30 September 2022
Douglas Insights has evaluated all aspects of the cyber security consulting market and exposed the changes in market trends due to rising cyber-attacks since the Covid-19 pandemic and the subsequent rise in demand for cyber security consulting. The addition of Cyber Security Consulting Market research reports to the Douglas Insights comparison engine will allow analysts, market researchers, businesses, and industry experts, to accurately spot market trends, future forecasts, growth drivers, market limitations, and impediments.
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The global cyber security consulting market is expected to expand significantly in the near future, with an estimated compound annual growth rate (CAGR) of 8.4% till 2031. The rise in global cyber attacks and threats is the key driver for this market. The most common types of cyber threats faced by businesses and industries include Social Engineering attacks, Phishing attacks, Ransomware, SQL injections, Malware, Denial-of-Service (DoS) attacks, Cross Site Scripting (XSS), and Brute-Force attacks.
In terms of market regions, North America has previously been the cyber security consulting market leader and will continue to hold its dominance over the forecast period. Europe and the Asia Pacific are the second and third-largest regions for the cyber security consulting market, respectively. The Asia Pacific region, in particular, shows promising growth for this market due to the rapid urbanisation and industrialisation expected in the region’s developing nations during the forecast period. There are also good growth opportunities at every enterprise level in the automotive, retail, manufacturing, healthcare, BFSI, government, defence, energy, and IT & telecom industries.
Since the COVID-19 pandemic, there has been a global rise in cyber attacks, which is the main factor driving the growth of the cyber security consulting market. Last year, cyber attacks ranked 5th highest risk factor in the public and private sectors. They will likely retain or exceed this position in the coming years. Cyber threats are continually evolving, improving, and getting more costly for businesses. It is estimated that the cost of an average corporate cyber attack has gone into millions and will likely continue to rise over the coming years.
IoT cyber attacks alone are projected to double in the coming years due to the recent rise of Industry 4.0 and the subsequent rapid growth of Industrial IoT (IIoT). Further expansion of digital services like cloud services creates new streams of cyber threats and cyber security consulting. The latest trends in cyber security consulting are a proactive approach to cyber threats and educating staff on cyber security and cyber attack prevention. Cyber security is no longer about ensuring compliance but proactively mitigating risks and threats from the digital transformation stage of companies. Since human error is the root cause of most breaches and cyber attacks in organisations, educating staff has become a priority for companies within the cyber security consulting market.
Some of the key global players in the cyber security consulting market include CrowdStrike Holdings Inc., McAfee, AT&T Inc., Accenture plc, Bureau Veritas, Mythics Inc., KPMG International Limited, Akamai Technologies Inc., Deloitte Touche Tohmatsu Limited, Atos SE, DXC Technology Company, CGI Inc., BAE Systems plc, and Capgemini SE.
In terms of cyber security consulting type, network security, application security, cloud security, endpoint security, ICS security, and content security currently dominate the market. Whereas, Data-protection-as-a-Service (DPaaS), Managed Security Services(MSS), Managed Detection & Response (MDR), Vulnerability and Compliance Management, Data Protection Consulting, and Cyber Security Management Systems Consulting are some of the major services for the cyber security consulting market.
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