CHICAGO, Oct. 22, 2019 /PRNewswire/ -- According to
a new market research report "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", 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. Increasing
in push from regulatory bodies to maintain security posture to
safeguard the crucial data and increase in the frequency of
cyber-attack and increased sophistication in attacking techniques
are the major factors driving the growth of the Security Advisory
Services Market.
Browse in-depth TOC on "Security
Advisory Services Market"
107 – Tables
29 – Figures
163 – Pages
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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 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. Therefore, the
systems and software applications in the banking and financial
organizations need to be monitored continuously and require
advisory to withstand the ever-changing threat landscape.
Furthermore, the vertical is continuously adding new offerings,
such as internet banking, mobile banking, wallet transactions, and
Unified Payment Interface (UPI) to ease end user experience,
further increasing the overall attack surface. The vertical faces
various challenges related to stringent regulatory and security
requirements and providing superior service to its customers.
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.
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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).
Browse Adjacent Markets: Information Security Market
Research Reports & Consulting
Browse Related Report:
Information Security Consulting Market by Security
Type (Network Security, Application Security, Database Security,
and Endpoint Security), Organization Size (SMES and Large
Enterprises), Vertical, and Region - Global Forecast to 2021
https://www.marketsandmarkets.com/Market-Reports/information-security-consulting-market-141552175.html
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