Asia-Pacific (APAC) Cyber Security Market Outlook
In 2016, Asia-Pacific region come across maximum number of cyber attacks and over 25% of ransomware attacks were commenced. This growing cyber risk is raising awareness and requirement to mitigate cyber threats in Asia-Pacific region. Increasing digital transformation and connectivity APAC region is making it exposed to cyber threats. In 2016, over USD 80 million were stolen from bank in Bangladesh through cyber attack. In the same year frequent hacking of Philippines government sites were reported. Rising number of such incidents is propelling the demand of cyber security in APAC region. Moreover, government is also taking initiatives towards cyber laws and data security. Department of Defense Information Assurance Certification and Accreditation Process (DIACA), Health Insurance Portability and Accountability Act (HIPPA) and Payment Card Industry Data Security Standard (PCI-DSS) provided important guidelines which are mandatory to follow. Stringent policies related with deployment of cyber security solutions are encouraging the expansion of cyber security business in the region.
Following are Some Major Key Stockholder’s which Grows the Market Revenue, Cisco Systems Inc.,IBM Corporation, Dell Root 9B, Herjavec, Check Point Software Technologies Ltd., Palo Alto Networks, Symantec Corp, McAfee, Kaspersky Lab, Trend Micro Inc., Fortinet Inc., FireEye Inc., Trend Micro, Imperva Inc., CyberArk Software Ltd., AVG Technologies
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However, lack of education and awareness on cyber security is hindering the growth of cyber security market in the region. More than 75% of Asian population has no education about cyber security. Lack of awareness and proper infrastructure in least networked countries such as Cambodia and Myanmar is weakening the growth of cyber security market in APAC region.
Asia-Pacific (APAC) cyber security Market is segmented on the following basis:
• Based on Security Type
o Network Security
o Data & Cloud Security
o Wireless Security
o Application Security
o Others (Database Security, End-Point Security, Web Security)
• Based on Solutions
o Antivirus & Anti-Malware
o Identity and Access Management (IAM)
o Risk and compliance management
o Data Loss Prevention (DLP)
o Intrusion Detection System (IDS)/Intrusion Prevention System (IPS)
o Security & Vulnerability Management
o Disaster Recovery
o Distributed Denial of Service (DDoS) mitigation
o Others (Web Filtering, Patch management)
• Based on Services
o Design and Integration Services
o Consulting Services
o Risk and Threat Assessment Services
o Managed Security Services
o Training and Education Services
• Based on Deployment Mode
o Cloud Based Deployment
o On-Premise Deployment
• Based on End-User
o Aerospace and Defense Industry
o Banking, Financial Services, and Insurance (BFSI) Industry
o IT and Telecommunication Industry
o Energy and Utilities Industry
o Healthcare Industry
o Manufacturing Industry
o Retail Industry
o Other Industries (Education, Media and Entertainment, and Automotive)
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Market Size and Forecast (2016-2024)
The Asia-Pacific cyber security Market valued USD 15.92 billion and is estimated to reach USD 48.7 billion by the end of 2024, growing at compound annual growth of 15.0% over the forecast period.
Japan occupies the largest share of APAC cyber security market followed by China and Singapore. Cyber security is a major threat to an economy of emerging digital countries. China is the leading country in cloud computing market followed by Japan and Indonesia. As per International Data Corporation and National University of Singapore, Asia-Pacific region is projected to spend over USD 200 billion for cyber security breaches in next three years. However, no law on data protection in Indonesia is likely to impact negatively the growth of cyber security market in the region.
There are growing demands for Internet of Things (IoT) solutions in countries such India, Malaysia and Hong Kong. India cyber security market valued USD 1.2 billion USD in 2016. High income group countries such as Australia and New Zealand cyber security market are expected to reach over USD 4 billion by the end of 2024.
Market Drivers and Challenge
Growing adoption of digital technologies and rising number of high profile cyber attacks in past few years is increasing the adoption of cyber security solutions. Mounting number of internet users in APAC region is also creating huge mobile network traffic. Implementation of internet of things (IoT) connectivity is increasing the vulnerability of cyber attacks which is a major factor to drive the growth of cyber security business in the region.
Less penetration of cyber security strategies, low investment on IT security management and high usage of non-genuine software is hindering the growth of cyber security market in the region. Out of 5, 3 computers are running on non-genuine software in APAC region, growing the risk for cyber attacks. As compared to North America, Asian IT firms spend 48% less on information security system. Lack of transparency and less cyber regulations by government in low economic countries is a major challenge for the growth of cyber security business in APAC region.
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