Information Security Consulting Global Market Report 2024

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 expansion observed in the historical period can be attributed to various factors, including the heightened cyber threat landscape, an increase in data breaches, the shift to remote work, a greater awareness of the importance of cybersecurity, and industry-specific threats. These elements collectively contributed to the growth during that timeframe.

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 anticipated growth in the forecast period can be attributed to the adoption of emerging technologies, the increasing use of cloud computing, digital transformation initiatives, a rise in remote work, and the growing demand for managed security services. Key trends expected in the forecast period include a heightened focus on data privacy and compliance, a growing need for information security consulting firms, an increased emphasis on cloud security, the integration of AI and machine learning in security practices, concerns related to IoT security, a focus on supply chain security, and the implementation of risk-based security strategies.

The surge in cybersecurity risks is anticipated to drive the expansion of the information security consulting market in the future. Cybersecurity risks encompass potential threats and vulnerabilities that may compromise the confidentiality, integrity, and availability of digital assets, data, and information systems. These risks are attributed to trends in remote work, a lack of security awareness, and the emergence of new technologies. Information security consulting plays a crucial role in managing cybersecurity risks by identifying vulnerabilities, implementing preventive measures, preparing for incidents, and ensuring ongoing compliance and awareness. According to the Australian Cyber Security Centre in November 2022, cybercrime reports reached 76,000 in 2022, reflecting a 13% increase from the previous year. This significant rise in cyber threats is a key driver for the growth of the information security consulting market.

Prominent companies within the information security consulting market are actively engaged in developing innovative advancements, particularly strategic cybersecurity consulting, to enhance existing cybersecurity services and deliver customized cyber strategies and solutions to clients. Strategic cybersecurity consulting involves deploying knowledgeable cybersecurity consultants to assist organizations in creating and managing their information security strategies. In November 2022, Wipro Limited, an India-based information technology company, introduced CyberTransform, a strategic cybersecurity consulting offering in Europe. This initiative provides organizations with expert guidance in developing digital risk and cybersecurity strategies, offering a measurable roadmap for implementing cybersecurity measures. The consulting services cover areas such as configuration reviews, security program development, on-demand services, information security planning, privacy and security policy development, and risk assessments, strengthening clients' cybersecurity posture for long-term resilience.

In December 2023, Proofpoint Inc., a US-based security software company, successfully acquired Tessian for an undisclosed amount. This strategic acquisition aims to bolster Proofpoint's position in the cybersecurity market by providing a comprehensive defense against evolving cyber threats. Tessian, a UK-based cybersecurity company, specializes in offering a cloud-based email security platform that utilizes AI and behavioral analysis to protect against email threats. This collaboration enhances Proofpoint's capabilities and underscores its commitment to delivering robust cybersecurity solutions in a rapidly evolving threat landscape.

Major companies operating in the information security consulting market are Microsoft Corporation, Verizon Communications Inc., Accenture 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.

North America was the largest region in the information security consulting market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the information security consulting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the information security consulting market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Information security consulting involves offering expert advice and guidance on information technology security services to organizations. This type of security consultation assists clients in establishing and maintaining robust security measures to safeguard their sensitive data, systems, and networks.

The primary types of information security consulting include security and compliance, firewall management, email and cloud security, among others. Security and compliance focus on implementing measures and regulations to ensure that systems, data, and processes within an organization are secure and adhere to legal requirements, industry standards, and internal policies. This encompasses various deployments, such as on-premises and in the cloud, and caters to organizations of varying sizes, including small and medium enterprises as well as large enterprises. Information security consulting is utilized across multiple end-user verticals, including banking, financial services and insurance (BFSI), information technology and telecom, aerospace and defense, government, healthcare, and others.

The information security consulting market research report is one of a series of new reports that provides information security consulting market statistics, including information security consulting industry global market size, regional shares, competitors with information security consulting market share, detailed information security consulting market segments, market trends and opportunities, and any further data you may need to thrive in the information security consulting industry. This information security consulting market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The information security consulting market consists of revenues earned by entities by providing services such as risk management, incident response, security assessment and testing, network security, application security, and endpoint security. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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