According to a new report by MarketsandMarkets, the information security consulting market is estimated to grow from $16.12 billion in 2016 to $26.15 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 10.2%.
The major forces driving this market are rising network complexities due to mergers and acquisitions and third-party application deployment. This market is growing rapidly because of the growing security needs of IoT, BYOD trends, and increased deployment of web and cloud-based business applications.
Application security to grow at the highest CAGR
Cyber security solutions are used to secure the network infrastructure and the devices connected through it. The emerging IoT, BYOD trends, and connected number of devices & applications are susceptible to APTs. Application security is expected to witness the highest CAGR in the global information security consulting market. North America is expected to account for the largest market share, due to the greater awareness of cyber security and early adoption of security consulting services in this region.
Aerospace and defense vertical to have the largest market size in 2016
The information security consulting market is also segmented by various industry verticals, out of which, the adoption of security consulting services is expected to be the highest in the aerospace and defense vertical, as the critical data and applications used by this vertical are prone to advanced threats. Moreover, government & public utilities, Banking, Financial Services & Insurance (BFSI), and IT & telecom verticals are expected to gain traction during the forecast period.
North America is expected to dominate the market
North America is expected to hold the largest share of the information security consulting market, due to the technological advancements and early adoption of cyber security in this region.
The market in APAC is expected to grow at the highest CAGR, and the primary driving forces for this growth are increasing technological adoption and huge opportunities across industry verticals in APAC countries, especially India and China.
Some of the major technology vendors in this market include Ernst & Young (UK), IBM Corporation (US), Accenture plc (Ireland), Atos SE (France), Deloitte (UK), KPMG (UK), PwC (UK), BAE Systems plc (UK), Hewlett Packard Enterprise (US), and Wipro Limited (India).