Cyber Security Consulting market to surpass US$ 28.22 Bn by 2031 with Rising Demand for Robust Security and Digital Privacy Systems

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.

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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.

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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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