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Global Cybersecurity Consulting Market

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Global Cybersecurity Consulting Market by Product Type (Cyber Strategy and Assessment, Wargaming and Testing, Others), Application Type (Large Enterprises, SMEs), by Types (Cyber Security Services, Cyber Security Consulting) – Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022-2031

In 2021, the market for Cybersecurity Consulting Market worldwide was worth $ 18.67 billion for the year 2021. The market will reach US$ 37.25 billion by 2031, growing at a CAGR of 7.2 % between 2022 and 2031. We are constantly tracking and evaluating the pandemic’s direct and indirect effects, taking into account the uncertainties of COVID-19. The report includes these insights as a significant market contributor.

Attribute Key Insights
Estimated Market Value (2021) 18.67 USD Billion
Forecasted Market Value (2032) 40.16 USD Billion
CAGR % 2023-2028 7.2%`
Leading Region North America

Market Dynamics

The increased compliance requirements that are imposed on businesses by governments are another factor that contributes to the expansion of the cyber risk market. Companies in Europe were first provided with a data and privacy protection framework by the General Data Protection Regulation (GDPR). California’s Consumer Privacy Act (CCPA) and Brazil’s Lei General de Protecao de Dados (LGPD) became law in 2018 and 2020, respectively, and other nations soon followed suit. In the past, businesses have shown little concern for customers’ privacy or the security of their data. Since people are more aware of their privacy, this situation has changed a lot. Organizations are becoming increasingly aware of the significance of cyber risk management as a result of privacy laws, compliance regulations, and widespread coverage and scrutiny following serious privacy scandals. Compliance with these regulatory frameworks contributes to an increase in demand for cyber risk consultants, particularly when organizations are subjected to increased pressure from individuals, the media, and regulatory authorities. The market for cybersecurity consultants will only expand significantly as more nations pass consumer privacy laws.

COVID Impact

As the COVID-19 pandemic has induced new financial pressures on organizations, the natural response of many firms was to cut the cybersecurity budget – a general trend in 2020. On the other hand, cyber threats have increased in frequency and sophistication during the pandemic. Malicious actors are capitalizing on the prevailing uncertainty and fear surrounding the outbreak to their advantage. When tainted by a devastating pandemic, the cybersecurity consulting market forecast is far from being a straightforward undertaking.

Cybersecurity professionals observed a 63 percent increase in cyber-attacks related to the COVID-19 pandemic, according to a survey released by the Information Systems Security Association (ISSA) and independent industry analyst firm Enterprise Strategy Group. The COVID-19 pandemic has provided a once-in-a-lifetime opportunity for hackers and online scammers (ESG). ESG and ISSA performed an extensive poll in April 2020 as a point in time evaluation of the issues faced by the pandemic as the global impact of COVID-19 began to manifest itself in the middle of March.

Regional Trend

The 2020 growth rates are essentially consistent across regions. The percentage increased from 21% in Europe and the Middle East, where earlier investment in this area meant that clients were reasonably well-protected, to 26% in the relatively small and developing African market, where the shift to virtual working and living started from a weaker basis. On the other hand, the developed and well-prepared North American market, which reflects the size of the financial services sector in this region, also had high growth of 26%. Although the African market may be lagging behind, the goal it is pursuing is also moving.

Competitive Landscape

The report includes competitive landscape based on the extensive assessment of the product portfolio offering, geographic presence, and key strategic developments adopted by the leading market players in the industry over the past 5 years. The key players profiled in the Ready-To-Eat Popcorn Market research report are Deloitte, Booz Allen, Leidos Cyber, BAE Systems, Clearwater Compliance, Raytheon, Sera-Brynn, Lockheed Martin, RSA, PwC, SecureWorks, Proofpoint

By Product

Cyber Strategy and Assessment

Wargaming and Testing

Others

By types

Cyber Security Services

Cyber Security Consulting

By Application

Large Enterprises

SMEs

 

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