The recent surge in cyberattacks targeting major businesses and government entities is expected to drive increased spending on cybersecurity services from consulting firms.
Cyber attacks have dominated the headlines this year, with recent incidents, such as the attacks on the Co-op and Jaguar Land Rover, resulting in substantial financial hits for the businesses.
The rise of these sophisticated attacks by criminal gangs has caused significant disruption, such as M&S, which had to suspend its online service for six weeks after it was attacked in April.
The implications of these attacks, as reported by the Financial Times, have forced the UK security services, including MI5, to step up collaboration with some of Britain’s largest companies.
Businesses have an urgent need to prioritise cyber resilience, and as a result, consultancy firms are likely to see a significant increase in demand for cybersecurity consulting services.
Boost for consultancy firms
According to Source Global Research, the cybersecurity consulting services market is poised for significant growth over the coming years due to the increasing demand for protection.
The growth rate is forecast to almost double from 4.7 per cent in 2024 to nine per cent in 2025, making it one of the top-performing consulting services in the global professional services market.
The Risk and Cybersecurity Services Market report also estimated that the global cybersecurity market will grow by over $2bn in 2025, as revenues rise from $27.9bn in 2024 to $30.2bn in 2025.
And this annual growth rate (9%) is expected to continue into 2026.
That is because four in five consultancy firms are expecting day rates for their cybersecurity consultants to increase over the next 12-18 months.
The reason is that businesses are struggling to keep up with the latest cyber developments, which means most accept they will need to rely on external support continuously, albeit at a higher price.
Catherine Anderson, director at Source Global Research, explained: “This significant rise in demand reflects the challenging business environment faced by companies of all stripes—beset by geopolitical tensions that push security high up the agenda, along with greater investment in technology.”
“The widespread uptake of AI is impacting the cybersecurity landscape, too….. Our expectation is that cybersecurity services will continue to grow above the overall market for professional services for some time yet,” she added.
Sourced from City AM