Asia Pacific Cyber Security Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 65.28 Billion |
| Market Size (2029) | USD 124.05 Billion |
| CAGR (2024 - 2029) | 13.70 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Asia Pacific Cyber Security Market Analysis
The APAC Cybersecurity Market size is estimated at USD 65.28 billion in 2024, and is expected to reach USD 124.05 billion by 2029, growing at a CAGR of 13.70% during the forecast period (2024-2029).
Due to the advent of IoT and the growing speed and scope of digital transformation in this region, the current network infrastructure is becoming more exposed to cyberattacks. Internet, social media, and mobile users have all seen significant increases in recent years, contributing to the region's strong rise in cybersecurity. The Asia-Pacific cybersecurity industry is expected to expand even more due to the increasing severity of these attacks and strict government laws.
- The growing internet usage in both developed and developing countries increases the adoption of cybersecurity solutions. Additionally, due to increased data susceptibility brought on by the expansion of the wireless network for mobile devices, cybersecurity has become a crucial component of every organization.
- Many emerging countries, such as India, China, Singapore, and Japan, face increasing cybersecurity-related issues. India ranks third in the number of DNS hijacks, indicating a sharp rise in cybercrime registration. Additionally, Asia received 26% of all worldwide attacks in 2021, according to IBM X-Force Threat Intelligence Index 2022, making it the most attacked area globally. India tops the list of the most frequently attacked country in Asia. Recent research by the Australian Cyber Security Growth Network entitled the cybersecurity sector might triple in size over the next ten years.
- Although there have been several cybersecurity events in recent years, most of them have remained hidden. Recent high-profile incidents that significantly impacted many common persons have brought public conversation and government and regulatory body attention to the forefront. For Instance, CERT-In, India's official cybersecurity organization, issued a direction relating to Information security practices, procedures, prevention, response, and reporting of cyber incidents for safe and trusted internet to impose stringent cybersecurity reporting requirements. It stated that India had recorded over 2.12 lakh cybersecurity incidents as of February 2022.
- The industry is being driven by new business models and applications as well as reducing device costs, such as an increasing number of connected devices, including consumer electronics, connected cars, factories, etc., which is driving the adoption of IoT and strengthening cybersecurity in enterprises. So, The adoption of M2M/IoT connections drives the cybersecurity market.
- Low preparedness and a high reliance on conventional authentication techniques are challenging. In a market environment where security professionals advise identity-management solutions like facial recognition and biometric identification, more than 80% of organizations still rely solely on usernames and passwords for login, which could challenge growth.
Asia Pacific Cyber Security Market Trends
Cloud Deployment Drives Market Growth
- The increasing realization among companies about the importance of saving money and resources by moving their data to the cloud rather than building and maintaining new data storage drives the demand for cloud-based solutions, hence increasing the adoption of on-demand security services.
- Owing to these benefits, large enterprises and SMEs in the region are increasingly adopting cloud-based solutions. Over the next few years, cloud platforms and ecosystems are expected to serve as the launch pad for an explosion in the pace and scale of digital innovation.
- Countries in the Asia-Pacific tend to have higher percentages of their infrastructures hosted in the cloud rather than on-premise, according to the CISCO Cybersecurity report. Additionally, in March 2023, during the Cisco India Summit 2023, the company announced that it has been growing its cyber security capabilities to support Indian businesses in strengthening their security resilience and utilizing digitalization as a competitive advantage and to provide its clients with better security options, Cisco has been establishing a new data center in Chennai and modernizing the one that already exists in Mumbai.
- With the rising adoption of cloud services, like Google Drive, Dropbox, and Microsoft Azure, and with these tools emerging as an integral part of business processes, enterprises must deal with security issues, such as losing control over sensitive data. This gives rise to the increased incorporation of on-demand cyber-security solutions.
- The company, such as Microsoft in the region, offers Cloud-based endpoint protection technology that enables employees to work when, where, and how they need to function and can allow them to use the devices and apps they find most beneficial to get their work done.
China to Occupy the Largest Market Share
- Growing cyber-attacks in the country have propelled China to strengthen its defensive capabilities. The government is also a major source of cyberattacks in other parts of the world. According to the statistics provided by Cloudflare, in March 2022, China accounted for 45% of the world's cyberattack incidents.
- The increasing initiatives by the government and the related regulatory bodies to strengthen cloud security are expected to fuel the adoption of cyber security-based solutions over the forecast period.
- The Cyberspace Administration of China issued new measures for cybersecurity review in January 2022 for critical information infrastructure operators (CIIO) purchasing network products and services, which may influence national security. Under this measure, Important communications products, high-performance computers or servers, mass storage equipment, large database or application, cloud computing service, or any other network product or service that has an important influence on the security of any critical information infrastructure, CIIO should apply to Cybersecurity Review Office (CRO) for cybersecurity review.
- Moreover, encryption has met greater resistance in China. The government's encryption regulations and implementation are among the most restrictive in the world, giving the government full access to all encrypted content within its domestic territory. Article 31 of China's Cryptography Law allows the State Cryptography Administration to inspect and access encrypted systems. Since conversations are not end-to-end encrypted, this rule applies to all industries, including social media platforms like WeChat, which are required (and able) to turn over all user data.
- Owing to technological advancements, there is an increase in the number of connected devices in China. It is the world's largest Internet of Things (IoT) market. Furthermore, 5G and 5G enabled devices will exponentially increase the devices' interconnectivity. As a result, it increases connected devices, directly augmenting the market's need for security products.
Asia Pacific Cyber Security Industry Overview
The Asia-Pacific cybersecurity market is semi fragmented. Players in the market adopt strategic initiatives such as mergers and acquisitions, partnerships, and new product offerings due to increasing awareness regarding mobility security among enterprises.
- February 2022: The IBM Security Command Center in India, for which investments were made on the aforementioned date, represents a sizeable investment in security incident response and training for organizations throughout the Asia-Pacific. It is designed to prepare everyone from the C-Suite to technical staff by training cybersecurity response techniques through highly realistic, simulated cyberattacks. The investment also includes a brand-new Security Operation Center (SOC), which would be added to IBM's extensive worldwide network of SOCs and would offer clients all over the world round-the-clock security response services.
Asia Pacific Cyber Security Market Leaders
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AVG Technologies (Avast Software s.r.o.)
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IBM Corporation
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Check Point Software Technologies Ltd
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Cisco Systems Inc.
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Dell Technologies Inc.
*Disclaimer: Major Players sorted in no particular order
Asia Pacific Cyber Security Market News
- April 2024 - Monetary Authority of Singapore (MAS) and Mastercard inked a Memorandum of Understanding (MoU) to bolster cybersecurity cooperation. Their primary goal is to fortify cyber resilience within Singapore's financial services sector. This strategic alliance seeks to solidify the existing collaboration between MAS and Mastercard. It will involve bilateral information sharing on cyber threat intelligence, aimed at enhancing cyber situational awareness in the financial realm. Additionally, the partnership will entail joint analysis of prevalent cyber threats affecting financial services, leading to actionable insights and recommendations on potential countermeasures.
- February 2024 - Google.org, the philanthropic arm of Google, has allocated USD 15 million to The Asia Foundation for the APAC Cybersecurity Fund. This initiative, in collaboration with the CyberPeace Institute and the Global Cyber Alliance, aims to enhance the cyber capabilities of 300,000 underserved micro and small businesses, nonprofits, and social enterprises across 13 locations in the Asia-Pacific region.
Asia Pacific Cyber Security Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Competitive Rivalry within the Industry
4.4 Industry Guidelines and Policies
4.5 Assessment of the Impact of the COVID-19 on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Rapidly Increasing Cybersecurity Incidents and Regulations Requiring Their Reporting
5.1.2 Growing M2M/IoT Connections Demanding Strengthened Cybersecurity in Enterprises
5.2 Market Restraints
5.2.1 Lack of Cybersecurity Professionals
5.2.2 High Reliance on Traditional Authentication Methods and Low Preparedness
5.3 Market Opportunities
5.3.1 Rise in the Trends of IoT, BYOD, Artificial Intelligence, and Machine Learning in Cybersecurity
6. MARKET SEGMENTATION
6.1 By Product Type
6.1.1 Solutions
6.1.1.1 Identity and Access Management
6.1.1.2 Threat Detection and Prevention (Unified Threat Management and Threat Mitigation)
6.1.1.3 Security and Vulnerability Management
6.1.1.4 DDoS Mitigation
6.1.1.5 Next Generation Firewall
6.1.1.6 IDS/IPS
6.1.1.7 Security Information and Event Management
6.1.1.8 Other Solutions
6.1.2 Services
6.2 By Deployment
6.2.1 On-cloud
6.2.2 On-premises
6.3 By End-user Industry
6.3.1 Aerospace and Defense
6.3.2 Banking, Financial Services, and Insurance
6.3.3 Healthcare
6.3.4 Manufacturing
6.3.5 Retail
6.3.6 IT and Telecommunication
6.3.7 Other End-user Industries
6.4 By Country
6.4.1 China
6.4.2 India
6.4.3 Japan
6.4.4 South Korea
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 AVG Technologies (Avast Software s.r.o.)
7.1.2 IBM Corporation
7.1.3 Check Point Software Technologies Ltd
7.1.4 Cisco Systems Inc.
7.1.5 Cyber Ark Software Ltd
7.1.6 Dell Technologies Inc.
7.1.7 Fireeye Inc.
7.1.8 Fortinet Inc.
7.1.9 Imperva Inc.
7.1.10 Intel Security (Intel Corporation)
7.1.11 Palo Alto Networks Inc.
7.1.12 Proofpoint Inc.
7.1.13 Rapid7 Inc.
7.1.14 Broadcom Inc.
7.1.15 Trend Micro Inc.
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
Asia Pacific Cyber Security Industry Segmentation
IT advancements, communication technologies, and smart energy grids are transforming the landscapes of nearly every country's essential infrastructure and commercial networks. Rapidly changing technology, however, brings with it rapidly advancing hazards. Cybersecurity solutions assist a company in monitoring, detecting, reporting, and countering cyber threats, which include internet-based attempts to damage or disrupt information systems and hack crucial data using spyware and malware, as well as phishing to protect data confidentiality. The study's market size is based on end-user spending on cybersecurity systems and services.
The Asia Pacific Cybersecurity Market is segmented by product type (solutions, services), by deployment (on-cloud, on-premises), by end-user industry (aerospace and defense, banking, financial services, and insurance, healthcare, manufacturing, retail, IT and telecommunication), and by country (China, India, Japan, South Korea, Rest of Asia Pacific). The report offers market forecasts and size in value (USD) for all the above segments.
| By Product Type | ||||||||||
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| Services |
| By Deployment | |
| On-cloud | |
| On-premises |
| By End-user Industry | |
| Aerospace and Defense | |
| Banking, Financial Services, and Insurance | |
| Healthcare | |
| Manufacturing | |
| Retail | |
| IT and Telecommunication | |
| Other End-user Industries |
| By Country | |
| China | |
| India | |
| Japan | |
| South Korea |
Asia Pacific Cyber Security Market Research FAQs
How big is the APAC Cybersecurity Market?
The APAC Cybersecurity Market size is expected to reach USD 65.28 billion in 2024 and grow at a CAGR of 13.70% to reach USD 124.05 billion by 2029.
What is the current APAC Cybersecurity Market size?
In 2024, the APAC Cybersecurity Market size is expected to reach USD 65.28 billion.
Who are the key players in APAC Cybersecurity Market?
AVG Technologies (Avast Software s.r.o.), IBM Corporation, Check Point Software Technologies Ltd, Cisco Systems Inc. and Dell Technologies Inc. are the major companies operating in the APAC Cybersecurity Market.
What years does this APAC Cybersecurity Market cover, and what was the market size in 2023?
In 2023, the APAC Cybersecurity Market size was estimated at USD 56.34 billion. The report covers the APAC Cybersecurity Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the APAC Cybersecurity Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the challenges faced in the APAC Cybersecurity Market?
The challenges faced in the APAC Cybersecurity Market are a) Lack of skilled workforce to address the growing demand for cybersecurity specialists b) Combating sophisticated and targeted attacks from cybercriminals using advanced techniques
APAC Social Media Security Industry Report
The APAC Social Media Security market is undergoing significant analysis, offering insights into market share, market size, and the growth rate. The APAC cybersecurity industry is experiencing remarkable industry growth, fueled by rapid digital transformation and an increased vulnerability of network infrastructures to cyberattacks. This surge is propelled by the rise of IoT, mobile users, and internet penetration, creating a substantial demand for robust cybersecurity solutions.
The market is notably shifting towards cloud-based cybersecurity solutions as businesses aim to optimize costs and enhance data security amidst the diverse and evolving cyber threat landscape. Governments and enterprises across APAC are investing heavily in cybersecurity, leveraging AI and machine learning technologies to predict and mitigate threats, with a keen focus on critical sectors like healthcare and government due to the sensitive nature of data.
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