The global market for security advisory services was estimated at US$ 11.1 billion in 2021 and is anticipated to increase to US$ 41.4 billion by 2032, according to a new industry report by Future Market Insights (FMI). The report’s findings show that from 2015 to 2021, revenue from CISO Advisory and Support climbed at a CAGR of 19%.
The CISO advisory and support will develop and implement a security information program, which is designed to protect enterprises’ valuable information from internal and external threats.
BFSI Vertical continues to be a growth axis for security advisory services revenue
Security advisory services are mostly used in BFSI verticals as they deal with much sensitive pieces of information. The BFSI sector is emerging all over the world quickly which has resulted in increased adoption of security advisory services in this vertical. The revenue from the BFSI vertical grew at a CAGR of 19.1% from 2015 through 2021.
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Security Advisory Services Market: Competition Insights
Currently, security advisory services providers are developing new service offerings and expanding their existing service offerings with the addition of new tools and modules. The key companies operating in the security advisory services market include Cisco, DXC Technology, KPMG, Deloitte, PricewaterhouseCoopers (PwC), Tata Consultancy Services, Ernst & Young, Verizon, Rapid7, Dimension Data, eSentire Inc., Kudelski Security, NTT Security, ePlus, Coalfire, Novacoast, Inc., Security Compass, Sage Data Security and Avalon Cyber.
The key recent developments of security advisory services developers are as follows:
- In July 2022, Deloitte announced the expansion of its Managed Extended Detection and Response Platform (MXDR) by adding four new modules for dynamic opponent intelligence, mobile device security, threat hunting, and digital risk prevention. The platform also includes enhanced cybersecurity industry intelligence. The new MXDR expansion will help organizations to take defensive actions against cyber-attacks.
- In June 2022, DXC Technologies announced a new advisory service for Australian State Government agencies. The new service will help the government to maximize value and efficiency from Oracle technology and provide better techniques and advice across processes and technology.
- In June 2021, CISCO announced its CX Business Critical Services for Cloud in the ‘Future Cloud event’. The CX Business Critical Services for Cloud provide advisory services and knowledge to design, implement, secure, and maximize digital changes.
- In January 2020, CISCO launched Cisco Cyber Vision an advanced threat detection powered by Cisco Talos. Cisco Cyber Vision can detect and deliver in-the-moment monitoring of cyber security risks to industrial processes and assets that have an impact on uptime, output, and safety.
- In November 2019, DXC Technology announced the acquisition of Virtual Clarity, a provider of IT-as-a-service transformation advisory services company. The acquisition will help DXC Technology’s ability to assess, manage and design transformations to the cloud.
- In June 2019, DXC Technology announced the opening of the DXC Innovation Centre in London. The innovation center will help the company to develop and deliver highly efficient solutions to the clients.
- In April 2019, DXC Technology launched the operation of its Next Generation Security Operation center in Malaysia to encounter cybersecurity threats in Asia. The new security operation center helps to enhance the overall security of enterprises by joining the advanced security analytics throughout the information technology and operation technology to provide better visibility and enhanced response to possible cyber-attacks and threats.
Key Segments Covered In Security Advisory Services Industry Survey
Security Advisory Services Market by Service Type:
- Penetration Testing
- Vulnerability Management
- Security Risk Management
- Incident Response
- Compliance Management
- Security Program Management
- CISO Advisory and Support
Security Advisory Services Market by Organization Size:
- SMEs
- Large Enterprises
Security Advisory Services Market by Vertical:
- BFSI
- Government and Public Sector
- IT and Telecom
- Healthcare
- Energy and Power
- Manufacturing
- Others
Security Advisory Services Market by Region:
- North America Security Advisory Services Market
- Latin America Security Advisory Services Market
- Europe Security Advisory Services Market
- Asia Pacific Security Advisory Services Market
- Middle East & Africa Security Advisory Services Market
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Summary of Statistics
1.3. Key Market Characteristics & Attributes
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Risks and Trends Assessment
3.1. Risk Assessment
3.1.1. COVID-19 Crisis and Impact on Security Advisory Services
3.1.2. COVID-19 Impact Benchmark with Previous Crisis
3.1.3. Impact on Market Value (US$ Mn)
3.1.4. Assessment by Key Countries
3.1.5. Assessment by Key Market Segments
3.1.6. Action Points and Recommendation for Suppliers
3.2. Key Trends Impacting the Market
3.3. Formulation and Product Development Trends
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