Information Security Consulting Market 2024-2033: Trends, Analysis & Growth Forecast

The information security consulting market size has grown rapidly in recent years. It will grow from $23.78 billion in 2023 to $26.18 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to increased cyber threat landscape, increased data breaches, shift to remote work, increased awareness of cybersecurity importance, industry-specific threats.

The information security consulting market size is expected to see strong growth in the next few years. It will grow to $36.66 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to emerging technologies, growing use of cloud computing, digital transformation initiatives, increased remote work, demand for managed security services. Major trends in the forecast period include focus on data privacy and compliance, growing need for information security consulting firms, increased focus on cloud security, AI and machine learning in security, IoT security concerns, supply chain security, risk-based security strategies.

Market Overview -
Information security consulting refers to the practice of providing expert advice and guidance on information technology security services to organizations. This security consultation helps clients establish and maintain robust security measures that safeguard their sensitive data, systems, and networks.

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Cybersecurity Risks Propel Information Security Consulting Market Into The Spotlight
The increase in cybersecurity risks is expected to propel the growth of the information security consulting market going forward. Cybersecurity risks refer to potential threats and vulnerabilities that may compromise the confidentiality, integrity, and availability of digital assets, data, and information systems. It arises because of remote work trends, a lack of security awareness, and emerging technologies. Information security consulting is used to approach managing cybersecurity risks by identifying vulnerabilities, implementing preventive measures, preparing for incidents, and ensuring ongoing compliance and awareness. For instance, in November 2022, according to the Australian Cyber Security Centre, an Australia-based cyber security agency, cyber crime reports received were 76,000 in 2022, up from 13% from the previous year. Therefore, increasing cyber threats are driving the growth of the information security consulting market.

Competitive Landscape -
Major companies operating in the information security consulting market are Microsoft Corporation, Verizon Communications Inc., Accentur*e plc, International Business Machines Corporation (IBM), Cisco Systems Inc., Ernst & Young Global Limited, KPMG International Cooperative, Deloitte Touche Tohmatsu Limited, Hewlett Packard Enterprise Company, Tata Consultancy Services Limited, BAE Systems plc, NTT DATA Corporation, Capgemini SA, Cognizant Technology Solutions Corporation, DXC Technology Company, Atos SE, Wipro Limited, Booz Allen Hamilton Holding Corporation, Palo Alto Networks Inc., Symantec Corporation, Check Point Software Technologies Ltd., CrowdStrike Holdings Inc., SecureWorks Corp., Trustwave Holdings Inc., CyberArk Software Ltd.

Expanding Market Horizons Through Strategic Cybersecurity Consulting
Major companies operating in the information security consulting market are focusing on the development of innovative advancements, such as strategic cybersecurity consulting, to expand existing cybersecurity services and provide tailored cyber strategies and solutions to clients in the region. Strategic cybersecurity consulting refers to providing knowledgeable cybersecurity consultants to assist organizations in creating and managing their information security strategies. For instance, in November 2022, Wipro Limited, an India-based information technology company, launched CyberTransform, a strategic cybersecurity consulting offering in Europe. These innovative consulting capabilities will help organizations develop digital risk and cybersecurity strategies. This initiative aims to provide clients with a measurable roadmap for implementing cybersecurity measures. Additionally, this consultant assists in various areas such as configuration reviews, security program development, customized on-demand services, information security planning, privacy and security policy development, and risk assessments to strengthen their cybersecurity posture and achieve long-term resilience.

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Key Segments -
The information security consulting market covered in this report is segmented -
1) By Type: Security And Compliance, Firewall Management, Email And Cloud Security, Other Types
2) By Deployment Mode: On Premise, Cloud
3) By Organization Size: Small And Medium Enterprises, Large Enterprises
4) By End user Vertical: Banking, Financial Services, and Insurance, Information Technology And Telecom, Aerospace And Defense, Government, Healthcare, Other End-User Verticals

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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