Security Advisory Services Market Overview

The security advisory services market refers to the professional services offered by cybersecurity companies to help organizations assess and enhance their security postures. The market is driven by increasing cyber threats, need for compliance with regulations, and complexity of digital infrastructure security. Security Advisory Services Market is Expected to Reach USD 36.3 Billion with 13.60% CAGR during the forecast periods 2022-2030.

The key offerings in this market include risk management, incident response, compliance management, penetration testing, security program development, and CISO advisory services. Large enterprises are the major end-users due to their complex IT environments and regulatory mandates.

Key Security Advisory Services Segments

The security advisory services market is segmented based on services type, organization size, industry verticals, and regions.

Services Type: The key services in this market include risk management, assessment & auditing, incident response, compliance management, CISO advisory & support, security program development, and penetration testing. There is high demand for compliance management services owing to evolving data protection regulations.

Organization Size: Based on organization size, the market is categorized into SMEs and large enterprises. Large enterprises dominate the market share due to their complex IT infrastructure and need for frequent security assessments.

Verticals: The major industry verticals adopting security advisory services include BFSI, IT & telecom, government, healthcare, retail, and manufacturing. Stringent regulatory mandates are driving high adoption of security audits and consulting services among BFSI and healthcare companies.

Key Security Advisory Companies

The major vendors in the security advisory services market include PwC, EY, Deloitte, KPMG, TCS, FireEye, Verizon, AT&T Cybersecurity, Secureworks, Trustwave, Orange Cyberdefense, Novacoast, Coalfire, and Silversky. Large IT & consulting firms hold the majority market share.

These providers are enhancing their offerings through partnerships and acquisitions. Geographic expansion is another key strategy adopted by security advisory firms to tap growth opportunities in emerging countries.

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Regional Market Dynamics

North America accounted for the largest market share in 2021 owing to the presence of leading cybersecurity vendors and strict data regulations in the U.S. and Canada. High spending on security services by major verticals like BFSI and healthcare will further boost market growth.

Asia Pacific is anticipated to grow at the fastest CAGR over the forecast period owing to rising cyber-attacks and surging demand for security consultancy from SMEs in the region.

Latest Industry Developments

• Sept 2022 - Deloitte acquired Galvanize, leader in SaaS-based governance, risk, and compliance software to expand its cyber risk advisory capabilities.
• June 2022 – KPMG expanded its cyber security capabilities in India through the acquisition of cybersec firm Paladin Analytics and TechnoSoft.
• Jan 2022 - EY strengthened its managed cybersecurity services in Europe through the acquisition of denkom, a Germany-based tech firm.
• Nov 2021 – PwC acquired Cloud Kicks to boost its cloud infrastructure and application security advisory offerings.
• May 2021 – Verizon launched its security advisory service in Europe to help businesses manage cyber risks.

In summary, the need for external expertise to navigate the continuously evolving threat landscape and regulatory requirements will boost demand for specialized security advisory services. Leading IT consultancies and cybersecurity vendors are enriching their capabilities to address the complex security challenges faced by modern enterprises.