PUNE, India, November 8, 2017 /PRNewswire/ --
According to a new market research report "Security Advisory Services Market by Service Type (Penetration Testing, Vulnerability Management, Risk Management Strategy, Incident Response, Compliance Management, Security Program Development), Organization Size, Vertical, and Region - Global Forecast to 2022", published by MarketsandMarkets™, the market 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%.
Browse 38 Market Data Tables and 26 Figures spread through 104 Pages and in-depth TOC on "Security Advisory Services Market"
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Many organizations combine their human and machine intelligence in cybersecurity to help their client organizations with comprehensive protection from advanced security threats. In the era of rapid expansions of businesses and increased complexities in the IT infrastructure, the security of digital assets has become the prime objective of the organizations. Thus, the adoption of security advisory services is said to be high among private and public organizations across different verticals. The security vendors provide various security advisory services, such as penetration testing, vulnerability management, risk management strategy, incident response, compliance management, security program development, and Chief Information Security Officer (CISO) advisory and support. As the frequency of sophisticated cyber-attacks on enterprises is growing, the market is expected to gain traction in the next 5 years.
The major forces driving the Security Advisory Services Market are the rise in security breaches and increased sophistication levels of cyber threats, and strong regulation compliance requirements.
The CISO advisory and support service type is estimated to have the largest market share in the Security Advisory Services Market in 2017
CISO advisory services are provided by vendors in different forms, such as on-board CISO, virtual CISO, and full-time CISO services. The CISO advisory and support service type is expected to have the largest market share and dominate the Security Advisory Services Market from 2017 to 2022. CISO advisory services help organizations in accelerating the implementation of best cybersecurity solutions in organizations to meet with the changing regulatory compliances and gap analysis, and build a roadmap for the organizations for handling cybersecurity issues. The adoption of CISO advisory and support services is said to be increasing, as there is a lack of technical knowledge and expertise in organizations, combined with the increasing cyber-attacks.
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The government and public sector vertical is expected to grow at the highest CAGR in the Security Advisory Services Market
The government and public sector vertical is expected to contribute to the largest market share in the Security Advisory Services Market. 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. The Banking, Financial Services, and Insurance (BFSI) vertical is expected to dominate the Security Advisory Services Market, with the largest market size in 2017.
North America is expected to contribute to the largest market share, whereas APAC is projected to grow at the highest CAGR
North America is expected to have the largest market share and dominate the Security Advisory Services Market from 2017 to 2022, due to the high number of early technology adopters in this region. Specific budget allocations and mandated security advisory service policies are expected to make North America the most lucrative region for the growth of various categories of vendors.
The major force driving the adoption of security advisory services in APAC is the increasing instances of Distributed Denial of Service (DDoS) attacks, which is highly affecting the performance of critical business applications. The economies in the region are rapidly digitizing and adopting smart solutions to make the business operations effective. Cybercriminals attack this digitization to access the confidential data for personal gains. The threat landscape in APAC is expected to be increasing at an alarming rate, and so is the spending on security advisory services.
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The major vendors in the Security Advisory Services Market include 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).
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