Cyber Security Consulting Market to Surpass US$ 28.22 Bn by 2031: TMR Study


Transparency Market Research: Analysts at TMR in a recent study project the cyber security consulting market to surpass US$ 28.22 Bn by 2031. Businesses in the BFSI and healthcare sectors are appraising the need for robust and multi-layered approach for security of their IT architecture.

The growing uptake of identity access management (IAM) systems is likely to spur incremental avenues for providers during the forecast period (2021 – 2031), finds the TMR study on the cyber security consulting market.

The demand for information security consulting services is growing in businesses particularly SMEs. A key pivot is the burgeoning number of cybersecurity incidents year after year. In 2020 alone after the COVID-19 outbreak, cyberattacks and data breaches soared within a matter of few months. An unmet demand for solutions for securing remote access created lucrative avenue, find the TMR analysts analyzing the cyber security consulting market.

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The World Economic Forum in its report The Global Risks Report 2020 found that there have been substantial cyber security risks from large-scale cyberattacks and breakdown of critical information infrastructure and networks. This has generated new revenue streams in the cyber security consulting market.

Key Findings of Cyber Security Consulting Market Study

  • Companies Offering Secure Remote Workforce Access Solutions: Information systems in corporate sector have witnessed rise in cyber security risks from the trend of remote workforce access in recent months. This has propelled the adoption of solutions that can secure the endpoints and other potential risks for enterprises.
  • BFSI Sector to Generate Vast Revenue Streams: The BFSI sector is increasingly witnessing adoption of robust security policy frameworks that can prevent potential cyber security attacks. Players are offering comprehensive cyber security measures and tools to meet the emerging needs. The opportunities in the BFSI industry are projected to expand at remarkable growth rate during the forecast period, finds the TMR study.
  • Growing Investments in Cybersecurity in Healthcare Industry: The demand for cyber security remediation services for the healthcare industry has opened a lucrative avenue, finds the analysis on the cyber security consulting market. Growing investments in healthcare IT solutions are helping expand the market prospect for solutions that promote proactive security approaches.
  • Proactive Multi-layered Strategies to Gather Traction: Service providers are adopting multi-layered strategy that enable customers to detect and respond to threats. IT service providers are witnessing value-grab opportunities from awareness about multi-layered email strategy for businesses in the BFSI industry.

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Cyber Security Consulting Market: Key Drivers

  • Growing trend of bring your own device (BYOD) in enterprises and the growing complexity of networks in organizations in non-IT sectors have propelled the demand for cyber security consulting services
  • Demand for managed security services in various organizations is anchored in the burgeoning risk of cyber security attacks. This is a key driver for sales, notes the in-depth research report on the cyber security consulting market.

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Cyber Security Consulting Market: Regional Growth Dynamics

  • North America is anticipated to hold a major share of the global cyber security consulting market. Rise in government spending on cybersecurity architecture, especially in the U.S. and constant innovation in information systems of organizations across the government sector is fueling market growth.
  • The Asia Pacific cyber security consulting market is projected to expand at a significant CAGR during the forecast period. The rapid penetration of e-commerce in various economies has spurred cyber security risks, thereby propelling the market.

Cyber Security Consulting Market: Key Players

The TMR study makes an extensive analysis of strategies of various cybersecurity service providers to consolidate their positions. Some of the key players in the cyber security consulting market are:

  • Sophos Group plc.
  • McAfee, LLC
  • KPMG International Limited
  • Deloitte Touche Tohmatsu Limited
  • Capgemini SE
  • CGI Inc,
  • Bureau Veritas
  • BAE Systems plc
  • Atos SE
  • AT&T Inc.
  • Akamai Technologies, Inc.

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Global Cyber Security Consulting Market: Segmentation

Cyber Security Consulting Market, by Service Type

  • ISO 27001 Consulting and ISO 27001 Training and ISO 27001 Auditing
  • TISAX Consulting and TISAX Training and TISAX Auditing
  • Data Protection Consulting and Data Protection Training and Data Protection Auditing
  • ISMS-as-Service
  • Cyber Security Management System Consulting (IT, Embedded, etc.) etc.) + Cyber Security Management System Training + Cyber Security Management Systems Auditing
  • Data-protection-as-a-Service (DPaaS)
  • Data Protection Consulting, Data Protection Training, Data Protection Auditing
  • Managed Security Services (MSS)
  • Managed Detection & Response (MDR)
  • Managed Security Incident and Event Management (SIEM)
  • Vulnerability and Compliance Management

Cyber Security Consulting Market, by Security Type

  • Network Security
  • Endpoint Security
  • Application Security
  • Cloud Security
  • Others (Content Security, ICS Security, etc.)

Cyber Security Consulting Market, by Enterprise Size

  • Small & Medium Enterprise
  • Large Enterprises

Cyber Security Consulting Market, by Industry

  • BFSI
  • IT & Telecom
  • Automotive
  • Retail
  • Government and Defense
  • Manufacturing
  • Healthcare
  • Energy & Utility
  • Others

Cyber Security Consulting Market, by Region

  • North America
  • Europe
  • Asia Pacific (APAC)
  • Middle East & Africa (MEA)
  • South America

Browse Latest IT & Telecom Market Research Reports by TMR:

  • Banking Cybersecurity Market – Banking cybersecurity market is rapidly growing and is expected to witness a significant growth during the forecast period. With the increase penetration of technology, banking customers are expecting more digitalization and modernization in their financial services. Therefore, many organizations such as IBM Corporation, Intel Security and others are manufacturing cybersecurity systems for banks as they are focused on their customer’s requirements.

  • Automotive Cyber security Market – With autonomous vehicles and connected cars around the corner and the transformation of transportation, one of the biggest that the automotive industry would face is vehicle cyber-attacks. The various electrical components in a vehicle are connected by means of an internal network and if hackers gain access to a peripheral electronic control unit, they could take complete control of safety critical components such as engines or brakes.

  • Entry Level Cybersecurity Solutions Market – Cybersecurity is a collaboration of tools, policies, security concepts, security guidelines, risk management approaches, actions, training, practices, assurance, and technologies that can be used to safeguard the cyber environment and protect an organization’s and user’s digital assets. In line with progress in the information technology industry and its extended areas, businesses are adopting advanced technologies such as cloud-based services in their business operations.

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