- Demand continues to rise to protect against cyber threats and wider shocks
- Nine in ten companies expect to increase their use of cyber consultants
- Prices to increase, say 94% of companies using consultants
The global risk & cybersecurity consulting services market it set to grow 8% this year to pass US$100bn in revenues for the first time. In particular, the advent of GenAI and its profound implications for companies—both positive and negative—is creating heavy demand for cybersecurity services, with growth in 2025 forecast to climb to 10%.
These findings are released today in a new report from Source Global Research, which also highlights that the continued strong growth in cybersecurity services will lead to a US$30bn market for this consulting service in 2025.
The overall picture for cybersecurity consultants remains positive, with nine in 10 companies surveyed expecting their use of cybersecurity consultants to increase in the next 12-18 months, with around a third expecting this increase to be significant. Four in 10 companies say that cybersecurity has become a more important topic to them due to a recent data breach or other cybersecurity issue, with a similar number saying that new regulations are forcing them to take a more serious approach.
This increasing demand will also lead to price rises, with 94% of companies surveyed expecting day rates to increase over the next 12-18 months. This is in stark contrast to last year, where only 12% expected prices to rise significantly compared to a third this year.
Dane Albertelli, Senior Research Analyst from Source Global Research, said:
“Going into 2025, we forecast cybersecurity will grow by 10%, to once more see the strongest growth in this market. The sustained threat of cyber-attacks shows no sign of abating, and the fast pace of technological advancement means new threats are constantly emerging.”
Catherine Anderson, Director of Market Trends & Analysis added:
“Companies don’t know what to do to keep up with the latest developments, and so anticipate turning to consulting services and they are aware that this heightened demand will lead to higher prices. They also acknowledge that they are going to need more specialist skills and proprietary tools—and they expect to pay a premium for these.”
The Source report also found that:
- Cybersecurity remains the focus for management – The areas occupying the most management time at present are cybersecurity, operational risk, and security services. Continued cyber and ransomware attacks, ongoing geopolitical tensions, the all-pervasive nature of digitisation, and the high-profile CrowdStrike issue will have all contributed to this sustained focus.
- Firms used for cybersecurity services – Technology firms topped the charts both last year and this year. Companies are also likely to be using legal firms and software vendors this year, as well as outsourcing firms and the Big Four.
- UK is the poorest performer of three largest global markets – While the US market for cybersecurity services is set to grow by 8% to over US$13bn in 2024, and India by 12% to over US$2bn, the UK market is expected to contract by -2% to under US$1.5bn this year.
Catherine Anderson concluded:
“Not only are the continued cyber and ransomware attacks driving demand, but our research has shown that technology skills—particularly cybersecurity—and risk management skills come out as some of the most sought-after and hardest to recruit for. This remains the case into 2024. This bodes well for consulting firms offering risk & cybersecurity services. There is a clear talent gap here that leaves the door wide open for consultants to swoop in and offer their services.”
For more information on Source reports, contact ella-sian.jolley@sourceglobalresearch.com, telephone +44 (0)20 3743 3934, or visit www.sourceglobalresearch.com.
