High-profile security breaches have drawn public attention to the industry
New York, NY (PRWEB) December 04, 2014
The increasing use of mobile devices and cloud servers to store sensitive data and the subsequent rise in technologically sophisticated cyber criminals threatening to steal that data have accelerated growth in the IT Security Consulting industry. Benefitting from the increasing adoption of e-commerce, m-commerce, social networking and cloud computing and a variety of high-profile data breaches, industry revenue is expected to grow over the five years to 2014. Recently, companies such as Sony, Target and JPMorgan have stressed data security to their customers, further contributing to industry growth over the past five years.
Over the past five years, the increasing number of broadband connections and rapid growth in the number of mobile connections have contributed to the rising demand for IT security. According to IBISWorld Industry Analyst Sarah Kahn, “IT security consultants have benefited from these trends as they increase the amount of data stored in cloud servers that require protection.” Furthermore, the rise of cloud computing and software as a service (SaaS), a model of software deployment in which a provider licenses an application to customers for use as a service on demand, have caused an increasing percentage of services to be conducted online. As more services are being conducted online, industry operators are benefitting from a rising number of security breaches. Additionally, government agencies, a major market for industry services, have also shown their vulnerability to security breaches, as anticensorship organization WikiLeaks and former Booz Allen Hamilton consultant Edward Snowden have leaked classified information to the public.
“As downstream markets, such as banking and financial services, insurance, health, telecommunications and government agencies, continue to fear high-profile, reputation-threatening breaches, industry revenue is expected to continue growing over the five years to 2019,” says Kahn. Government agencies face security issues with potentially high stakes and are expected to increase their IT security investments over the next five years.
For more information, visit IBISWorld’s IT Security Consulting in the US industry report page.
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IBISWorld industry Report Key Topics
This industry offers managed IT security services, such as firewalls, 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
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Barriers to Entry
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