Global Security Advisory Services Market Size, Share & Trends Analysis Report By Vertical, By Enterprise Size (Large Enterprises, and Small & Medium Enterprises), By Service Type, By Regional Outlook and Forecast, 2023 - 2030
The Global Security Advisory Services Market size is expected to reach $48.3 billion by 2030, rising at a market growth of 19.3% CAGR during the forecast period.
The IT & telecom segment often includes critical infrastructure that supports various industries and services. Thus, the IT & telecom segment acquired $2,367.1 million revenue in 2022. Security advisory services offer specialized expertise to protect critical IT & telecommunications infrastructure, ensuring the reliability and continuity of essential services.
The major strategies followed by the market participants are Partnerships & Collaborations as the key developmental strategy to keep pace with the changing demands of end users. For instance, In February 2024, Deloitte Touche Tohmatsu Limited came into partnership with ParaFlare to providing advanced active cyber defense capabilities, safeguarding Australian businesses and organizations against escalating cyber threats. Additionally, In November 2023, DXC Technology Company came into partnership with ServiceNow to catalyze innovation for shared clientele by integrating ServiceNow's advanced analytics and improved AI functionalities from its ITSM Pro and process mining solutions into DXC Platform X.
Based on the Analysis presented in the KBV Cardinal matrix; Cisco Systems Inc. is the forerunner in the Security Advisory Services Market. In January 2024 Cisco Systems Inc. came into collaboration with Kyndryl, an IT services company specializing in managing and modernizing enterprise IT infrastructure. Under this collaboration, both companies developed two novel security edge services, to assist clients in enhancing their security measures and taking proactive steps to address and manage cyber incidents. Companies such as Tata Consultancy Services Ltd., Rapid7, Inc., and KPMG International Limited are some of the key innovators in Security Advisory Services Market.
Market Growth Factors
Transportation systems, including air traffic control, railways, and maritime operations, are integral components of critical infrastructure. It focus on securing communication networks, navigation systems, and operational technologies to prevent disruptions and ensure the safe functioning of transportation systems. Hence, growing protection of critical infrastructure has been a pivotal factor in driving the growth of the market.
The ITA estimates that the Australian cybersecurity industry will reach US$5.8 billion by 2024, from a value of US$5 billion in 2022. Cyber threats manifest through various vectors, including ransomware, phishing attacks, malware, and supply chain vulnerabilities. Therefore, the market is expanding significantly due to the escalating cybersecurity threat landscape.
Market Restraining Factors
The perceived high costs associated with engaging security advisory services can act as a deterrent for some organizations. This perception may be based on the initial investment required for comprehensive advisory solutions, ongoing service fees, and the belief that cybersecurity is expensive. SMEs may be more sensitive to cost concerns. Thus, high-cost concerns can slow down the growth of the market.
By Vertical Analysis
On the basis of vertical, the market is divided into IT & Telecom, BFSI, healthcare, government & public sector, manufacturing, energy & utility, and others. In 2022, the BFSI segment dominated the market with 28% revenue share. It offers guidance on securing digital channels, implementing multi-factor authentication, and ensuring the secure transfer of sensitive financial information.
By Enterprise Size Analysis
Based on enterprise size, the market is classified into small & medium enterprises and large enterprises. The small & medium enterprises segment acquired 27% revenue share in the market in 2022. It offers guidance on securing cloud infrastructure, applications, and data, enabling SMEs to leverage the benefits of cloud computing while maintaining a secure digital environment.
By Service Type Analysis
By service type, the market is categorized into vulnerability management, incident response, security risk management, compliance management, CISO advisory & support and penetration testing. The vulnerability management segment acquired 25% revenue share in the market in 2022. Vulnerability management within security advisory services enables organizations to proactively identify weaknesses in their IT systems, networks, and applications.
By Regional Analysis
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America region led the market by generating 38% revenue share. Advisory services focus on implementing measures to safeguard data privacy and confidentiality, helping organizations in North America build trust with their customers and stakeholders.
Recent Strategies Deployed in the Market
Feb-2024: Deloitte Touche Tohmatsu Limited came into partnership with ParaFlare, an advanced analytics platform designed to enhance decision-making and operational efficiency within the financial services industry. Under this partnership, Deloitte strengthens its dedication to providing advanced active cyber defense capabilities, safeguarding Australian businesses and organizations against escalating cyber threats.
Jan-2024: Cisco Systems Inc. came into collaboration with Kyndryl, an IT services company specializing in managing and modernizing enterprise IT infrastructure. Under this collaboration, both companies developed two novel security edge services, to assist clients in enhancing their security measures and taking proactive steps to address and manage cyber incidents.
Nov-2023: DXC Technology Company came into partnership with ServiceNow, a cloud computing company that offers a platform for enterprise IT service management. Through this partnership, both companies would be able to catalyze innovation for shared clientele by integrating ServiceNow's advanced analytics and improved AI functionalities from its ITSM Pro and process mining solutions into DXC Platform X.
Nov-2023: DXC Technology Company signed a partnership with AWS, a cloud computing platform offering a wide range of services including computing power, storage, and databases, used by businesses for scalability, flexibility, and cost-effectiveness. Through this partnership, DXC would be able to encourage their clients to hasten core enterprise system migration to the cloud, leveraging AWS's top generative AI, analytics, computing, database, machine learning, and storage tech for modernizing and scaling critical workloads.
Nov-2023: TATA Consultancy Services Ltd. Introduced The Cyber Insights Platform, a comprehensive cybersecurity solution designed to provide organizations with real-time threat intelligence and analytics for proactive threat detection and response. The Cyber Insights Platform utilizes TCS' proficiency in managed detection and response to assist clients in consolidating varied security data sets located across public and private clouds, on-premises environments, and third-party security providers into a central repository, driven by Amazon Security Lake.
List of Key Companies Profiled
Cisco Systems Inc.
DXC Technology Company
Deloitte Touche Tohmatsu Limited
The Sage Group plc
TATA Consultancy Services Ltd.
Rapid7, Inc.
Novacoast, Inc.
Kudelski Group (Kudelski Security)
eSentire Inc.
KPMG International Limited
Global Security Advisory Services Market Report Segmentation
By Vertical
BFSI
Government & Public Sector
Manufacturing
Healthcare
Energy & Utilities
IT & Telecom
Others
By Enterprise Size
Large Enterprises
Small & Medium Enterprises
By Service Type
CISO Advisory & Support
Vulnerability Management
Incident Response
Security Risk Management
Compliance Management
Penetration Testing
By Geography
North America
US
Canada
Mexico
Rest of North America
Europe
Germany
UK
France
Russia
Spain
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Singapore
Malaysia
Rest of Asia Pacific
LAMEA
Brazil
Argentina
UAE
Saudi Arabia
South Africa
Nigeria
Rest of LAMEA
Table of Contents
Chapter 1.Market Scope & Methodology
1.1Market Definition
1.2Objectives
1.3Market Scope
1.4Segmentation
1.4.1Global Security Advisory Services Market, by Vertical
1.4.2Global Security Advisory Services Market, by Enterprise Size
1.4.3Global Security Advisory Services Market, by Service Type
1.4.4Global Security Advisory Services Market, by Geography
1.5Methodology for the research
Chapter 2.Market at a Glance
2.1Key Highlights
Chapter 3.Market Overview
3.1Introduction
3.1.1Overview
3.1.1.1Market Composition and Sceario
3.2Key Factors Impacting the Market
3.2.1Market Drivers
3.2.2Market Restraints
3.2.3Market Opportunities
3.2.4Market Challenges
Chapter 4.Competition Analysis - Global
4.1KBV Cardinal Matrix
4.2Recent Industry Wide Strategic Developments
4.2.1Partnerships, Collaborations and Agreements
4.2.2Product Launches and Product Expansions
4.2.3Acquisition and Mergers
4.3Top Winning Strategies
4.3.1Key Leading Strategies: Percentage Distribution (2019-2023)
4.3.2Key Strategic Move: (Partnerships, Collaborations & Agreements: 2023, Aug - 2024, Jan) Leading Players
4.4Porter's Five Forces Analysis
Chapter 5.Global Security Advisory Services Market by Vertical
5.1Global BFSI Market by Region
5.2Global Government & Public Sector Market by Region
5.3Global Manufacturing Market by Region
5.4Global Healthcare Market by Region
5.5Global Energy & Utilities Market by Region
5.6Global IT & Telecom Market by Region
5.7Global Others Market by Region
Chapter 6.Global Security Advisory Services Market by Enterprise Size
6.1Global Large Enterprises Market by Region
6.2Global Small & Medium Enterprises Market by Region
Chapter 7.Global Security Advisory Services Market by Service Type
7.1Global CISO Advisory & Support Market by Region
7.2Global Vulnerability Management Market by Region
7.3Global Incident Response Market by Region
7.4Global Security Risk Management Market by Region
7.5Global Compliance Management Market by Region
7.6Global Penetration Testing Market by Region
Chapter 8.Global Security Advisory Services Market by Region
8.1North America Security Advisory Services Market
8.1.1North America Security Advisory Services Market by Vertical
8.1.1.1North America BFSI Market by Country
8.1.1.2North America Government & Public Sector Market by Country
8.1.1.3North America Manufacturing Market by Country
8.1.1.4North America Healthcare Market by Country
8.1.1.5North America Energy & Utilities Market by Country
8.1.1.6North America IT & Telecom Market by Country
8.1.1.7North America Others Market by Country
8.1.2North America Security Advisory Services Market by Enterprise Size
8.1.2.1North America Large Enterprises Market by Country
8.1.2.2North America Small & Medium Enterprises Market by Country
8.1.3North America Security Advisory Services Market by Service Type
8.1.3.1North America CISO Advisory & Support Market by Country
8.1.3.2North America Vulnerability Management Market by Country
8.1.3.3North America Incident Response Market by Country
8.1.3.4North America Security Risk Management Market by Country
8.1.3.5North America Compliance Management Market by Country
8.1.3.6North America Penetration Testing Market by Country
8.1.4North America Security Advisory Services Market by Country
8.1.4.1US Security Advisory Services Market
8.1.4.1.1US Security Advisory Services Market by Vertical
8.1.4.1.2US Security Advisory Services Market by Enterprise Size
8.1.4.1.3US Security Advisory Services Market by Service Type
8.1.4.2Canada Security Advisory Services Market
8.1.4.2.1Canada Security Advisory Services Market by Vertical
8.1.4.2.2Canada Security Advisory Services Market by Enterprise Size
8.1.4.2.3Canada Security Advisory Services Market by Service Type
8.1.4.3Mexico Security Advisory Services Market
8.1.4.3.1Mexico Security Advisory Services Market by Vertical
8.1.4.3.2Mexico Security Advisory Services Market by Enterprise Size
8.1.4.3.3Mexico Security Advisory Services Market by Service Type
8.1.4.4Rest of North America Security Advisory Services Market
8.1.4.4.1Rest of North America Security Advisory Services Market by Vertical
8.1.4.4.2Rest of North America Security Advisory Services Market by Enterprise Size
8.1.4.4.3Rest of North America Security Advisory Services Market by Service Type
8.2Europe Security Advisory Services Market
8.2.1Europe Security Advisory Services Market by Vertical
8.2.1.1Europe BFSI Market by Country
8.2.1.2Europe Government & Public Sector Market by Country
8.2.1.3Europe Manufacturing Market by Country
8.2.1.4Europe Healthcare Market by Country
8.2.1.5Europe Energy & Utilities Market by Country
8.2.1.6Europe IT & Telecom Market by Country
8.2.1.7Europe Others Market by Country
8.2.2Europe Security Advisory Services Market by Enterprise Size
8.2.2.1Europe Large Enterprises Market by Country
8.2.2.2Europe Small & Medium Enterprises Market by Country
8.2.3Europe Security Advisory Services Market by Service Type
8.2.3.1Europe CISO Advisory & Support Market by Country
8.2.3.2Europe Vulnerability Management Market by Country
8.2.3.3Europe Incident Response Market by Country
8.2.3.4Europe Security Risk Management Market by Country
8.2.3.5Europe Compliance Management Market by Country
8.2.3.6Europe Penetration Testing Market by Country
8.2.4Europe Security Advisory Services Market by Country
8.2.4.1Germany Security Advisory Services Market
8.2.4.1.1Germany Security Advisory Services Market by Vertical
8.2.4.1.2Germany Security Advisory Services Market by Enterprise Size
8.2.4.1.3Germany Security Advisory Services Market by Service Type
8.2.4.2UK Security Advisory Services Market
8.2.4.2.1UK Security Advisory Services Market by Vertical
8.2.4.2.2UK Security Advisory Services Market by Enterprise Size
8.2.4.2.3UK Security Advisory Services Market by Service Type
8.2.4.3France Security Advisory Services Market
8.2.4.3.1France Security Advisory Services Market by Vertical
8.2.4.3.2France Security Advisory Services Market by Enterprise Size
8.2.4.3.3France Security Advisory Services Market by Service Type
8.2.4.4Russia Security Advisory Services Market
8.2.4.4.1Russia Security Advisory Services Market by Vertical
8.2.4.4.2Russia Security Advisory Services Market by Enterprise Size
8.2.4.4.3Russia Security Advisory Services Market by Service Type
8.2.4.5Spain Security Advisory Services Market
8.2.4.5.1Spain Security Advisory Services Market by Vertical
8.2.4.5.2Spain Security Advisory Services Market by Enterprise Size
8.2.4.5.3Spain Security Advisory Services Market by Service Type
8.2.4.6Italy Security Advisory Services Market
8.2.4.6.1Italy Security Advisory Services Market by Vertical
8.2.4.6.2Italy Security Advisory Services Market by Enterprise Size
8.2.4.6.3Italy Security Advisory Services Market by Service Type
8.2.4.7Rest of Europe Security Advisory Services Market
8.2.4.7.1Rest of Europe Security Advisory Services Market by Vertical
8.2.4.7.2Rest of Europe Security Advisory Services Market by Enterprise Size
8.2.4.7.3Rest of Europe Security Advisory Services Market by Service Type
8.3Asia Pacific Security Advisory Services Market
8.3.1Asia Pacific Security Advisory Services Market by Vertical
8.3.1.1Asia Pacific BFSI Market by Country
8.3.1.2Asia Pacific Government & Public Sector Market by Country
8.3.1.3Asia Pacific Manufacturing Market by Country
8.3.1.4Asia Pacific Healthcare Market by Country
8.3.1.5Asia Pacific Energy & Utilities Market by Country
8.3.1.6Asia Pacific IT & Telecom Market by Country
8.3.1.7Asia Pacific Others Market by Country
8.3.2Asia Pacific Security Advisory Services Market by Enterprise Size
8.3.2.1Asia Pacific Large Enterprises Market by Country
8.3.2.2Asia Pacific Small & Medium Enterprises Market by Country
8.3.3Asia Pacific Security Advisory Services Market by Service Type
8.3.3.1Asia Pacific CISO Advisory & Support Market by Country
8.3.3.2Asia Pacific Vulnerability Management Market by Country
8.3.3.3Asia Pacific Incident Response Market by Country
8.3.3.4Asia Pacific Security Risk Management Market by Country
8.3.3.5Asia Pacific Compliance Management Market by Country
8.3.3.6Asia Pacific Penetration Testing Market by Country
8.3.4Asia Pacific Security Advisory Services Market by Country
8.3.4.1China Security Advisory Services Market
8.3.4.1.1China Security Advisory Services Market by Vertical
8.3.4.1.2China Security Advisory Services Market by Enterprise Size
8.3.4.1.3China Security Advisory Services Market by Service Type
8.3.4.2Japan Security Advisory Services Market
8.3.4.2.1Japan Security Advisory Services Market by Vertical
8.3.4.2.2Japan Security Advisory Services Market by Enterprise Size
8.3.4.2.3Japan Security Advisory Services Market by Service Type
8.3.4.3India Security Advisory Services Market
8.3.4.3.1India Security Advisory Services Market by Vertical
8.3.4.3.2India Security Advisory Services Market by Enterprise Size
8.3.4.3.3India Security Advisory Services Market by Service Type
8.3.4.4South Korea Security Advisory Services Market
8.3.4.4.1South Korea Security Advisory Services Market by Vertical
8.3.4.4.2South Korea Security Advisory Services Market by Enterprise Size
8.3.4.4.3South Korea Security Advisory Services Market by Service Type