The Worldwide Cyber Security Consulting Services Industry is Anticipated to Reach $8.614 Billion in 2027
DUBLIN, Feb. 8, 2023 /PRNewswire/ -- The "Cyber Security Consulting Services Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The cyber security consulting services market was valued at US$2.955 billion in 2020 and is anticipated to grow with a CAGR of 16.51% to reach a total market size of US$8.614 billion in 2027.
The consulting companies play the roles of both defenders and attackers in the systems as well as software programs. The major factors bolstering the market growth throughout the forecast period include the growth in cyberattacks and data breaches across various organizations that further lead to a loss of millions of dollars to the companies.
This, in turn, further drives the requirements for the implementation of the right strategies regarding security management and data assessments coupled with the setting up of necessary infrastructure and applications. Thus, these consulting services companies play a vital role in guiding companies to define and implement the right strategy depending on the current situation of the business.
Also, growth in the funding received by various start-ups for the enhancement of services offered by them shows the potential for the market to grow in the near future. For example, Haven Cyber-Technologies Group, a UK-based cyber security company, recently announced that it had received €5.7 million in funding from C5 Capital, which it intends to use to improve its solutions, products, and consulting competencies.
Also, in May 2020, HCL Technologies announced the expansion of its partnership that it signed with Broadcom Inc in the year 2018, HCL aimed to broaden its service offerings and include Symantec Enterprise Division (SED) consulting services, which were part of Broadcoms enterprise security solutions. Furthermore, in June 2020, CI Security announced the growth and enhancements in its Critical InsightT Channel Partner Program to cater to the growing expectations of consumers due to the increased risk of cyber threats.
Growth in the number of cyberattacks is expected to drive the market's growth
The key factor supplementing the cyber security consulting services market growth includes the growth in the number of cyberattacks, even in the developed economies of the world despite having world-class infrastructure. According to AtlasVPN data, for example, cybersecurity incidents in NASA increased 366% from 2018 to 2019, reaching 1,469 by 2019 from just 315 in 2018.
Also, in September 2018, in a cyberattack on the leading hotel chain, Starwood Hotels, owned by the Marriot group, around personal information of more than 500 million people was compromised, to which more than 327 million entries were related to the banking information of the hotel's customers. Similarly, in February 2018, around US$6 million was stolen from the Russian Central Bank by some unknown hackers in a cyberattack.
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