Consulting services in the information security sector are forecast to grow at a CAGR of 10.2 percent until 2021, expanding from a current $16.12 billion per year to some $26.15 billion, says a recent report by MarketsandMarkets.
Businesses’ full embrace of connected devices, as well as the rising BYOD trend among employees throughout industries, are among the catalysts influencing the growth of security solutions to safeguard network infrastructures from APTs.
As a result, application security will grow fastest, while the North American market will hold the largest share “due to the greater awareness of cyber security and early adoption of security consulting services in this region,” the report says.
“The major forces driving this market are rising network complexities due to mergers and acquisitions and third-party application deployment,” according to HelpnetSecurity.
Due to the confidential data shared across their networks, aerospace and defense sectors will heavily invest in information security consulting, followed by other sectors more exposed to cyberattacks, such as banking, financial services and insurance (BFSI), IT, telecom and government.
While North America will register the highest market share, APAC is forecast to record the highest CAGR due to rapid technology adoption and the proliferation of opportunities in the area, especially in India and China.