The IT Security Consulting Services market is set for a rapid growth over the forecast period. In terms of revenue, the global IT Security Consulting Services market accounted for USD 22.11 Billion in 2019 and is expected to reach USD 44.88 Billion by 2026, growing at a CAGR of 10.64%
The IT Security Consulting Services market is set for a rapid growth over the forecast period. In terms of revenue, the global IT Security Consulting Services market accounted for USD 22.11 Billion in 2019 and is expected to reach USD 44.88 Billion by 2026, growing at a CAGR of 10.64%
Global IT Security Consulting Services Market: Overview
One of the key segments in the cybersecurity services space is information security consultancy. This involves highly trained industry professionals, security professionals and domain experts who assist organizations in formulating cyber security policies, preventing loss of revenue, recognizing the maturity of their cyber security solutions, mitigating risks, and strengthening security in the current information system. In setting up new cyber security infrastructures, consulting service providers advise businesses to meet their unique security processes and standards that is achievable for them. As non-IT organizations do not have the skills to understand cyber security technology and protect organizational information, consulting services are essential for businesses.
Comprehensive security solutions are provided by IT security consultants to different organizations across the globe. In order to assess information flow, these consultants evaluate and review diverse corporate processes and activities within an organization. In this way, IT security consultants could design and implement effective security solutions after recognizing different information exchange points within the infrastructure of an organization. IT security consultants can ensure information security in an enterprise through the use of appropriate security software, monitoring tools, and analytics. In addition, the use of tools for security testing helps IT security consultants to continuously track different IT security solutions. Moreover, IT security consultancy has found numerous applications around the globe with rising demand for information security. In industries such as Banking, Financial Services and Insurance (BFSI), IT & Telecommunication, media, and entertainment, retail, manufacturing, IT security measures are highly used. Various large- and small-scale enterprises use IT security consulting services for different on-premise and cloud-based applications.
Global IT Security Consulting Services Market: Growth Factors
In today's market scenario, companies are increasingly expanding their businesses, by incorporating cutting-edge technological solutions. There is growth in the deployment of third-party applications through partners to satisfy a broad customer base. Organizations face difficulties in outsourcing applications to their suppliers, as the security strategies of various organizations vary and security management becomes a crucial activity. These third-party plug-ins and applications for sophisticated cyber criminals are becoming the primary targets. As a result, companies are requiring a robust security solution in this scenario, and stand-alone security solutions do not guarantee complete protection. In order to incorporate a clear security strategy in the organization, the organizations shift to information security consultancy vendors. Correspondingly, mergers and acquisitions in the configuration of two distinct technologies generate security challenges among organizations. Moreover, the globalization of enterprises has given rise to network complexities and has made it difficult for organizations to protect these networks. All these factors are contributing to the growth of the market.
The information security consultancy industry faces problems such as lack of knowledge about advanced cyber threats. Advanced cyber threats are complex in nature. They focus specific vulnerabilities in the network and use them to access the enterprise network. With higher levels of complexity of targeted attacks, hundreds of new zero-day threats have appeared. The methods and tactics used by the attackers to penetrate the organization's network remain undetected. Owing to less understanding of advanced cyber threats, companies do not spend enough resources on their security systems, resulting in a massive loss of information assets and credibility. Furthermore, businesses with urgent cyber protection needs find that there is a severe shortage of trained professionals to fill their vacancies, leaving them vulnerable to cyber-attacks.
Global IT Security Consulting Services Market: Segmentation
By security type, application security is expected to increase at the highest level of CAGR during the forecast period due to the increasing developments in the Internet of Things (IoT), connected devices, and Bring Your Own Device (BYOD).
Network security holds the largest market share of information security consulting in 2019. Development is driven by increasing attacks on the vital infrastructure networks of organizations.
On the basis of end-users, BFSI vertical is anticipated to rise at the highest growth rate during the forecast period due to the growing adoption of web-based and mobile based business applications that are vulnerable to advanced cyber threats.
Security threats in the aerospace and defence sectors are rising at an unprecedented rate. The goal of this sector is to extract highly personal and private data from critical industries, including prime contractors’ government and suppliers. The presence of big data and increased digitization of almost all the operations of the armed forces give rise to a high risk of being targeted by cyber criminals. Intrusion prevention systems, next-generation firewalls, endpoint protection, and anti-malware gateways applications are capable of protecting data from established threats, but hackers have developed variety of ways to circumvent these products and access sensitive data. Information technology consulting firms have a wide variety of aerospace and defence vertical security consulting services. Consultants have comprehensive information security plans and techniques to counter emerging cyber threats.
IT and telecommunications sectors are rising rapidly in the main economies of Asia Pacific, Middle East & Africa and South America. This has widened the networks and increased the complexity of the networks. Companies often ignore information security issues as a result of increased emphasis on market share and cost reduction. This has contributed to increased attacks on the vital infrastructure used by the organization and has also impacted the IT & telecom companies' financials.
The increased penetration of information and communication technology (ICT) into the everyday activities of companies, governments, families and customers, along with the increasing complexity of cyber-attacks, has led the IT and telecommunications industries to concentrate more on their activities in the field of information security.
Global IT Security Consulting Services Market: Regional Analysis
On the basis of region, the market is segregated into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America.
The North American region, followed by Europe, is projected to become the biggest market for information security consulting vendors. This is primarily because there is a high emphasis on technologies arising from research and development and technology in the industrialized economies of the United states and Canada.
The Asia Pacific region is projected to be the fastest growing region in the information security consulting market, due to the rising use of web and mobile-based business applications.
Global IT Security Consulting Services Market: Competitive Players
Key players operating in the global IT Security Consulting Services market include Ernst & Young Global Limited, IBM Corporation, Accenture plc, Atos SE, Deloitte Touche Tohmatsu Limited, KPMG International Cooperative, Dell SecureWorks, Inc., BAE Systems plc, Hewlett Packard Enterprise, and Wipro Limited among others.
Global IT Security Consulting Services Market: Regional Segment Analysis
In today's market scenario, companies are increasingly expanding their businesses, by incorporating cutting-edge technological solutions. There is growth in the deployment of third-party applications through partners to satisfy a broad customer base. Organizations face difficulties in outsourcing applications to their suppliers, as the security strategies of various organizations vary and security management becomes a crucial activity. These third-party plug-ins and applications for sophisticated cyber criminals are becoming the primary targets. As a result, companies are requiring a robust security solution in this scenario, and stand-alone security solutions do not guarantee complete protection. In order to incorporate a clear security strategy in the organization, the organizations shift to information security consultancy vendors. Correspondingly, mergers and acquisitions in the configuration of two distinct technologies generate security challenges among organizations. Moreover, the globalization of enterprises has given rise to network complexities and has made it difficult for organizations to protect these networks. All these factors are contributing to the growth of the market.
The information security consultancy industry faces problems such as lack of knowledge about advanced cyber threats. Advanced cyber threats are complex in nature. They focus specific vulnerabilities in the network and use them to access the enterprise network. With higher levels of complexity of targeted attacks, hundreds of new zero-day threats have appeared. The methods and tactics used by the attackers to penetrate the organization's network remain undetected. Owing to less understanding of advanced cyber threats, companies do not spend enough resources on their security systems, resulting in a massive loss of information assets and credibility. Furthermore, businesses with urgent cyber protection needs find that there is a severe shortage of trained professionals to fill their vacancies, leaving them vulnerable to cyber-attacks.
According to Zion Market Research, the IT Security Consulting Services market is expected to generate revenue of around USD 44.88 Billion by the end of 2026, growing at a CAGR of 10.64%.
The North American region, followed by Europe, is projected to become the biggest market for information security consulting vendors. This is primarily because there is a high emphasis on technologies arising from research and development and technology in the industrialized economies of the United states and Canada.
The Asia Pacific region is projected to be the fastest growing region in the information security consulting market, due to the rising use of web and mobile-based business applications.
Key players operating in the global IT Security Consulting Services market include Ernst & Young Global Limited, IBM Corporation, Accenture plc, Atos SE, Deloitte Touche Tohmatsu Limited, KPMG International Cooperative, Dell SecureWorks, Inc., BAE Systems plc, Hewlett Packard Enterprise, and Wipro Limited among others.
Corporate Office
Zion Market Research
244 Fifth Avenue, Suite N202
New York, 10001, United States
Tel: +49-322 210 92714
USA/Canada Toll Free No.1-855-465-4651
Asia Pacific Office
3rd Floor,
Mrunal Paradise, Opp Maharaja Hotel,
Pimple Gurav, Pune 411061,
Maharashtra, India
Phone No 020-46277770
Contact #
US OFFICE NO +1-386-310-3803
US/CAN TOLL FREE +1-855-465-4651
Email: sales@zionmarketresearch.com
We have secured system to process your transaction.