High-profile security breaches have drawn public attention to the industry.
Los Angeles, CA (PRWEB) November 14, 2013
In the five years to 2013, IBISWorld estimates that revenue for the IT Security Consulting industry has increased at an annualized rate of 9.3% to $5.3 billion. Over this period, industry operators have benefited from the increasing adoption of e-commerce, growth in mobile internet access and a variety of high-profile data breaches. Companies such as Sony, Zappos and LinkedIn have been victims of recent cyberattack, thrusting IT security into the spotlight as a result. According to IBISWorld Industry Analyst Andrew Krabeepetcharat, "This factor has contributed to industry growth over the past five years, including expected revenue growth of 6.9% in 2013."
Over the past five years, an increasing number of broadband connections, coupled with exponential growth in the number of mobile connections, has contributed to the rising demand for IT security. IT security consultants have benefited from these trends as they generally result in more data being stored online in cloud servers. Furthermore, the rise of cloud computing and software as a service (SaaS) have caused an increasing percentage of services to be conducted online. In 2013, IBISWorld estimates that 9.8% of services will be conducted online, up from 6.4% in 2008. As more services are completed online, industry operators have benefited from a rising number of security breaches. This has ultimately contributed to increasing demand for industry services, causing industry profit margins to rise in spite of a rising number of industry operators. IBISWorld estimates that the number of firms operating in the industry has increased at an average annual rate of 9.8% to 7,750 in the five years to 2013.
Industry operators have also experienced growth as a result of various high-profile data breaches and the fact that companies face the constant danger of hacking from ever-evolving threats. As soon as a computer virus is discovered, it might already have numerous variations, each requiring a different security patch. "Government agencies also face similar issues, albeit with potentially higher stakes," says Krabeepetcharat. For example, the Stuxnet virus, which targeted Iranian nuclear facilities, is proof that IT security is becoming increasingly important for government agencies around the world. Public sector demand is expected to grow in the next five years, contributing to revenue growth over the five years to 2018.
For more information, visit IBISWorld’s IT Security Consulting in the US industry report page.
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IBISWorld industry Report Key Topics
The IT Security Consulting industry offers managed IT security services, such as firewall and intrusion prevention, security threat analysis, proactive security vulnerability and penetration testing and incident preparation and response, which includes IT forensics.
Key External Drivers
Industry Life Cycle
Products & Markets
Products & Services
Globalization & Trade
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
About IBISWorld Inc.
Recognized as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every US industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Los Angeles, IBISWorld serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com or call 1-800-330-3772.