In 2018, North America is estimated to account to hold the largest market share, growing at a CAGR of 16.5 % during the forecast period of 2019 to 2027.
According to the new research report published by The Insight Partners, titled “Security Advisory Services Market - Global Analysis and Forecast to 2027”, the global security advisory services market was valued US$ 8.85 Bn in 2018 and is expected to reach US$ 37.86 Bn by 2027 with a CAGR growth rate of 17.7% in the forecast period from 2019 to 2027.
The North American security advisory services market consists of countries such as the US, Canada, and Mexico. The region has the world’s most advanced information technology industry. Thus, it focuses on investing in the software and services to maintain its position among the competitors across the globe. Owing to the rise in internet users, the influx of hackers also increased that commit cybercrime, such as phishing and cyber-warfare. Hence, these threats are encouraging various industries to adopt security advisory services in the region. The organizations in the region are investing heavily for the security of their networks. Also, they are providing training to their employees to manage the digital workplace safely. The major reason for huge investment in cybersecurity is the widespread cybercrime not only in IT, telecom, and BFSI but also among small, medium, and large enterprises. In December 2019, hackers from different provinces had stolen the login credentials of the government agencies in various regions, and North America was one of the victims of hacking.
The US holds the largest market share of security advisory services in North America and is expected to grow at a high CAGR. Companies in the US are concerned about their data protection and competency. Hence businesses are keen to adopt robust cybersecurity such as security advisory services. Various companies provide security advisory services to end-users, which offers them an advisory-first approach to mitigate risk and help implement strategies to secure their confidential data.
In addition to this, the demand for security advisory services is expected to grow in the APAC region owing to the presence of a strong IT sector and increasing number of cyberattacks. Several businesses in the APAC have become the victim of Cyberattacks. For instance, in January 2019, as per the Ministry of Health in Singapore, the data breach exposed the private and sensitive records of approx. 14,000 individuals diagnosed with human immunodeficiency viruses (HIV). The huge population with internet access and growing awareness among government organizations to fight against cybercrime in the region are the significant factors likely to uplift the security advisory services market during the forecast period. Additionally, booming IT & telecom sector in countries of APAC such as India, China, and Japan is also increasing the adoption of security advisory services. As the IT & Telecom, BFSI, and other end-use industries deal with a vast customer base and manage user’s data, the demand for security advisory services is more to maintain confidentiality.
Key findings of the study:
In 2018, the North America region accounted for the largest market share due to the increasing concerns regarding cybersecurity and the increasing number of cyber-attacks. The companies operating in the region are focusing on enhancing the security measures to reduce the risk of cyber-attacks, which is supporting the growth of security advisory services across the Region.
The Asia-Pacific region is expected to grow at the highest CAGR during the forecast period owing to the increasing the IT sector and a growing number of cyber-attacks in the regions.
Among industry verticals, the BFSI sector holds a significant market share and is expected to grow at a high CAGR during the forecast period. The growing demand for online and digital financial services by customers is further leading to the increased integration of technologies in this sector. However, with continuous technological advancements and digitalization, the concerns regarding data security, fraudulent transactions, and cyber-attacks are also increasing in the BFSI industry worldwide. Owing to the increasing cyber risks, investments by financial organizations in security solutions and services are growing at a fast pace.
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