Artificial Intelligence

Worldwide IT Security Consulting Services Market Size Figure is Projected to Grow $101.12 Billion, at a CAGR of 13.5% during 2023-2030

April 27, 2023

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Washington, DC, April 27, 2023 (GLOBE NEWSWIRE) — Zion Market Research has published a new research report titled “IT Security Consulting Services Market By Security Type (Application Security, Database Security, Endpoint Security, Network Security), By End-User (Aerospace & Defense, Banking, Financial Services, & Insurance (BFSI), Government & Public Utilities, Healthcare, IT & Telecom, Manufacturing & Retail, Others), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.

“According to the latest research study, the demand of global IT Security Consulting Services Market size & share in terms of revenue was valued at USD 27.24 billion in 2022 and it is expected to surpass around USD 101.12 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 13.5% during the forecast period 2023 to 2030.”

What are IT Security Consulting Services? How big is the IT Security Consulting Services Industry?

Report Overview:

The global IT security consulting services market size was valued at USD 27.24 Billion in 2022 and is expected to reach USD 101.12 Billion by 2030, growing at a compound annual growth rate (CAGR) of 13.5% during the forecast period.

IT security consulting services involve the assessment, design, implementation, and management of security measures to protect an organization’s information systems and data from cyber threats. These services help businesses identify security vulnerabilities & risks, develop security strategies & policies, and implement technical solutions to safeguard against attacks. IT security consulting services include network security, data protection, application security, cloud security, identity and access management, compliance & regulatory requirements, and incident response planning. With the growing frequency and sophistication of cyber-attacks, businesses of all sizes and industries are seeking the expertise of IT security consultants to mitigate risks and protect their sensitive data. The IT security consulting services market is expected to continue its growth trend due to the increasing demand for end-to-end security solutions and compliance with regulatory requirements.

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Global IT Security Consulting Services Market: Growth Factors

The global IT security consulting services market is driven by several factors such as the increasing number of cyber threats, data breaches, and stringent government regulations. The adoption of cloud-based services and digital transformation initiatives, along with the need for end-to-end security solutions, are also driving the demand for IT security consulting services. Additionally, the growing awareness among organizations about the benefits of proactive security measures and the need for expert guidance to address complex security challenges further drives the growth of the market.

In addition, the increasing adoption of advanced technologies such as Artificial Intelligence (AI) and the Internet of Things (IoT), which require specialized security consulting services create ample opportunities. The emergence of new threats such as ransomware and Distributed Denial of Service (DDoS) attacks also presents new opportunities for the growth of IT security consulting services industry. However, the high cost of IT security consulting services and the lack of skilled professionals in the market may act as restraints to market growth.

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Report Scope

Report Attribute	Details
Market Size in 2022	USD 27.24 billion
Projected Market Size in 2030	USD 101.12 billion
CAGR Growth Rate	13.5% CAGR
Base Year	2022
Forecast Years	2023-2030
Key Market Players	Accenture, Deloitte, IBM, PwC, Ernst & Young, KPMG, Booz Allen Hamilton, Cognizant, DXC Technology, Wipro, Capgemini, Tata Consultancy Services, Atos, NTT Data, Verizon, SecureWorks, Trustwave, Symantec, McAfee, and Check Point among others.
Key Segment	By Security Type, By End-User, And By Region
Major Regions Covered	North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa
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IT Security Consulting Services Market: Segmentation Analysis

The global IT security consulting services market is segmented based on security type, end-user, and region.

Based on security type, the market is segmented into application security, database security, endpoint security, and network security. The network security segment held the largest market share in 2022 and is further anticipated to grow rapidly at a significant CAGR during the forecast period. This is mainly due to the increasing number of cyber-attacks on enterprise networks and the need for advanced security solutions to protect against them. Network security consulting services include services such as vulnerability assessment, penetration testing, firewall management, and intrusion detection and prevention. With the growing adoption of cloud-based services and remote workforces, the demand for network security consulting services is expected to continue its growth trend.

Based on end-user, the market is segmented into Aerospace & Defense, Banking, Financial Services, & Insurance (BFSI), Government & Public Utilities, Healthcare, IT & Telecom, Manufacturing & Retail, and Others. The BFSI segment held the largest market share in 2022 and is further projected to grow at a notable CAGR during the forecast period. This is mainly due to the increasing number of cyber threats and the need to protect sensitive financial data. The BFSI sector is heavily regulated, with compliance requirements such as PCI DSS, SOX, and GDPR, driving the demand for IT security consulting services.

The healthcare and government sectors are also expected to be significant contributors to the IT security consulting services market due to the increasing use of electronic medical records and government initiatives to digitize services. The retail sector is also witnessing significant growth due to the increasing adoption of e-commerce and the need for secure payment processing systems.

The global IT Security Consulting Services market is segmented as follows:

By Security Type

Application Security
Database Security
Endpoint Security
Network Security

By End-User

Aerospace And Defense
Banking
Financial Services
Insurance (BFSI)
Government And Public Utilities
Healthcare
IT And Telecom
Manufacturing & Retail
Others

Browse the full “IT Security Consulting Services Market By Security Type (Application Security, Database Security, Endpoint Security, Network Security), By End-User (Aerospace & Defense, Banking, Financial Services, & Insurance (BFSI), Government & Public Utilities, Healthcare, IT & Telecom, Manufacturing & Retail, Others), and By Region – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2023 – 2030”– Report at https://www.zionmarketresearch.com/report/it-security-consulting-services-market

Competitive Landscape

Some of the main competitors dominating the global IT Security Consulting Services market include –

Accenture
Deloitte
IBM
PwC
Ernst & Young
KPMG
Booz Allen Hamilton
Cognizant
DXC Technology
Wipro
Capgemini
Tata Consultancy Services
Atos
NTT Data
Verizon
SecureWorks
Trustwave
Symantec
McAfee
and Check Point
Among Others.

Key Insights from Primary Research:

As per the analysis shared by our research analyst, the global IT security consulting services market is expected to grow annually at a promising CAGR of around 13.5% during the forecast period 2023-2030.
In terms of revenue, the global IT security consulting services market size was valued at around USD 27.24 billion in 2022 and is expected to reach USD 101.12 billion by 2030.
One of the key factors driving the global IT security consulting services market is owing to the increasing number of cyber-attacks on organizations’ IT infrastructure leading to businesses investing in IT security consulting services to improve their cybersecurity posture and protect against potential threats.
Based on security type, the network security segment held the largest market share in 2022.
Based on end-user, the BFSI segment held the dominating market share in 2022.
Based on region, the North American region held the largest market share in 2022.

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Key questions answered in this report:

What is the market size and growth rate forecast for IT Security Consulting Services industry?
What are the main driving factors propelling the IT Security Consulting Services Market forward?
What are the leading companies in the IT Security Consulting Services Industry?
What segments does the IT Security Consulting Services Market cover?
How can I receive a free copy of the IT Security Consulting Services Market sample report and company profiles?

Key Offerings:

Market Size & Forecast by Revenue | 2023−2030
Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
Market Segmentation – A detailed analysis By Security Type, By End-User, And By Region
Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Analysis:

The North American region held the dominating market share in 2022 and is further predicted to continue this trend during the forecast period. North America is expected to be the largest market for IT security consulting services due to the high adoption of advanced technologies and the increasing number of cyber-attacks in the region. The growing digital transformation initiatives, increasing use of cloud-based services, and the presence of a large number of multinational companies are driving the demand for IT security consulting services in North America.

The United States is expected to dominate the market in the region, followed by Canada and Mexico. Furthermore, the presence of major players in the region such as IBM, Accenture, and Deloitte is contributing to the growth of the market. The increasing government initiatives and regulations related to data privacy and security are also driving the demand for IT security consulting services in North America.

By Region

North America
- U.S.
- Canada
- Rest of North America
Europe
- France
- UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America

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Recent Developments

In January 2022, Accenture Security announced the acquisition of BrightStep Partners, a cybersecurity consulting firm based in Sweden. The acquisition will strengthen Accenture’s cybersecurity consulting services in the Nordics and Europe, helping clients to improve their cybersecurity posture and manage risks.
In March 2022, IBM Security announced the acquisition of Persistent Systems’ cybersecurity business unit to expand its security consulting services capabilities. The acquisition will help IBM Security to deliver integrated security solutions to its clients, covering risk management, compliance, and cybersecurity consulting services.
In December 2021, Deloitte announced the acquisition of Sentek Consulting, a cybersecurity and risk management consulting firm based in the United States. The acquisition will help Deloitte to expand its cybersecurity consulting services capabilities, particularly in the government and public sector.

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FREQUENTLY ASKED QUESTIONS

What are IT Security Consulting Services?
At what CAGR, the global IT security consulting services market will expand during forecast years?
What will be the market value of global IT security consulting services market by the end of 2030?
What are the factors driving the global IT security consulting services market growth?
Which region will contribute notably towards the IT security consulting services market value?
Who are the leading players in the global IT security consulting services market?

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