According to a research report "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", published by MarketsandMarkets, the global security advisory services market size is expected to grow from USD 7.8 billion in 2019 to USD 18.8 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 19.3% during the forecast period. Increasing in push from regulatory bodies to maintain security posture to safeguard the crucial data and increase in the frequency of cyber-attack and increased sophistication in attacking techniques are the major factors driving the growth of the security advisory services market.
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The CISO advisory and support segment is estimated to dominate the security advisory services market with the larger market size during the forecast period
Chief Information Security Officer-as-a-Service (CISOaaS) or vCISO is a service where enterprises can avail comprehensive leadership in terms of information security from the pool of highly qualified technical resources. The CISOaaS helps in forming strategies, technology integrator, monitors the process that prevents the threat and advises the board members about the strategic roadmap of security. It is one of the most cost-effective ways to maintain the information security system and manage risk at the same time. CISOaaS engagement involves activities, such as scoping, assessment, gap analysis, implementation, evaluation, and continual maintenance. Furthermore, CISOaaS caters to preventative maintenance tasks which help in keeping the enterprises’ security posture under constant check.
The large enterprise segment is expected to hold a larger market size, during the forecast period
Enterprises with an employee strength more than 1000 are considered as large enterprises. These large enterprises are early adopters of security measures, as they deploy many applications and hold massive amounts of customers’ confidential data. Moreover, large enterprises have increased budgets for security measures as compared to SMEs. As these enterprises are large and have different types of IT infrastructures, they face the difficult task of effectively managing the security for several applications across the enterprise. With the emerging trend of connected devices, large enterprises not only have to protect the systems and endpoints that are interconnected to the enterprise network but also have to defend the applications running on these endpoints.
The BFSI vertical is expected to grow at a rapid pace, during the forecast period
The BFSI vertical is one of the significant users of cybersecurity solutions as banks have a directory of personal and financial data of individuals and organizations. This vertical frequently introduces new and improved financial products and services to enhance business operations, making it attractive for fraudsters to target sensitive customer information. Therefore, the systems and software applications in the banking and financial organizations need to be monitored continuously and require advisory to withstand the ever-changing threat landscape. Furthermore, the vertical is continuously adding new offerings, such as internet banking, mobile banking, wallet transactions, and Unified Payment Interface (UPI) to ease end user experience, further increasing the overall attack surface. The vertical faces various challenges related to stringent regulatory and security requirements and providing superior service to its customers.
North America to hold the largest market share during the forecast period
North America is one of the most affected regions in the world by cybersecurity breaches, and as a result, has the most significant number of security advisory services providers. As the world is moving toward interconnections and digitalization, protecting enterprise-critical infrastructures and sensitive data has become one of the significant challenges. Moreover, the growing adoption of cloud-based applications, technologies, and platforms has further increased the need for enhanced security solutions for these platforms. The customers’ personal information, companies’ personal information, and payment-related information are entirely being stored on these cloud-based applications and platforms, which is why these platforms and applications are acting as a lucrative source for fraudsters to steal confidential information. Moreover, North America is the early adopter of cybersecurity solutions and services across the globe. Furthermore, this region is the most advanced in terms of adopting security solutions, services, and infrastructure. Information security is identified as the most serious economic and national security challenge by the North American government.
The major microlearning vendors include 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).
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