Global Cyber Security Consulting Market by Type(Network Security ,Endpoint Security, Application Security, Cloud Security, Other Types By Industry (BFSI, IT & Telecom, Government and Defense, Manufacturing) Growth, Future Prospects & Competitive Analysis, 2016 – 2030

The Global Cyber Security Consulting market was valued at around USD 14.07 billion in 2022 and likely to garner revenue of over USD 27.40 billion by the end of 2030, growing at a CAGR of over 8.41%. Cybersecurity or IT security is the computer protection system that protects systems from data theft, hardware, software, information loss, hacking, and others. Cybersecurity includes control of physical access to hardware and software and protects them against damage through network, data and code injection. At present, various malpractices are done by the operators because of which IT is most sensitive to data thefts, hacking and others.

The main functions of cyber security include the protection of information from data thefts through providing different software. These thefts can affect the system in any form it can be an application, malware, phishing, and others. A cybersecurity consultant assists in preventing cyberattacks and other dangers from affecting the data of their clients. Cyber security experts concentrate on preventing the compromise of internet data. The work has many facets and requires analysis of a wide range of things, including networks, computers, policies, rules, instructions, training, vulnerability testing, and software goods and services. Network Security, Endpoint Security, Application Security, Cloud Security and Others are major types of Cyber Security Consulting.

Rising Incidence Of Cyber Threats Across The World Augment The Growth Of Cyber Security Market

Cyber security refers to a set of techniques used to protect the integrity of networks, programs, and data from attack, damage or unauthorized access. Cyber threats are unfortunate for almost every company. With bad actors coming from the inside and outside, using more sophisticated tactics designed to evade traditional security controls and companies scrambling to protect more data in more complex environments than ever before. It’s critical that cyber security remains a top-of-mind issue for everybody.

Many companies which rely on data management invest huge amounts of money in protecting itself from cyber threats. The WannaCry ransomware attacked worldwide in May 2017. Cyberattack by the WannaCry ransomware cryptoworm, which targeted computers running the Microsoft Windows operating system by encrypting data and demanding ransom payments in the Bitcoin cryptocurrency.

Low Cyber Security Budget to Arrest the Growth of this Industry

Cyber security and data breaches make headlines as businesses and enterprises around the world fall victim to network intrusion and data theft. Many businesses, including corporate giants such as Sony, Target, and HSBC, cost a fortune losing important records about consumers. Exposure to these attacks is partially the result of cyber security failure. In addition, many organizations are still hesitant to spend thousands of dollars upgrading their security systems and improving data protection policies and practices. This is because the cost of setting up a sophisticated cybersecurity solution for the organization is high. According to research, in 2022 worldwide, organizations spent more than USD 220 billion for information security.

Industrial firms, which generally rely on industrial control systems communications, have some of the lowest IT security budgets at USD 1 million, even though attacks on industrial control systems infrastructure are up by over 5% in 2022. Organizations involved in government, including defense and financial institutions, have the highest cyber security budgets over USD 5 million. IT and telecom companies, as well as utilities and power companies, spend about USD 3 million on IT security budgets. Thus, having foolproof cyber security mostly depends on large capital investments.

BFSI, IT & Telecom, Government and Defense

BFSI, IT & Telecom, Government and Defense, Manufacturing, Healthcare, Energy and Power, and Retail are major industry verticals for the Cyber Security Consulting market. BFSI, IT & Telecom, and Government and Defense hold almost over 58% share of the total revenue generated by this industry in 2022. BFSI is also expected to grow at a rapid CAGR during the forecast period.

The Data-Driven Economy to Fuel the Growth of this Industry

If there’s one guess that can make about the next decade, it is this: data will be ruler. From machine learning artificial intelligence to the Internet of Things, the accumulation and analysis of data from every aspect of lives will drive entirely new insights and products. At present, there is already have advanced local information system industries to support this. But the opportunities for products and services involving data are going to increase exponentially; already, many companies are creating new ways to mine data and produce new services.

Combined with the Internet of Things, there is tremendous economic opportunity for any technology company to innovate and produce products for the world stage. But all of these will also require cybersecurity as a fundamental building block. Ongoing developments in the software industry will create a huge opportunity in the cyber security consulting market.

Focus on the New Product Launch

The major players are focused on the development and launch of new products. Following this strategy, many players have come up with new product offerings in recent years. For instance, in January 2023, Hughes introduced new managed cybersecurity services for small to medium-sized businesses. A renowned provider of technology services and consulting, Wipro Ltd. (NYSE: WIT, BSE: 507685, NSE: WIPRO), stated that it will begin offering strategic cybersecurity consulting in Europe in November 2022. The news follows a string of consulting industry acquisitions—Edgile, Capco, and Ampion—and is in line with the company’s goal of creating a worldwide cybersecurity consulting service to assist clients in staying ahead of changing regulatory and threat environments.

Acquisitions will be the most sought-after strategy for the expansion and consolidation of market share by major players.

Acquisition has been proven to be the most popular growth strategy for the major players to enhance their market share and extend their foothold in this industry. In January 2023, Gotham Security and its parent company, GoVanguard, two specialized cybersecurity consulting firms with unmatched credentials of competence in the field, were bought by Abacus Group. In December 2022, Makros, a cybersecurity consulting firm with expertise in perimeter security, cloud security, identity management, and other areas, was purchased by Deloitte. The deal’s financial details weren’t made public. Some of the key players operating in this industry include, but are not limited to, PwC, KPMG, Optiv, Capgemini, EY, Booz Allen Hamilton, Accenture, DXC, Deloitte, and IBM. The top five players had occupied almost 35% of this industry as of March 2023.

Historical & Forecast Period

• 2017 to 2022 – Historical Years
• 2022 – Base Year
• 2023 – 2030 – Forecast Period

 Market Segmentation

Cyber Security Consulting Market by Type, 2017 – 2030

• Network Security
• Endpoint Security
• Application Security
• Cloud Security
• Other Types

Cyber Security Consulting Market by Industry Vertical, 2017 – 2030

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

Cyber Security Consulting Market by Region, 2017 – 2030

North America

• U.S.
• Canada
• Mexico

Europe

• UK
• France
• Germany
• Italy
• Spain
• Russia
• Netherland
• Belgium
• Nordic Region
• Poland
• Rest of Europe

Asia Pacific

• China
• Japan
• South Korea
• India
• Australia
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Argentina
• Peru
• Chile
• Rest of Latin America

Middle East and Africa

• GCC
• Turkey
• Israel
• South Africa
• Rest of Middle East & Africa

Cyber Security Consulting Market: Key Players

• PwC
• KPMG
• Optiv
• Capgemini
• EY
• Booz Allen Hamilton
• Accenture
• DXC
• Deloitte
• IBM