Market Size –
The IT security consulting services market size has grown rapidly in recent years. It will grow from $27.00 billion in 2023 to $32.15 billion in 2024 at a compound annual growth rate (CAGR) of 19.1%. The growth in the historic period can be attributed to the growth in importance of data security, increased complexities of IT infrastructure, increased concerns of information security, rise in number of security threats, growth in demand for big data analytics.
The IT security consulting services market size is expected to see rapid growth in the next few years. It will grow to $51.96 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%. The growth in the forecast period can be attributed to escalating frequency of cyber-attacks, increasing adoption of cloud-based services, proliferation of iot devices, expansion of digital transformation initiatives, growing demand for managed security services. Major trends in the forecast period include technological advancements, adoption of advanced security technologies, integration of artificial intelligence (AI) in security solutions, product innovation, growing collaborations.
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Scope Of IT Security Consulting Services Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
IT Security Consulting Services Market Overview
Market Drivers –
The proliferation of IoT devices is expected to propel the growth of the IT security consulting services market going forward. IoT devices encompass hardware elements like sensors, actuators, gadgets, appliances, or machines, engineered for particular tasks and capable of data transmission through the internet or other networks. The increasing adoption of IoT (Internet of Things) or IoT devices is driven by the increasing need for efficiency and automation, the proliferation of high-speed internet and wireless communication technologies, and Industry 4.0 and digital transformation. IT security consulting services guide corporations through the challenging process of designing, executing, and managing IoT implementations. IT security consultants assist firms in realizing the full potential of IoT by combining their technological, security, and strategic knowledge to generate innovation, efficiency, and economic value. For instance, in November 2022, according to a report published by Ericsson, a Sweden-based telecommunications company, broadband IoT (4G or 5G), the primary connection for most cellular IoT devices, achieved 1.3 billion connections in 2022. By the conclusion of 2028, nearly 60% of cellular IoT connections are expected to be broadband, predominantly utilizing 4G. North East Asia currently leads in cellular IoT connections and is forecast to exceed 2 billion connections by 2023. Therefore, the proliferation of IoT devices is driving the growth of the IT security consulting services market.
Market Trends –
Major companies operating in the IT security consulting service market are developing innovative products, such as assessment applications, to better serve customers with advanced features. An assessment application is a software tool or platform designed to facilitate the evaluation, measurement, or analysis of various criteria, such as skills, knowledge, performance, or proficiency. For instance, in December 2023, NRI SecureTechnologies Ltd., a Japan-based IT service management company, launched a security assessment service, named AI Red Team that focuses on evaluating systems and services through the utilization of generative AI. As part of this service, NRI Secure’s specialists simulate attacks on real systems to assess AI-specific vulnerabilities in LLM (Large Language Models)-based services and identify issues in the overall system, including peripheral functions associated with AI, providing a comprehensive evaluation. This service offers a two-stage assessment process, first targeting risks within the LLM itself, followed by an evaluation of the entire system encompassing the LLM. The assessment results are consolidated into a detailed report outlining the identified problems and suggesting mitigation strategies.
The IT security consulting services market covered in this report is segmented –
1) By Security Type: Application Security, Database Security, Endpoint Security, Network Security
2) By Application: Large Enterprise, SME
3) By End User: Aerospace And Defense, Banking, Financial Services, and Insurance (BFSI), Government And Public Utilities, Healthcare, IT And Telecom, Manufacturing And Retail, Other End Users
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Regional Insights –
North America was the largest region in the IT security consulting services market in 2023. The regions covered in the IT security consulting services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the IT security consulting services market are Dell Inc., Hewlett-Packard Company, Accenture Plc, International Business Machines Corporation, PricewaterhouseCoopers International Limited (PwC), Ernst & Young Global Limited., KPMG International Limited, Aon Plc, HCL Technologies Limited, Booz Allen Hamilton Holding Corporation, Deloitte Touche Tohmatsu Limited, Lumen Technologies Inc., McAfee Corp., PA Consulting Group, Optiv Security Inc., Trustwave Holdings Inc., Coalfire Systems Inc., Quadrant Technology, IOActive Inc., Maven Security Consulting Inc., KLC Consulting, AsTech Consulting, Appsec Labs Private Limited, Carve Systems LLC, Cigital Inc., CSC Consulting Group, Praetorian Security Inc., Towerwall Inc.
Table of Contents
1. Executive Summary
2. IT Security Consulting Services Market Characteristics
3. IT Security Consulting Services Market Trends And Strategies
4. IT Security Consulting Services Market – Macro Economic Scenario
5. Global IT Security Consulting Services Market Size and Growth
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31. IT Security Consulting Services Market Other Major And Innovative Companies
32. Global IT Security Consulting Services Market Competitive Benchmarking
33. Global IT Security Consulting Services Market Competitive Dashboard
34. Key Mergers And Acquisitions In The IT Security Consulting Services Market
35. IT Security Consulting Services Market Future Outlook and Potential Analysis
36.Appendix
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