Cyber Security Consulting Services Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Enterprise Size (Small, Medium, Large), By Industry Vertical (BFSI, Aerospace And Defense, Retail, IT And Telecom, Healthcare, Energy And Utilities, Others), And By Geography - Forecasts From 2022 To 2027

The cyber security consulting services market was valued at US$2.955 billion in 2020 and is anticipated to grow with a CAGR of 16.51% to reach a total market size of US$8.614 billion in 2027. The consulting companies play the roles of both defenders and attackers in the systems as well as software programs. The major factors bolstering the market growth throughout the forecast period include the growth in cyberattacks and data breaches across various organizations that further lead to a loss of millions of dollars to the companies. This, in turn, further drives the requirements for the implementation of the right strategies regarding security management and data assessments coupled with the setting up of necessary infrastructure and applications. Thus, these consulting services companies play a vital role in guiding companies to define and implement the right strategy depending on the current situation of the business.

Furthermore, the rising digitization coupled with the rapid integration of technology across all sectors has led to the rapid adoption of the Internet of Things (IoT) which has also amplified the number of connected devices within the organization as well as outside the organization. This, in turn, has increased the risk of cyberattacks, thus considered to be a major factor supplementing the cyber security consulting services market growth in the next five years.

There is a high volume of companies working in the cyber security consulting services market.  However, some have solidified their position as the leading providers in this industry. These players are involved in a plethora of investments, service expansions, R&D, partnerships, and acquisitions as a part of their growth strategies to further strengthen their position and provide better products to their customers worldwide, which is further expected to propel the growth of the market in the coming years. Also, growth in the funding received by various start-ups for the enhancement of services offered by them shows the potential for the market to grow in the near future. For example, Haven Cyber-Technologies Group, a UK-based cyber security company, recently announced that it had received €5.7 million in funding from C5 Capital, which it intends to use to improve its solutions, products, and consulting competencies.   Also, in May 2020, HCL Technologies announced the expansion of its partnership that it signed with Broadcom Inc in the year 2018, HCL aimed to broaden its service offerings and include Symantec Enterprise Division (SED) consulting services, which were part of Broadcom’s enterprise security solutions. Furthermore, in June 2020, CI Security announced the growth and enhancements in its Critical Insight™ Channel Partner Program to cater to the growing expectations of consumers due to the increased risk of cyber threats.

Growth in the number of cyberattacks is expected to drive the market’s growth

The key factor supplementing the cyber security consulting services market growth includes the growth in the number of cyberattacks, even in the developed economies of the world despite having world-class infrastructure. According to AtlasVPN data, for example, cybersecurity incidents in NASA increased 366% from 2018 to 2019, reaching 1,469 by 2019 from just 315 in 2018. Also, in September 2018, in a cyberattack on the leading hotel chain, Starwood Hotels, owned by the Marriot group, around personal information of more than 500 million people was compromised, to which more than 327 million entries were related to the banking information of the hotel’s customers. Similarly, in February 2018, around US$6 million was stolen from the Russian Central Bank by some unknown hackers in a cyberattack.

The cyber security consulting services market has been segmented on the basis of enterprise size, industry vertical, and geography. By enterprise size, the segmentation of the market has been done into small, medium, and large. On the basis of industry vertical, the market has been classified into BFSI, aerospace and defense, retail, IT and Telecom, healthcare, energy and utilities, and others. Geographically, the segmentation has been done into North America, South America, Europe, the Middle East, Africa, and the Asia Pacific.

SMEs to show robust growth

By enterprise size, both the small and medium segments are anticipated to witness healthy growth during the next five years. The major factor supplementing the growth of this segment includes the significant growth in the number of SMEs at the global level. This, coupled with the rapid adoption of cloud computing solutions is also considered to be a major factor that is expected to bolster the market’s growth over the next five years.

North America to hold a decent share

Geographically, the North American region is projected to hold a considerable market share throughout the forecast period, primarily on account of the early technology adoption coupled with the availability of a well-established infrastructure. Moreover, the presence of key market players in the region is also a key factor supplementing the cyber security consulting services market growth in the North American region during the next five years.

Key Developments:

In 2020, HackerOne partnered with OPPO, to support the “Security Research Community” and reduce cyber risks.

Cobalt has announced its investment of USD 29 million in a Series B funding round to make its “penetration testing-as-a-service” platform available to more software vendors.

COVID-19 Impact on Cyber Security Consulting Services Market:

The pandemic has positively impacted the overall market growth in 2020 owing to the remote working culture due to imposed lockdown restrictions. All the enterprises and organizations were working from home which has increased the infrastructure to vulnerabilities, particularly due to the increased use of cloud services via unmanaged devices which has increased the demand for changing the security delivery models which in turn has encouraged the overall market growth.

Competitive Insights

Major players in the Cyber Security Consulting Services market have been covered along with their relative competitive positions and strategies. The report also mentions recent deals and investments by different market players over the last two years.

Cyber Security Consulting Services Market Scope:

Segmentation

• By Enterprise Size
  • Small
  • Medium
  • Large
• By Industry Vertical
  • BFSI
  • Aerospace and Defense
  • Retail
  • IT and Telecom
  • Healthcare
  • Energy and Utilities
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • UK
    • Germany
    • France
    • Netherlands
    • Italy
    • Ireland
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Others

Frequently Asked Questions (FAQs)

Q1. What will be the cyber security consulting services market size by 2027?
A1. The cyber security consulting services market is anticipated to reach a market size of US$8.614 billion by 2027. 

Q2. What is the size of the global cyber security consulting services market?
A2. Cyber Security Consulting Services Market was valued at US$2.955 billion in 2020. 

Q3. What are the growth prospects for the cyber security consulting services market?
A3. The global cyber security consulting services market is anticipated to grow at a CAGR of 16.51% over the forecast period. 

Q4. What factors are anticipated to drive the cyber security consulting services market growth?
A4. The major factors bolstering the cyber security consulting services market growth include the growth in cyberattacks and data breaches across various organizations that further lead to a loss of millions of dollars to the companies.

Q5. Which region holds the largest market share in the cyber security consulting services market?
A5. Geographically, the North American region is projected to hold a considerable share in the cyber security consulting services market owing to the early technology adoption coupled with the availability of a well-established infrastructure.