Published Date: 2020-12-16
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According to the Graphical Research new growth forecast report titled “Asia Pacific Cyber Security Market Size By Product Type (Identity, Authentication and Access Management (IAAM) [Access Management, Identify Access Management], Infrastructure Protection [Endpoint Protection, Email/Web Gateway, Security Information and Event Management (SIEM), Vulnerability Management, Cloud Security, Data Loss Prevention (DLP)], Network Security [Internet Service Provider Equipment, Virtual Private Network (VPN), Unified Threat Management (UTM), Firewall], Security Services [Implementation, Managed Security Services, Consultancy & Training, Hardware Support]), By Organization (SME, Government, Large Enterprises), By Industry (Banking, Government, Manufacturing, Transportation, IT & Telecom, Insurance, Securities)”, Estimated To Exceed USD 150 Billion By 2026
Asia Pacific cyber security market growth is attributed to the rapidly increasing demand for mitigating financial losses caused by frequent cyber-attacks in the region. According to the 2019 report published by Cisco, the enterprises located in the APAC region received up to 10,000 cyber threats a day. Over 50% of these cyber-attacks resulted in financial losses greater than USD 1 million. This has caused a dynamic shift in the cybersecurity approach of enterprises, leading to a widescale adoption of cybersecurity solutions.
The security services dominated the Asia Pacific cyber security market with over 65% share in 2019. These are expected to continue their dominance over the forecast timespan due to the increasing importance of these services in handling malware threats and ensuring enterprise IT infrastructure protection. As enterprises are increasingly deploying their resource-intensive applications on cloud platforms to benefit from the associated scalability, managed security services are rapidly gaining traction to ensure reliable management of cybersecurity applications deployed over cloud networks.
The large enterprises segment is projected to exhibit a lucrative growth of over 20% by 2026 in the Asia Pacific cyber security market, which is attributed to the increasing focus on cybersecurity by large enterprises to maintain business continuity and mitigate financial losses. According to the 2019 report published by Sophos, more than 33% of the large organizations in APAC region had adopted sophisticated technologies including AI and machine learning in their cybersecurity approach, fueling the market growth.
The banking sector is set to witness a substantial growth with over 25% CAGR between 2020 and 2026 due to surging adoption of cybersecurity solutions to maintain regularity compliance and reduce financial threats caused by malicious attacks. Cyberattacks and data breaches have a manifold impact on the banking sector, causing financial damages and eroding shareholder confidence, leading to a negative market reputation. This has pressurized banking organizations to proactively adopt cybersecurity solutions for protecting financial assets and upholding the trust of customers.
The Asia Pacific cyber security market is characterized by intensified rivalry among major players and fueled by strategic partnerships & new product launches. Large enterprises are conducting acquisitions of various upcoming start-ups to diversify their product portfolios.
Some of the key vendors in the APAC cybersecurity market include BAE Systems, Check Point Software, Cisco Systems, Inc., CyberArk Software Ltd., F5networks, Inc., FireEye, Inc., Fortinet, Inc., F-Secure Corporation, Hewlett-Packard Ltd., IBM Corporation, Intel Corporation, McAfee LLC, Microsoft Corporation, Oracle Corporation, Palo Alto Networks, Inc., Proofpoint Inc. ,Rapid7, RSA Security, LLC., Sophos Group Plc, Splunk, Inc., Symantec Corporation, and Trend Micro, Inc.
The Asia Pacific cyber security market research report includes an in-depth coverage of the industry, with estimates & forecast in terms of revenue in USD million from 2020 to 2026, for the following segments:
APAC Cybersecurity Market, By Product Type
Asia Pacific Cyber Security Market, By Organization Type
Asia Pacific Cyber Security Market, By Industry
The above information has been provided for the following regions and countries:
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