The Big Four firms perform the majority of global risk consulting, accounting for 61 percent of the market, according to a new report from Source Information Services.
However, the report warns the Big Four could miss out on the next stage of growth if they don’t react to the growing demand for cybersecurity expertise.
Regulation and compliance work have driven much of the growth to date, according to the report, but cybersecurity is likely to have a significant impact in the near future.
Source founder Dr. Fiona Czerniawska, who authored the report, said there are two distinct markets for risk consulting developing – one being regulation and compliance, the other cybersecurity – but the Big Four firms aren’t seen by clients to have the specialist expertise required to capitalise on the wave of increased investment in cybersecurity.
The consulting market for cyber risk is smaller than for regulatory-related work, but the report suggests it will grow more quickly as organizations rely more on consultants to help them.
According to the report the global market for risk consulting has risen by over $1 billion (9 percent) to just under $14 billion in 2014. Risk consulting in financial services dominates the market, accounting for $5 billion, or about 35 percent of the total.