IT Security Advisory Services Market Poised for 19% CAGR By 2024

Emerging security challenges are questioning the robustness of advanced technologies that are making the business more accessible.

The scope of cybersecurity threats is increasing each day, and it has gone to the extent of making security advisory need of the hour for most organizations.

As the market estimates, the global security advisory services market was valued USD 7.8 billion in 2019 and is expected to grow to the size of USD 18.8 billion by 2024, at 19.3 percent CAGR.

Security Advisory Services Market Forecast 2020 to 2024
Source: MarketsandMarkets

Need to ensure business efficiency without compromising security, increasing scope and complexity of cyberattacks, and the need to comply with regulatory and compliance continue to be the top reasons driving the demand for security advisory services.

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Increasing Demand for Compliance

Law enforcement agencies call for the efficient utilization of technology as a means to ensure data privacy and safety. The Health Insurance Portability and Accountability Act (HIPAA) and Payment Card Industry Data Security Standard (PCI-DSS) are some classic examples put forth for data security. These agencies make a strong pitch for periodic audits and compliance enforcements.

Here is where the security advisory comes into the picture, helping the organizations ineffective deployment and implementation of security policies. The advisory services help firms to ensure industry regulations fall in place without fail.

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With the ever-increasing cloud adoption, the demand for law enforcement is becoming the need of the hour for data privacy and safety, driving the demand for security advisory services.

By Services, CISO advisory and support are expected to witness the fastest CAGR in the global security advisory services market. CISO is being looked at as one of the cost-efficient solutions for IT security and risk management. CISOaaS supports organizations in strategizing, integration, monitoring, and maintenance of cybersecurity management that is key to IT security posture.

By Industry, BFSI is expected to hold the largest share of the global security advisory services market, owing to the sensitive and confidential nature of the data it deals with. Moreover, the industry will need stricter regulations to ensure its information is safe.

By Region, APAC is expected to be the significant market for security advisory owing to the increasing demand for digitization, adoption of advanced technologies, and emerging threats, among other factors.

Security Advisory Services Market By Region from 2017 to 2024

Budgetary Challenges Exist

The emerging threats are causing huge IT security investment for firms. Due to this, IT security budgets are overgrowing, adding to the organization’s CAPEX burden. While large enterprises can cope up with this, security budgets would be a concern for small businesses.

As a result, cybersecurity professionals are managing their security operations on low budgets as strong security would demand more investment.

  • A 2019 report found budget as one of the top challenges for the organizations in undertaking security measures.
  • More than 50 of the surveyed CIOs felt budget constraint as the top challenge to innovation.
  • Another survey by EY found 62 percent of CIOs reporting budget as their strong concern about implementing security policies.

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