Security Advisory Services Market is likely to reach a valuation of US$ 41.4 billion by the end of 2032

The market for security advisory services was estimated to be worth $11.1 billion. By the end of 2032, the market is forecast to be worth US$ 41.4 Bn, with a CAGR of 12.1% over the following ten years. The rise of the market is being driven by the quick development of IT infrastructure and technology.

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BFSI Vertical continues being growth axis for security advisory services revenue

Security advisory services are mostly used in BFSI verticals as they deal with many sensitive information. The BFSI sector is emerging all over the world quickly which has resulted in increased adoption of security advisory services in this vertical. The revenue from BFSI vertical grew at a CAGR of 19.1% from 2015 through 2021.

Security Advisory Services Market: Competition Insights

Currently, security advisory services providers are developing new service offerings and expanding their existing service offerings with the addition of new tools and modules.  The key companies operating in the security advisory services market include Cisco, DXC Technology, KPMG, Deloitte, PricewaterhouseCoopers (PwC), Tata Consultancy Services, Ernst & Young, Verizon, Rapid7, Dimension Data, eSentire Inc., Kudelski Security, NTT Security, ePlus, Coalfire, Novacoast, Inc., Security Compass, Sage Data Security and Avalon Cyber .

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The key recent developments of security advisory services developers are as follows:

• In July 2022, Deloitte announced the expansion of its Managed Extended Detection and Response Platform (MXDR) by adding four new modules for dynamic opponent intelligence, mobile device security, threat hunting, and digital risk prevention. The platform also includes enhanced cybersecurity industry intelligence. The new MXDR expansion will help organizations to take defensive actions against cyber-attacks.
• In June 2022, DXC Technologies announced new advisory service for Australian State Government agencies. The new service will help the government to maximize value and efficiency from Oracle technology and provide better techniques and advice across process and technology.
• In June 2021, CISCO announced its CX Business Critical Services for Cloud in ‘Future Cloud event’. The CX Business Critical Services for Cloud provide advisory services and knowledge to design, implement, secure and maximize digital changes.
• In January 2020, CISCO launched Cisco Cyber Vision an advanced threat detection powered by Cisco Talos. Cisco Cyber Vision can detect and deliver in-the-moment monitoring of cyber security risks to industrial processes and assets that have an impact on uptime, output and safety.
• In November 2019, DXC Technology announced the acquisition of Virtual Clarity, a provider of IT-as-a-service transformation advisory services company. The acquisition will help DXC Technology’s ability to assess, manage and design transformations to cloud.
• In June 2019, DXC Technology announced the opening of the DXC innovation Centre in London. The innovation centre will help company to develop and deliver high efficient solutions to the clients.
• In April 2019, DXC Technology launched the operation of its Next Generation Security Operation centre in Malaysia to encounter cybersecurity threat in Asia. The new security operation centre helps to enhance the overall security of enterprises by joining the advanced security analytics throughout the information technology and operation technology to provide better visibility and enhanced response to possible cyber-attacks and threats.

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Key Segments Covered In Security Advisory Services Industry Survey

Security Advisory Services Market by Service Type:

• Penetration Testing
• Vulnerability Management
• Security Risk Management
• Incident Response
• Compliance Management
• Security Program Management
• CISO Advisory and Support

Security Advisory Services Market by Organization Size:

• SMEs
• Large Enterprises

Security Advisory Services Market by Vertical:

• BFSI
• Government and Public Sector
• IT and Telecom
• Healthcare
• Energy and Power
• Manufacturing
• Others

Security Advisory Services Market by Region:

• North America Security Advisory Services Market
• Latin America Security Advisory Services Market
• Europe Security Advisory Services Market
• Asia Pacific Security Advisory Services Market
• Middle East & Africa Security Advisory Services Market