IT Security Consulting Services Market Size, Share, Growth Report 2030

IT Security Consulting Services Market

IT Security Consulting Services Market By Security Type (Application Security, Database Security, Endpoint Security, Network Security), By End-User (Aerospace & Defense, Banking, Financial Services, & Insurance (BFSI), Government & Public Utilities, Healthcare, IT & Telecom, Manufacturing & Retail, Others), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2023 – 2030.

Category: Technology & Media Report Format : PDF Pages: 219 Report Code: ZMR-5792 Published Date: Apr-2023 Status : Published
Market Size in 2022 Market Forecast in 2030 CAGR (in %) Base Year
USD 27.24 Billion USD 101.12 Billion 13.5% 2022

 

IT Security Consulting Services Market

Industry Perspective:

The global IT security consulting services market size is set for rapid growth over the forecast period. In terms of revenue, the global IT security consulting services market accounted for USD 27.24 Billion in 2022 and is expected to reach USD 101.12 Billion by 2030, growing at a CAGR of 13.5% during the forecast period. The market report offers quantitative and qualitative insights into the key drivers, opportunities, constraints, and challenges impacting the global IT security consulting services industry.

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IT Security Consulting Services Market: Overview

One of the key segments in the cybersecurity services space is information security consultancy. It 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 are achievable for them. As non-IT organizations do not have the skills to understand cybersecurity 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 & telecommunications, media, and entertainment, retail, and manufacturing, and 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.

Key Insights

  • As per the analysis shared by our research analyst, the global IT security consulting services market is expected to grow annually at a promising CAGR of around 13.5% during the forecast period 2023-2030.
  • In terms of revenue, the global IT security consulting services market size was valued at around USD 27.24 billion in 2022 and is expected to reach USD 101.12 billion by 2030.
  • One of the key factors driving the global IT security consulting services market is owing to the increasing number of cyber-attacks on organizations' IT infrastructure leading to businesses investing in IT security consulting services to improve their cybersecurity posture and protect against potential threats.
  • Based on security type, the network security segment held the largest market share in 2022.
  • Based on end-user, the BFSI segment held the dominating market share in 2022.
  • Based on region, the North American region held the largest market share in 2022.

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IT Security Consulting Services Market: Growth Factors

Increase in the number of cyber-attacks and growing adoption of cloud-based services among firms drive the growth of the market

The global IT security consulting services market is being driven by several factors, including the increasing frequency and complexity of cyber-attacks, the need for advanced security solutions, and the growing adoption of cloud-based services. With the increasing number of cyber-attacks on organizations' IT infrastructure, businesses are investing in IT security consulting services to improve their cybersecurity posture and protect against potential threats. Additionally, the adoption of cloud-based services is increasing, driving the demand for cloud security consulting services.

The need for compliance with government regulations and standards such as GDPR, SOX, and PCI DSS is also driving the demand for IT security consulting services. Furthermore, the increasing digitization of businesses and the growing importance of data security are expected to continue to drive the growth of the market in the coming years.

IT Security Consulting Services Market: Restraints

Lack of awareness among SMEs hinders the growth of the industry to an extent

Despite the growth factors, the IT security consulting services industry also faces several restraints, such as the high cost associated with implementing advanced security solutions, a shortage of skilled cybersecurity professionals, and the increasing complexity of cyber threats. Additionally, the lack of awareness among small and medium-sized enterprises (SMEs) about the importance of IT security consulting services is hindering the market growth. The ongoing COVID-19 pandemic has also impacted the market, with businesses cutting their IT budgets, which has led to reduced demand for IT security consulting services. These factors are expected to limit the growth of the market in the short term.

IT Security Consulting Services Market: Opportunities

Growing integration of artificial intelligence (AI) and increase in adoption of IoT devices might create ample opportunities

The IT security consulting services market offers several opportunities for growth in the coming years, including the increasing demand for managed security services, the growing adoption of IoT devices, and the rise of big data analytics. With the increasing complexity of cyber threats, businesses are seeking to outsource their IT security management to specialized providers, creating opportunities for managed security service providers (MSSPs). Additionally, the proliferation of IoT devices is increasing the risk of cyber-attacks, creating a need for IoT security consulting services.

The rise of big data analytics is also driving the demand for data security consulting services. Moreover, the increasing adoption of digital transformation initiatives, such as cloud computing and artificial intelligence, is expected to drive the growth of the market in the long term. Furthermore, the increasing need for compliance with emerging data privacy and security regulations is also creating opportunities for IT security consulting services providers.

IT Security Consulting Services Market: Challenges

Cut down on IT budgets among firms due to loss and lack of skilled professionals might act as a challenge for the market

The IT security consulting services industry faces several challenges, including the increasing sophistication of cyber threats, the shortage of skilled cybersecurity professionals, and the lack of standardization in the industry. Additionally, the market is highly competitive, with a large number of players competing for market share, leading to pricing pressures. Moreover, the ongoing COVID-19 pandemic has impacted the market, with businesses cutting their IT budgets, which has led to reduced demand for IT security consulting services.

IT Security Consulting Services Market: Segmentation

The global IT security consulting services market is segmented based on security type, end-user, and region.

Based on security type, the market is segmented into application security, database security, endpoint security, and network security. The network security segment held the largest market share in 2022 and is further anticipated to grow rapidly at a significant CAGR during the forecast period. This is mainly due to the increasing number of cyber-attacks on enterprise networks and the need for advanced security solutions to protect against them. Network security consulting services include services such as vulnerability assessment, penetration testing, firewall management, and intrusion detection and prevention. With the growing adoption of cloud-based services and remote workforces, the demand for network security consulting services is expected to continue its growth trend.

Based on end-user, the market is segmented into Aerospace and Defense, Banking, Financial Services, And Insurance (BFSI), Government and Public Utilities, Healthcare, IT And Telecom, Manufacturing & Retail, and Others. The BFSI segment held the largest market share in 2022 and is further projected to grow at a notable CAGR during the forecast period. This is mainly due to the increasing number of cyber threats and the need to protect sensitive financial data. The BFSI sector is heavily regulated, with compliance requirements such as PCI DSS, SOX, and GDPR, driving the demand for IT security consulting services.

The healthcare and government sectors are also expected to be significant contributors to the IT security consulting services market due to the increasing use of electronic medical records and government initiatives to digitize services. The retail sector is also witnessing significant growth due to the increasing adoption of e-commerce and the need for secure payment processing systems.

Recent Developments

  • In January 2022, Accenture Security announced the acquisition of BrightStep Partners, a cybersecurity consulting firm based in Sweden. The acquisition will strengthen Accenture's cybersecurity consulting services in the Nordics and Europe, helping clients to improve their cybersecurity posture and manage risks.
  • In March 2022, IBM Security announced the acquisition of Persistent Systems' cybersecurity business unit to expand its security consulting services capabilities. The acquisition will help IBM Security to deliver integrated security solutions to its clients, covering risk management, compliance, and cybersecurity consulting services.
  • In December 2021, Deloitte announced the acquisition of Sentek Consulting, a cybersecurity and risk management consulting firm based in the United States. The acquisition will help Deloitte to expand its cybersecurity consulting services capabilities, particularly in the government and public sector.

IT Security Consulting Services Market: Report Scope

Report Attributes Report Details
Report Name IT Security Consulting Services Market Research Report
Market Size in 2022 USD 27.24 Billion
Market Forecast in 2030 USD 101.12 Billion
Growth Rate CAGR of 13.5%
Number of Pages 219
Key Companies Covered Accenture, Deloitte, IBM, PwC, Ernst & Young, KPMG, Booz Allen Hamilton, Cognizant, DXC Technology, Wipro, Capgemini, Tata Consultancy Services, Atos, NTT Data, Verizon, SecureWorks, Trustwave, Symantec, McAfee, and Check Point among others.
Segments Covered By Security Type, By End-User, And By Region
Regions Covered North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)
Base Year 2022
Historical Year 2017 to 2021
Forecast Year 2023 - 2030
Customization Scope Avail customized purchase options to meet your exact research needs. Request For Customization

IT Security Consulting Services Market: Regional Analysis

North America region to dominate the global market during the forecast period

Based on region, the North American region held the dominating IT security consulting services market share in 2022 and is further predicted to continue this trend during the forecast period. North America is expected to be the largest market for IT security consulting services due to the high adoption of advanced technologies and the increasing number of cyber-attacks in the region. The growing digital transformation initiatives, increasing use of cloud-based services, and the presence of a large number of multinational companies are driving the demand for IT security consulting services in North America.

Global IT Security Consulting Services Market Regional AnalysisRequest Free Sample

The United States is expected to dominate the market in the region, followed by Canada and Mexico. Furthermore, the presence of major players in the region such as IBM, Accenture, and Deloitte is contributing to the growth of the market. The increasing government initiatives and regulations related to data privacy and security are also driving the demand for IT security consulting services in North America.

IT Security Consulting Services Market: Competitive Players

Key players operating in the global IT Security Consulting Services market include:

  • Accenture
  • Deloitte
  • IBM
  • PwC
  • Ernst & Young
  • KPMG
  • Booz Allen Hamilton
  • Cognizant
  • DXC Technology
  • Wipro
  • Capgemini
  • Tata Consultancy Services
  • Atos
  • NTT Data
  • Verizon
  • SecureWorks
  • Trustwave
  • Symantec
  • McAfee
  • and Check Point
  • Among Others.

This report segments the IT Security Consulting Services Market based on:

By Security Type

  • Application Security
  • Database Security
  • Endpoint Security
  • Network Security

By End-User

  • Aerospace And Defense
  • Banking
  • Financial Services
  • Insurance (BFSI)
  • Government And Public Utilities
  • Healthcare
  • IT And Telecom
  • Manufacturing & Retail
  • Others

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France 
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

Methodology

FrequentlyAsked Questions

One of the key segments in the cybersecurity services space is information security consultancy. It 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 are achievable for them.

The global IT security consulting services market is predicted to increase at a CAGR of 13.5% during the forecast period.

The global IT security consulting services market was worth around USD 27.24 billion in 2022 and is expected to reach USD 101.12 billion by 2030.

The global IT security consulting services market is being driven by several factors, including increasing cyber threats, government regulations, and data privacy concerns. The adoption of cloud-based services and digital transformation initiatives, along with the need for end-to-end security solutions, are also driving the demand for IT security consulting services.

North America held a notable share in the global IT security consulting services market in 2022 and is likely to grow the fastest during the forecast period. The growth of the IT security consulting services market in North America is being driven by factors such as the increasing number of cyber threats, data breaches, and stringent government regulations. The presence of major IT security consulting service providers and the early adoption of advanced security solutions are driving market growth in the region. The United States is expected to be the largest contributor to the North American market.

Some of the major companies operating in the IT security consulting services market include Accenture, Deloitte, IBM, PwC, Ernst & Young, KPMG, Booz Allen Hamilton, Cognizant, DXC Technology, Wipro, Capgemini, Tata Consultancy Services, Atos, NTT Data, Verizon, SecureWorks, Trustwave, Symantec, McAfee, and Check Point among others.

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