Market Size of Information Security Consulting Industry
Study Period | 2022 - 2029 |
Market Size (2024) | USD 26.72 Billion |
Market Size (2029) | USD 44.14 Billion |
CAGR (2024 - 2029) | 10.56 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Information Security Consultant Market Analysis
The Information Security Consulting Market size is estimated at USD 26.72 billion in 2024, and is expected to reach USD 44.14 billion by 2029, growing at a CAGR of 10.56% during the forecast period (2024-2029).
Rising network complexities due to mergers and acquisitions and third-party application deployment, increasing threats to the security of IoT devices, and the growing trend of BYOD are some of the major factors driving the growth of the market.
- The significant push toward a digital environment with the adoption of new technologies, such as IoT, is developing a need for third-party service providers to protect valuable assets from cyber-attacks. According to CISCO, connected devices are expected to reach 29.3 billion by 2023. The company also anticipates that IoT is expected to spread across 50% of all machine-to-machine technology that will reach about 5.3 billion people by 2023.
- Organizations across different end-user industries are making IoT devices a priority of their digital transformation strategy. According to Microsoft's IoT signal edition 2 survey, 90% of the 3,000 business and technical decision-makers and developers suggested IoT is critical to their company's success.
- In addition, about 64% of the decision-makers across a range of industries in the United States, the United Kingdom, Germany, France, China, and Japan are planning to implement more IoT projects in the future. IT consulting companies, such as Accenture PLC and others, offer security services to mitigate attacks on IoT hardware.
- Compared to the previous year, there has been a growth in breaches across most end-user verticals, according to Verizon's 2022 Data Breach Report globally, based on data from more than 80 organizations. Verizon analyzed 23,896 real-world security incidents, of which 5,212 were confirmed breaches. Out of 4,250 data breaches Verizon analyzed, approximately 50% were enabled through credentials, 15+% were enabled through phishing, 15+% were enabled through phishing, and the remaining were enabled through botnets.
- There have been several cases where organizations across different end-user verticals have been affected by sophisticated cyber attacks. In April 2022, the finance ministry of the Costa Rican government was overtaken by hackers. These hackers took control of the ministry's computer systems and demanded USD 10 million to return access back to the government. When the government refused, the hackers carried out cyber attacks against around 30 government agencies.
Information Security Consultant Industry Segmentation
Information security consulting offers an extensive range of consulting services designed to enhance the existing security infrastructure of businesses based on specific business requirements. The vendors in the market assist customers in conducting a thorough assessment to identify any possible risks their business or organization may be exposed to, followed by the development of a security plan and course of implementation to safeguard against potential damage or loss in the event of any crisis.
The market is segmented by type (security and compliance, firewall management, e-mail, and cloud security), deployment mode (on-premises, cloud), organization size (small and medium enterprises, large enterprises), end-user vertical (banking, financial services, and insurance, IT and telecom, aerospace and defense, and healthcare) and geography. The market sizes and forecasts are provided in terms of value (USD billion) for all the above segments.
By Type** | |
Security and Compliance | |
Firewall Management | |
Email and Cloud Security | |
Other IT Consulting |
By Deployment Mode | |
On Premise | |
Cloud |
By Organization Size | |
Small and Medium Enterprises | |
Large Enterprises |
By End user Vertical | |
Banking, Financial Services, and Insurance | |
IT and Telecom | |
Aerospace and Defense | |
Government | |
Healthcare | |
Other End-user Vertical |
Geography | |
North America | |
Europe | |
Asia-Pacific | |
Latin America | |
Middle East and Africa |
Information Security Consulting Market Size Summary
The information security consulting market is poised for significant growth, driven by the increasing complexities of network environments and the rising threats to IoT devices. The shift towards digital transformation, with technologies like IoT becoming integral to business strategies, has heightened the demand for third-party security services to safeguard against cyber threats. The BFSI sector, in particular, faces unique challenges due to its high data sensitivity and frequent cyber attacks, necessitating robust information security consulting services. The market is characterized by a moderate level of fragmentation, with leading players holding substantial market shares and engaging in strategic partnerships and acquisitions to enhance their service offerings.
In the Asia-Pacific region, the BFSI sector's rapid digitization is expected to fuel the demand for information security consulting services. Regulatory pressures, data localization, and the rise of e-commerce and online financial services are driving increased cybersecurity expenditure in countries like India. The region's growing cyber threat landscape is prompting both international and regional players to strengthen their security capabilities, fostering an ecosystem conducive to the growth of startups in the information security domain. Additionally, the shift towards public cloud computing is raising concerns about data security, further propelling the market for information security consulting services.
Information Security Consulting Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Industry Value Chain Analysis
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1.3 Industry Attractiveness - Porter's Five Forces Analysis
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1.3.1 Bargaining Power of Suppliers
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1.3.2 Bargaining Power of Consumers
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1.3.3 Threat of New Entrants
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1.3.4 Intensity of Competitive Rivalry
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1.3.5 Threat of Substitutes
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1.4 Impact of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 By Type**
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2.1.1 Security and Compliance
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2.1.2 Firewall Management
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2.1.3 Email and Cloud Security
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2.1.4 Other IT Consulting
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2.2 By Deployment Mode
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2.2.1 On Premise
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2.2.2 Cloud
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2.3 By Organization Size
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2.3.1 Small and Medium Enterprises
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2.3.2 Large Enterprises
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2.4 By End user Vertical
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2.4.1 Banking, Financial Services, and Insurance
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2.4.2 IT and Telecom
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2.4.3 Aerospace and Defense
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2.4.4 Government
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2.4.5 Healthcare
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2.4.6 Other End-user Vertical
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2.5 Geography
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2.5.1 North America
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2.5.2 Europe
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2.5.3 Asia-Pacific
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2.5.4 Latin America
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2.5.5 Middle East and Africa
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Information Security Consulting Market Size FAQs
How big is the Information Security Consulting Market?
The Information Security Consulting Market size is expected to reach USD 26.72 billion in 2024 and grow at a CAGR of 10.56% to reach USD 44.14 billion by 2029.
What is the current Information Security Consulting Market size?
In 2024, the Information Security Consulting Market size is expected to reach USD 26.72 billion.