According to a research report "Security Advisory Services Market demand growing tremendously due to icreasing Need to the agility of business processes without sacrificing security, increased sophistication level of cyber-attacks and need to adhere to regulatory compliances are the significant factors driving the growth of the market. Security Advisory Services Market define, describe, and forecast by type, organization size, vertical, and region - Global Forecast to 2024" published by MarketsandMarkets. 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.
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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.
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 BFSI vertical is expected to grow at a
rapid pace, during the forecast period
The BFSI vertical is one of the
significant users of cybersecurity solutions as banks have a directory of personal
and financial data of individuals and organizations. This vertical frequently
introduces new and improved financial products and services to enhance business
operations, making it attractive for fraudsters to target sensitive customer
information.
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North
America to hold the largest market share during the forecast period
North
America is one of the most affected regions in the world by cybersecurity
breaches, and as a result, has the most significant number of security advisory
services providers. As the world is moving toward interconnections and
digitalization, protecting enterprise-critical infrastructures and sensitive
data has become one of the significant challenges. Moreover, the growing
adoption of cloud-based applications, technologies, and platforms has further
increased the need for enhanced security solutions for these platforms. The
customers’ personal information, companies’ personal information, and
payment-related information are entirely being stored on these cloud-based
applications and platforms, which is why these platforms and applications are
acting as a lucrative source for fraudsters to steal confidential information.
Moreover, North America is the early adopter of cybersecurity solutions and
services across the globe. Furthermore, this region is the most advanced in
terms of adopting security solutions, services, and infrastructure. Information
security is identified as the most serious economic and national security
challenge by the North American government.
The
major microlearning 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).
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