The size of the cyber security market in the Asia-Pacific region is estimated to grow at a CAGR of 11.69% from 2023 to 2028 and the APAC market size is expected to be valued at USD 84.65 billion by 2028 from USD 48.65 billion in 2023.
With the increasing scope of digital transformation, the present network faced many cyberattacks in the APAC region. The use of the internet, social media, and mobile phones has increased the chance of cyberattacks in recent years by increasing the scope for the development of cybersecurity. Strict government laws regarding cyberattacks have increased the growth of the Asia-Pacific cybersecurity market. Cybersecurity has become a crucial part of every department as the demand for the use of wireless networks increases the high risk of cyberattacks in both developed and developing countries. Many developed countries face cyber hijack risks by increasing the cybercrime rate.
Asia received 26% of the worldwide attacks in 2021. India stands at the top of the list of frequently attacked countries in Asia. Many cybersecurity events have been left hidden in recent years. According to the Australian Cyber Security Growth Network, the cybersecurity sector was estimated to triple in size in the next ten years. Cybersecurity was divided into solutions and services based on the product type. Cybersecurity is applied in many high-profile fields, such as aerospace, defense, banking, healthcare, IT, and telecommunication. The government sector needs cybersecurity as the complete country profile is stored in the internet files, which needs a high-security alert. Many hackers target government agencies to get information and earn money illegally.
This research report on the APAC cyber security market has been segmented and sub-segmented into the following categories.
APAC Cyber Security Market - By Component:
APAC Cyber Security Market - By Deployment Type:
Cloud deployment was driving the cybersecurity market growth, where the increasing awareness among companies to save data and resources in the cloud was necessary rather than saving them in new drives. This drove the demand for cloud-based solutions, boosting the adoption of cybersecurity services. According to the CISCO Cybersecurity report, countries in the Asian region have a higher percentage of their infrastructures in the cloud rather than on-premises. In the March 2023 summit, CISCO recently announced it has been growing its cybersecurity capabilities to support Indian businesses in strengthening cybersecurity.
The increasing adoption of cloud services such as Google Drive, Dropbox, and Microsoft Azure, where these tools are an integral part of business processes and enterprises to save sensitive data and avoid security issues influencing the cybersecurity market value. Microsoft in this region provides cloud-based protection technology, which helps employees work anytime and anywhere with the beneficial apps on their devices. Due to the high benefits, many large enterprises and SMEs are adopting cloud-based solutions to secure sensitive data to avoid cyberattacks. Over a few years, cloud-based solutions platforms were expected to be a significant tool for digital innovation.
APAC Cyber Security Market - By Enterprise:
APAC Cyber Security Market - By End-User:
APAC Cyber Security Market – By Country:
The Asia-Pacific cybersecurity market is expected to grow primarily due to the outbreak of COVID-19. Due to pandemic lockdown regulations, many agencies have shifted to remote work environments using cloud-based services operating in unfamiliar, less secured environments, becoming the prominent spot for cyberattacks. This was forcing the organizations to adopt cybersecurity solutions. The market was driven by new business models and applications that reduced device costs and increased the number of connected devices, which boosted the adoption of the Internet of Things and increased cybersecurity in enterprises. The adoption of these connections was influencing the cybersecurity market.
Security professionals suggest identity-management solutions such as biometric and facial identification for security, but more than 70% still depend on usernames and passwords for login, which hampers growth. According to the IBM X-Force Threat Intelligence Index 2022, Asia was the most attacked area globally. The impact of recent high-profile cases on familiar persons was high, leaving government and regulatory bodies on high alert. CERT-In, India’s Official cybersecurity organization, issued a method for information security practices, procedures, prevention, and reporting of cybercrimes for safe and secured internet for imposing strict cybersecurity reporting requirements.
KEY MARKET PLAYERS:
NEC Corporation, Cisco Systems Inc., Kaspersky Labs, Dell Technologies Inc., Check Point Software Technologies Ltd., IBM Corporation, Imperva and Proofpoint Inc. are a few of the leading companies in the APAC cyber security market.
The APAC cyber security market is predicted to be worth USD 48.65 billion in 2023.
China, Japan, India, and South Korea are anticipated to contribute significantly to the growth of the APAC market.
The growth of the APAC cybersecurity market is primarily driven by increasing cyber threats, rising awareness of the importance of cybersecurity, and government initiatives to enhance digital security.
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