Security Advisory Services Market

New Service Launches, Mergers, Partnerships, Collaborations, and Business Expansions, to Increase their Market Shares in the Global Security Advisory Services Market.

Security advisory services are one of the major segments in the cybersecurity service space. These services are basically offered for a longer duration for the customers. They include highly qualified industry experts and security professionals, who help organizations strengthen their cybersecurity strategies, prevent revenue losses, minimize risks, understand the maturity of their cybersecurity solutions, and enhance the security infrastructure. Security advisory services are important for organizations because non-IT companies do not have the expertise to understand the cybersecurity technologies and secure the organizational information

MarketsandMarkets forecasts that the security advisory services market size is expected to grow from USD 5.77 Billion in 2017 to USD 13.57 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 18.7%.
The key players in the security advisory services market include EY (UK), PwC (UK), eSentire (Canada), Kudelski Security (Switzerland), Novacoast (US), Security Compass (Canada), Deloitte (US), KPMG (UK), Delta Risk (US), TCS (India), CybeRisk (Israel), and Coalfire (US). These players have adopted various strategies, such as new service launches, mergers, partnerships, collaborations, and business expansions, to increase their market shares in the global security advisory services market.

The security advisory services market has witnessed a lot of partnerships, agreements, and collaborations by key players from 2015 to 2017. In January 2017, Coalfire partnered with Rapid7, a leading provider of IT and security analytics solutions. This partnership would help Rapid7’s Approved Scanning Vendor (ASV) customers in accessing the CoalfireOne hub, a cloud-based suite of compliance assessment and testing tools. In October 2016, Novacoast partnered with BeyondTrust to help organizations mitigate cyber threats. This partner program also had some other players, such as KeyData and Sila Solutions Group. In September 2016, eSentire partnered with Carbon Black to protect mid-sized organizations from the evolving cyber-attacks by providing endpoint security services.

The key players also adopted the strategy of business expansion to increase and expand their service portfolios. In August 2017, Kudelski Security increased its business by expanding its training and security education program to North America. In March 2016, EY expanded its business in APAC by opening 4 Centers of Excellence (CoE), namely, the Asia-Pacific CoE for Cybersecurity, Asia-Pacific Advisory Center, Asia-Pacific CoE for Manufacturing, and Asia-Pacific CoE for Analytics. With this expansion, the company enhanced its capabilities in cybersecurity, analytics, manufacturing, and transformation strategy.

The major players also launched new services to strengthen their service portfolios and expanded their offerings to new clients. In July 2017, Deloitte launched a dynamic modeling and visualization tool for corporate tax departments. In February 2017, Deloitte launched managed threat and managed digital identity services to enhance the digital transformation. In September 2015, Coalfire expanded its cyber risk advisory services to protect organizations from various data breaches and cyber-attacks. The risk advisory services include cyber risk advisory, cybersecurity strategy, incident response, and cyber risk scorecard.

The security advisory services market vendors are continuously adding innovations to their services to protect the organizations, and banking and financial institutes, against advanced cyber threats. Globally, the adoption of security advisory services is increasing due to the rise in security breaches targeting enterprises. Furthermore, security advisory services are being adopted in various verticals, such as Banking, Financial Services, and Insurance (BFSI); energy and power; government and public sector; healthcare; IT and telecommunication; transportation; and manufacturing, and others (travel and transportation, retail, and education) which have led to the growth of the market across the globe.

Related Reports:

Security Advisory Services Market by Service Type (Penetration Testing, Vulnerability Management, Risk Management Strategy, Incident Response, Compliance Management, Security Program Development), Organization Size, Vertical, and Region - Global Forecast to 2022

Mr. Rohan
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Report Code
TC 5699
Published ON
Nov, 2017
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