Security Advisory Services Market Growing at a CAGR 19.3% | Key Player DXC Technology, KPMG, Deloitte, eSentire, Dimension Data 1
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).
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

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. Security advisory services helps in effectively secure their business-critical infrastructure from sophisticated cyber-attack vectors. Security advisory services vendors comprise of a team of security professionals with diverse backgrounds and vast consulting experience in information security domain who advice businesses to make the smart decision to be safe and secure from ever-changing threat landscape. Both public and private organizations are increasingly adopting information security advisory services to carry out business processes efficiently. The security advisory service providers are updating themselves with new attacks and ways to defend them, thus reducing the risks associated with processes, applications, technologies, people, and regulations.

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.

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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 major security advisory services 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). These players have adopted various growth strategies, such as new product launches, business expansions, partnerships, agreements, and collaborations, and acquisitions, to further expand their presence in the global microlearning market. These strategies have helped them innovate their offerings and broaden their customer base.

Cisco is one of the leading players in the security advisory services market and founded in 1984 and headquartered in California, US. The company specializes in providing IP-based products and services, which specifically cater to the Information and Communications Technology (ICT) industry. It offers a plethora of products and services in networking, Internet of Things (IoT), mobility and wireless, security, collaboration, data center, cloud, and many more. Its extensive product offerings include Next Generation Network (NGN) routers, switches, wireless, and data center security. It is among the top security advisory companies. Its service offerings include advisory, implementation, training, managed, and technical services. The company has established its market dominance by creating personal distribution channels, employing an aggressive sales force, and strategically collaborating with different channel partners. It caters to various business houses, such as large enterprises, commercial businesses, service providers, and consumers. It continuously strives to establish itself as an eminent player in the networking domain, and is present across the globe, including North America, EMEA, APAC, and Latin America.

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Security Compass was started in 2005 and is headquartered in Ontario, Canada. It specializes in application security, compliance, security eLearning, risk profiling, advisory, and secure AppSec program. Its security advisory services cater to a wide range of complex application security issues, such as application security baseline and framework development, periodic security assessments and delta analysis, and application risk profiling.

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