Information security consulting is the process where cyber security consultants deliver their comprehensive intelligence to mitigate security threats in client’s organizations. The organizations gets protected from emerging cyber threats, such as ransomwares, zero-day attacks, advanced persistent threats, and other vulnerabilities. The global Information Security Consulting Market is driven by factors, such as rising network complexities due to third-party application deployment, merger & acquisition, and globalization of business. In addition, the factors such as emerging Internet of Things (IoT), Bring your Own Device (BYOD) trends, and increased sophistication in attacking have increased the demand for information security consulting services to provide a 360° protection to organizations. Owing to the integration of multiple cyber security solutions to deliver a holistic protection from Advanced Persistent Threats (APTs), the demand for information security consulting services in emerging markets, such as Asia-Pacific (APAC) and Middle East & Africa (MEA) is expected to grow rapidly. MarketsandMarkets estimates the global information security consulting market to grow to USD 26.15 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 10.6% during the forecast period.
A large number of organizations across different industry verticals are adopting information security consulting services to enhance real-time protection and to maintain a secure network infrastructure. However, there are two specific aspects of the security industry that have great opportunity for information security consulting: firstly, the growing market for security consulting services across SMEs and secondly, the increased digital transformation in developing economies. Thus, organizations are adopting information security consulting services to get a robust shield that would protect critical business applications from advanced threats and vulnerabilities.
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The number of web and mobile applications is increasing due to the IoT and BYOD trends. The security of these devices from advanced threats is becoming a prime objective of organizations. Thus, the application security segment is expected to grow at the highest CAGR during the forecast period.
The rising network complexities due to third-party application deployment, mergers & acquisitions, and globalization of businesses across the globe is driving the growth of information security consulting services, amongst Small and Medium Enterprises (SMEs). The SMEs segment is expected to grow at the highest CAGR during the forecast period.
The Banking, Financial Services and Insurance (BFSI) vertical is witnessing growth in sophisticated cyber threats, causing harm to valuable assets of the sector. Thus, the information security consulting market in the BFSI vertical is expected to grow at the highest CAGR during the forecast period.
The region-specific market analysis includes industry trends, market potential, and market forecast on the basis of security types, organization size, and industry verticals. The market expects a rapid growth in various emerging regions, such as Asia-Pacific (APAC), Middle East & Africa (MEA), and Latin America. The North American region is expected to have the largest market share for the next five years, followed by Europe. APAC is expected to be the fastest growing region in the information security consulting market during the forecast period.
Globally, the adoption of security consulting services is increasing due to the rise in security breaches targeting enterprises. Ernst & Young (U.K.), IBM Corporation (U.S.), Accenture plc (Ireland), Atos SE (France), Deloitte (U.K.), KPMG (U.K.), PwC (U.K.), BAE Systems plc (U.K.), Hewlett Packard Enterprise (U.S.), and Wipro Limited (India) are the key vendors offering information security consulting services across the globe.
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