Surging High-profile Data Breaches to Support Security Advisory Services Market; FMI Analysts Estimate Market Valuation to Exceed US$ 46,753.3 million by 2033

The global security advisory services market size is anticipated to cross a valuation of US$ 14,612.7 million in 2023. It is projected to hit a valuation of US$ 46,753.3 million by 2033. The market is foreseen to thrive at a stunning CAGR of 12.3% from 2023 to 2033.

Sophisticated cyber risks have increased as a result of the widespread use of technology and connectivity. To take advantage of weaknesses in systems and networks, malicious actors constantly create new techniques. Consequently, businesses in all sectors realize the necessity of bolstering their security barriers and mobilizing the assistance of security advisory service providers, which boosts the market expansion.

The nature of cyber threats is always changing, and firms must remain up to speed with emerging security procedures. Security advisory services give firms access to highly qualified expertise, threat intelligence, and cutting-edge technology to aid in successful threat response. The attack surface for cyber threats has increased due to the growing adoption of cloud computing and the Internet of Things (IoT). Organizations confront challenging security issues as more data and apps are housed in the cloud and as there are increased linked devices. Assuring the safety of their digital assets, security advisory firms assist organizations in navigating the security risks related to cloud and IoT installations.

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Key Takeaways from Security Advisory Services Market Report:

• The global security advisory services industry size developed at a CAGR of 10.2% from 2018 to 2022.
• In 2018, the global market size stood at US$ 8,934.5 million.
• The global market size stood at US$ 13,200.3 million in 2022.
• The penetration testing segment captured 18.1% of global market shares in 2022.
• The large enterprises segment captured 72.2% of global market shares in 2022.
• In 2022, China occupied 10.3% shares in the global market.
• The United States captured 16.2% of global market shares in 2022.

Recent Developments Observed by FMI:

• In April 2023, WatchGuard Technologies, a leader in unified cybersecurity, announced it was extending its presence in India by building a new office in Noida. The company’s aspirational hiring goals in the area are anticipated to be promoted by this site.
• Deloitte announced the addition of four new modules for dynamic opponent intelligence, mobile device security, threat hunting, and digital risk prevention to its Managed Extended Detection and Response Platform (MXDR) in July 2022. The platform also includes improved cybersecurity industry intelligence. Organizations are going to benefit from the new MXDR expansion as they take precautions against cyberattacks.
• DXC Technologies launched a new consulting service for agencies under the Australian State Government in June 2022. With the aid of new services, the government is expected to get the most out of Oracle technology and improve procedures and technical guidance overall.

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Market Segmentation

By Service Type:

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

By Organization Size:

• SMEs
• Large Enterprises

By Vertical:

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

By Region:

• North America
• Latin America
• Europe
• Asia Pacific
• The Middle East & Africa (MEA)