Cyber Security Consulting Services Market Segmented By Enterprise Size (Small, Medium, and Large), By Industry Vertical (Aerospace & Defense, BFSI, Retail, Healthcare, IT And Telecom, Energy & Utilities, and Others industry verticals), and By Region (North America, Europe, Middle East, Latin America, South Africa, Asia Pacific, and Rest of the world) – Key Insights and Impact of COVID-19 on the Global Market Growth 2021-2026
Cyber Security Consulting Services Market Introduction:
Cyber Security Consulting Services Market size has valued at USD 2.8 billion in 2021, and it is expected to reach USD XX.X billion by the end of 2026, with growth at a CAGR of x.x% during the forecast period 2021-2026
What is Cyber Security Consulting Services?
Cybersecurity consulting services states to any or all the consulting services obtainable by several companies to the businesses operating under dissimilar industry verticals in respect to the cybersecurity arena. Each and each company that’s operating across the many industry verticals face a variety of challenges that range from rules and regulations to highly sophisticated data security threats.
Thus, the requirement for constant counseling is required by the businesses to upkeep with the changing scenario of cybercrimes with an aim to mitigate the risks of those crimes also. The consulting companies play the role of both defenders and also attackers within the systems additionally as software programs. The main factor bolstering the market growth throughout the forecast period includes the expansion in cyber-attacks and data breaches across various organizations that further ends up in a loss of many dollars to the businesses. This, in turn, further propels the necessities for the implementation of the correct strategies regarding the protection management together with data assessments not to mention the putting in of necessary infrastructure and applications. Thus, these consulting services companies play an important role in guiding the businesses to define and implement the proper strategy betting on the present situation of the business.
Furthermore, the rising digitization let alone the rapid integration of technology across all the sectors has led to the rapid adoption of the net of Things (IoT) which has also amplified the number of connected devices within the organization moreover as outside the organization. This, in turn, has propelled the chance of cyber-attacks, thus considered to be a serious factor supplementing the cybersecurity consulting services market growth in the coming next five years.
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Cyber Security Consulting Services Market Growth Developments:
There is a great volume of firms working within the cybersecurity consulting services market, on the other hand, some have hardened their place because of the leading suppliers during this marketplace. These players are involved in a very plethora of investments, service expansions, R&D, partnerships, and acquisitions as an element of their growth strategies to further strengthen their position and supply better products to their customers worldwide, which is further expected to propel the expansion of the Cyber Security Consulting Services Market within the coming years. Also, growth within the funding received by various start-ups for the enhancements of services offered by them also shows the potential for the market to grow within the near future. As an example, recently in June 2020, Haven Cyber-Technologies Group, a UK based company operating within the cybersecurity market announced that it received funding worth €5.7m from C5 Capital, the corporate aims to use these funds for enhancing its solutions, products, and consulting competencies. Furthermore, in the year 2020, May, the top company HCL Technologies stated the enlargement of its partnership that it signed with Broadcom Inc within the year 2018, HCL targeted to extend its service assistances and included Symantec Enterprise Division (SED) consulting services, which was a share of Broadcom’s enterprise security solutions. Moreover, in the year 2020, June, CI Security declared the growth and improvements in its Critical Insight™ Channel Partner Program to provide to the developing expectations of the user’s thanks to the augmented risk of cyber threats.
Cyber Security Consulting Services Market Growth Factors:
The key factor supplementing the cybersecurity consulting services market growth includes the expansion within the number of cyberattacks, even within the developed economies of the globe despite having world-class infrastructure. As an example, as per the information provided by AtlasVPN, the incidents associated with cybersecurity in NASA recorded a growth of 366% from 2018 to 2019, reaching 1,469 by 2019 from just 315 in 2018. Also, in September 2018, during a cyberattack on the leading hotel chain, Starwood Hotels owned by the Marriot group, around personal information of over 500 million people was compromised during which over 327 million entries were associated with the banking information of the hotel’s customers. Similarly, in February 2018, around US$6 million was stolen from the Russian financial organization by some unknown hackers during a cyberattack.
Cyber Security Consulting Services Market Segmentation:
Cyber Security Consulting Services Market is segmented By Enterprise Size, and by Industry Vertical. Based on the Enterprise Size, the market is subdivided into Small, Medium, and Large. Based on the Industry Vertical, is sub-segmented into Aerospace & Defense, BFSI, Retail, Healthcare, IT And Telecom, Energy & Utilities, and Others industry verticals.
By enterprise size, both small and medium segments are anticipated to witness healthy growth during the subsequent five years. The key element supplementing the growth of this segment contains several development within the number of SMEs at the international level. This, plus the rapid adoption of cloud computing solutions is additionally considered to be a serious factor that’s expected to bolster the Cyber Security Consulting Services Market growth over the coming five years.
Geographical Classification of the Global Market Report:
Geographically the global Cyber Security Consulting Services Market classified into North America into the USA, Canada. By Latin America into Brazil, Argentina, Mexico. By Europe into UK, Germany, Spain, France, London, Italy, and rest of the European countries. The Middle East and Africa into KSA, UAE, Qatar, & South Africa. The Asia Pacific into India, China, Japan, Malaysia, Singapore, Australia, and the Rest of the APAC countries.
North America expected to have a significant share:
Geographically, the North American region is projected to carry a substantial Cyber Security Consulting Services Market share throughout the forecast period totally on account of the first technology adoption not to mention the supply of a well-established infrastructure. Moreover, the presence of key market players within the region is additionally a key factor supplementing the cybersecurity consulting services market growth within the North American region during the following five years.
Key Players Covered in the Cyber Security Consulting Services Market report:
Major Key Players profiled in the global Cyber Security Consulting Services Market report are; Capgemini, Accenture, McAfee, LLC, Deloitte, Cylance Inc., IBM Corporation, SecureWorks, Inc., FireEye, Inc., Optiv Security Inc., and BAE Systems.
By Enterprise Size:
By Industry Vertical:
- Aerospace & Defense
- IT and Telecom
- Energy & Utilities
- Others industry verticals
- North America
- Latin America
- Middle East
- South Africa
- Asia Pacific
- Rest of the World
Major Key Players:
- McAfee, LLC
- Cylance Inc
- IBM Corporation
- SecureWorks, Inc
- FireEye, Inc
- Optiv Security Inc
- BAE Systems
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