DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
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 CAGR of 19.3%
Factors such as, increase in the agility of business processes without sacrificing security and need to adhere to regulatory compliance are driving the growth of the security advisory services market.
The SMEs segment is expected to grow with a higher CAGR during the forecast period
The SMEs segment is expected to grow at a higher CAGR during the forecast period. Vendors of security advisory services help SMEs secure their valuable business applications from the more sophisticated cyber-attack vectors and vulnerabilities. The security advisory services are gaining popularity among the SMEs, as they help SMEs to save their money, time, and resources.
The adoption of security advisory services among the SMEs was low in the past. There were several factors, such as low levels of awareness, budget constraints, and lack of technical skills, which we're all responsible for this slow adoption. SMEs are said to be rapidly adopting security advisory services to protect their applications from vulnerabilities and attacks.
Incident response segment is expected to have a significant growth in the security advisory services market during the forecast period
Among the service type, the incident response segment is expected to grow with the highest CAGR during the forecast period. Incident response services help organizations to significantly strengthen the security defense mechanics. Moreover, it helps organizations in minimizing the impact of cyber threats by quickly identifying unauthorized and malicious activities across IT infrastructure.
The incident response services allow organizations to avoid unnecessary regulatory fines. Therefore, SMEs and large organizations around the world are expected to increase their investments in the adoption of incident response services during the forecast period.
North America expected to have the largest market size during the forecast period
North America is the most mature market in terms of security advisory services adoption. North America is likely to account for a substantial share of the global security advisory services market during the forecast period. The market growth in this region is driven primarily by the presence of large IT companies/users and rapid technological advancements, such as digitalization in the US and Canada.
The presence of key players in the security advisory services market in the region is expected to be a significant factor driving the market growth in North America. Key players, such as Cisco, DXC Technology, Rapid7, ePlus, and Verizon along with several startups in the region, are offering enhanced security advisory services solutions, to cater to the needs of customers.
- Rise in the Frequency of Cyberattacks and Increased Sophistication in Attacking Techniques
- Emergence of Disruptive Digital Technologies, Such as IoT, Across Verticals
- Need for Stringent Security Compliance and Government Regulations
- Limited Security Budget Among SMEs
- Increase in the Adoption of Multi-Cloud Services
- Increase in the E-commerce Penetration Across Verticals
- Lack of Awareness Related to Advanced and Sophisticated Cyber Threats Among Enterprises
- General Data Protection Regulation
- Payment Card Industry Data Security Standard
- Health Insurance Portability and Accountability Act
- Federal Information Security Management Act
- Gramm-Leach-Bliley Act
- Sarbanes-Oxley Act
- International Organization for Standardization 27001
- Mitkat Advisory Services
- Use Case: Coalfire
- Use Case: Veritas
- Use Case: Cisco
The security advisory services market includes various major vendors such as:
- Avalon Cyber
- Dimension Data
- DXC Technology
- Kudelski Security
- NTT Security
- Sage Data Security
- Security Compass
- Sumeru Software Solutions
For more information about this report visit https://www.researchandmarkets.com/r/exw9t