IT Security Consulting in the US
The increasing use of mobile devices and cloud servers to store sensitive data and the rise in technologically sophisticated cyber criminals threatening to steal that data have accelerated demand for online security. The industry has and continues to benefit from the increasing adoption of e-commerc...
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| Format: | Market Research |
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| Language: | eng |
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| Online Access: | Request full text |
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| Summary: | The increasing use of mobile devices and cloud servers to store sensitive data and the rise in technologically sophisticated cyber criminals threatening to steal that data have accelerated demand for online security. The industry has and continues to benefit from the increasing adoption of e-commerce, social networking and cloud computing. Increased online usage amid the COVID-19 pandemic has fueled this growth. Also, industry demand will remain high throughout 2023, as the growing prevalence of high-profile cybersecurity attacks and the risks associated with potential data breaches will continue to propel the industry forward. IT Security Consulting industry revenue has been expanding at a CAGR of 3.3% over the past five years and is expected to total $16.6 billion in 2023, when revenue will jump by an estimated 3.8%. Industry profit will also rise, as revenue growth has outpaced the cost of labor.
The increasing number of broadband connections and rapid growth in the number of mobile connections have contributed to rising demand for IT security and systems integration solutions. IT security consultants benefits from these trends as they increase the amount of data stored in cloud servers that require protection. As consumers and companies rely more on online networks to conduct business, IT security consultants indirectly benefit from the growing risk of potential security breaches.
Security demand will continue to rise as downstream markets across all sectors, including banking and financial services, telecommunications and retail, continue to react proactively to the risk of high-profile, reputation-threatening breaches. Furthermore, government agencies contending with high-stake security issues will require higher IT security investments over the next five years. However, the easing of COVID-19-related restrictions will reduce reliance on the internet, subduing demand. IT Security Consulting industry revenue is expected to expand at a CAGR of 1.9% to $18.2 billion over the five years to 2028. |
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