Cyber Security Consulting Market Growth Study at 8.4% CAGR to Outstrip US$ 28.22 Bn by 2031, TMR Study – Digital Journal

cyber-security-consulting-market-growth-study-at-84%-cagr-to-outstrip-us$-28.22-bn-by-2031,-tmr-study-–-digital-journal

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Cyber Security Consulting Market: Introduction

Transparency Market Research delivers key insights on the global cyber security consulting market. In terms of revenue, the global cyber security consulting market is estimated to expand at a CAGR of 8.4% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global cyber security consulting market.

Cyber security consulting services is a broad concept, which helps enterprises to monitor, detect, report, and manage cyber threats to maintain data privacy. It represents how advanced technologies help organizations to more easily, efficiently, and conveniently ingest information and security concerns. Cyber security consulting is becoming popular due to the adoption of digital technologies by various end-use industries, which has increased interest of many researchers. The aim of cyber security consulting services is to enable the data privacy and security system of companies in the 21st Century to meet the needs of work.

The growing integration of smart solutions and penetration of social media platforms in the retail and healthcare sector is a major factor that drives the growth of the cyber security consulting market.

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Cyber Security Consulting Market: Dynamics

The growing adoption of various technologies such as cloud computing and AI, along with advanced technology in different industries, is likely to drive the adoption rate of cyber security consulting services during the forecast period. However, the market faces challenges due to uncertainty of the Internet connectivity and generation of new threats among various end users across countries. The lack of knowledge about cyber security in SME’s negatively impacts the growth of the market. Cyber threats damage and disrupt the information system and hack the confidential information of an organization using spyware, phishing, and malware. The increasing adoption of wireless networks for mobile devices is anticipated to boost the cyber security consulting market during the forecast period.

However, the rising penetration of network security solutions in the military and defense sector to prevent cyber-attacks on military software systems is estimated to propel the cyber security consulting market during the forecast period. The Canadian Government has increased investment in the cyber security sector in collaboration with military and defense to identify cyber threats and prevent the operation systems of military and defense sectors from cyber-attacks. This factor is likely to drive the growth of the cyber security consulting market in the upcoming years.

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Cyber Security Consulting Market: Prominent Regions

The cyber security consulting market in North America is expected to account for the largest share during the forecast period, due to innovations in production technologies to improve the efficiency of operation systems, and presence of major market players in the region. In addition, the U.S. Government has increased investments in the cyber security sector, which is fuelling the growth of the cyber security consulting market.

The market in Asia Pacific is likely to expand at the highest CAGR during the forecast period due to rising penetration of eCommerce companies, which has increased the number of cyber-attacks. This factor will further drive the cyber security consulting market in the region. The Europe market is projected to grow at a notable CAGR during the forecast period, owing to rising government support to provide security to various industries to build strong IT infrastructure in the region, which leads to expansion of the cyber security consulting market.

Cyber Security Consulting Market: Key Players

Key players operating in the global cyber security consulting market are Accenture plc, Akamai Technologies, Inc., AT&T Inc., Atos SE, BAE Systems plc, Bureau Veritas, Capgemini SE, CGI Inc., CrowdStrike Holdings, Inc., Deloitte Touche Tohmatsu Limited, DXC Technology Company, KPMG International Limited, McAfee, LLC, Mythics, Inc. OneNeck IT Solutions LLC, Sophos Group plc, and SGS.

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Increase in Cyber Attacks : Key Driver of Cyber Security Consulting Market

  • Cyber-attacks were ranked the fifth highest risk in 2020, and have become the new norm in public and private sectors. IoT cyber-attacks alone are expected to double by 2025. The World Economic Forum’s 2020 Global Risk Report states that the detection (or law enforcement) rate in the U.S. is just 0.05%.
  • Cyber ​​threats are constantly evolving and the results are gaining more expensive. Cybersecurity firm Radware found that the cost of an average corporate cyber-attack is US$ 1.1 Mn. In the same study, researchers found that 37% of companies suffered reputational damage and lost customer trust after a cyber-attack.
  • Increasing acceptance of the cloud and constantly evolving cyber-attacks are expanding the threat limits in the digital world. Cyber ​​defense is no longer about ensuring compliance; it is about proactively mitigating various types of risk. Companies that want to defend their digital legacy should plan for this early on their transformation journey. A design-safe solution can enable organizations to combat sophisticated threats and drive targeted growth at speed and scalability. This is anticipated to propel the cyber security consulting market during the forecast period.
  • According to Kaspersky, a 14% increase was recorded in identified malware in 2019, as compared to 2018. This trend has only intensified over time, especially in the context of COVID-19.
  • In addition to the increasing frequency of malware infections, the recent spread of ransomware underscores the need for advice on cyber risks. The cyber outbreak of Petya, WannaCry, NotPetya, and others of its kind have shaken large organizations, including U.K.’s NHS.

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