comply With Regulations to Boost the Growth of the Overall Market
6.7 Security Program Development
6.7.1 Growing Need to Execute Quick and Informed Decision-Making to Boost the Overall Market
6.8 Chief Information Security Officer Advisory and Support
6.8.1 Increase in Demand for Cost-Effective High-Level Security Experts to Boost Ciso-As-A-Service
7 Security Advisory Services Market By Organization Size
7.1 Introduction
7.2 Small and Medium-Sized Enterprises
7.2.1 Rising Security Issues to Drive the Adoption of Security Advisory Services Among Small and Medium-Sized Enterprises
7.3 Large Enterprises
7.3.1 Increasing Cyberattacks and Hefty Fines for Regulatory Non-Compliance to Boost the Adoption of Security Advisory Services Among Large Enterprises
8 Security Advisory Services Market By Vertical
8.1 Introduction
8.2 Banking, Financial Services, and Insurance
8.2.1 Enhanced Financial Products and Services and Innovative Internet Offerings to Drive the Adoption of Security Advisory Services in the BFSI Vertical
8.3 IT and Telecom
8.3.1 Increased Attacks on Critical Infrastructure to Drive Market Growth in IT and Telecom Vertical
8.4 Government and Public Sector
8.4.1 Increasing Need to Protect Sensitive Data of Citizens and Organizations Drives the Adoption of Security Advisory Services Solutions in the Government and Public Sector
8.5 Healthcare
8.5.1 Need to Protect Patient Data and Payment Information to Drive Market Growth in Healthcare Vertical
8.6 Energy and Power
8.6.1 Need to Prevent Physical Damage and Reduce Cyber Risks, Along With Maintaining Infrastructure Security, to Drive Market Growth in the Energy and Power Vertical
8.7 Manufacturing
8.7.1 Rising Need for Effective Cyber Threats to Drive the Adoption of Security Advisory Services in Manufacturing
8.8 Others
9 Security Advisory Services Market By Region
9.1 Introduction
9.2 North America
9.2.1 United States
9.2.1.1 Expanding the Scope of Cyberattacks in the US to Drive the Growth of the Market
9.2.2 Canada
9.2.2.1 Need to Adhere to Regulatory Compliance to Drive the Growth of the Market in Canada
9.3 Europe
9.3.1 United Kingdom
9.3.1.1 Increasing Government Regulations to Drive the Growth of the Market in the UK
9.3.2 Germany
9.3.2.1 High use of Internet Makes German Industry Vulnerable to Cyberattacks Making It a Lucrative Market for Security Advisory Services
9.3.3 Italy
9.3.3.1 Rise in Sophisticated Cyberattack Vectors to Drive the Growth of Security Advisory Services Market in Italy
9.3.4 France
9.3.4.1 Government Initiatives and Requirement of Enhanced Security Services to Drive the Demand for Security Advisory Services
9.3.5 Rest of Europe
9.4 Asia Pacific
9.4.1 China
9.4.1.1 Increased Cyberattacks Owing to High Dependency on the Internet Driving the Market in China
9.4.2 Japan
9.4.2.1 Government Initiatives and an Increase in the Need for Cybersecurity to Spur the Demand for Security Advisory Services in Japan
9.4.3 South Korea
9.4.3.1 Increased Adoption of Smartphones, Mobile Applications, and Other Technologies, Such as Cloud Computing and Artificial Intelligence to Drive the Market in South Korea
9.4.4 India
9.4.4.1 Presence of Local and International Players to Contribute to the Growth of Security Advisory Services in India
9.4.5 Australia and New Zealand
9.4.5.1 Government Initiatives and an Increase in the Need for Cybersecurity to Spur the Demand for Security Advisory Services in ANZ
9.4.6 Rest of Asia Pacific
9.5 the Middle East and Africa
9.5.1 Kingdom of Saudi Arabia
9.5.1.1 Existing Vulnerable Infrastructure and Growing Cyberattacks to Drive the Adoption of Security Services
9.5.2 United Arab Emirates
9.5.2.1 Increasing Need to Secure Business Sensitive Applications to Drive the Growth of Market in UAE
9.5.3 South Africa
9.5.3.1 Increasing Adoption of Technologies, Such as IoT and Cloud to Boost the Growth of the Market in South Africa
9.5.4 Rest of the Middle East and Africa
9.6 Latin America
9.6.1 Brazil
9.6.1.1 Growing Adoption of Security Advisory Services Solution By Enterprises to Improve Business Security in Brazil
9.6.2 Mexico
9.6.2.1 Rise in the Adoption of Cloud-Based Applications Across Major Verticals, Such as BFSI and IT and Telecom, to Fuel the Growth of Security Advisory Services Market in Mexico
9.6.3 Rest of Latin America
10 Competitive Landscape
10.1 Overview
10.2 Competitive Leadership Mapping
10.2.1 Visionary Leaders
10.2.2 Dynamic Differentiators
10.2.3 Innovators
10.2.4 Emerging Companies
10.3 Competitive Scenario
10.3.1 New Product Launches and Product Enhancements
10.3.2 Partnerships and Collaborations
10.3.3 Mergers and Acquisitions
11 Company Profiles
11.1 Cisco
11.2 DXC Technology
11.3 KPMG
11.4 Deloitte
11.5 PwC
11.6 TCS
11.7 EY
11.8 Verizon
11.9 Esentire
11.10 Rapid7
11.11 Dimension Data
11.12 Kudelski Security
11.13 NTT Security
11.14 Sumeru Software Solutions
11.15 ePlus
11.16 Coalfire
11.17 Security Compass
11.18 Novacoast
11.19 Sage Data Security
11.20 Avalon Cyber
For more information about this report visit https://www.researchandmarkets.com/r/kpk3w3
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