Pune, India, Sept. 15, 2022 (GLOBE NEWSWIRE) --
As per a recent industry report put forward by Graphical Research, the Asia Pacific cybersecurity market is forecast to register its name in the million-dollar fraternity down the line of seven years, by exceeding a revenue of USD 150 billion by 2026.
Escalating demand to reduce the potential loss from cyberattacks across advanced and emerging economies is fostering Asia Pacific cybersecurity market revenue. Service providers are expected to focus on anticipating threats and leveraging continuity of operations. Cybersecurity solutions will be sought to protect personally identifiable information (PII), sensitive data, industry information systems and personal information, among others.
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With the emergence of cloud computing, mobile technology and social media, reports on cybersecurity breaches have become prevalent in Asia Pacific countries. For instance, in July 2021, the Five Eyes countries—the U.S., Canada, the U.K., Australia, New Zealand—along with NATO, expressed concerns over a series of malicious cyberattacks, such as the Microsoft Exchange Hacks and cyberattacks that shook medical research institutes and universities.
Symantec, a security firm, claimed at least four infrastructure organizations in a Southeast Asian country were targeted from November 2020 through March 2021. The intrusion is believed to have targeted a defense organization; a power company; a water company; and a communications company. With the changing landscape, enterprises are expected to prioritize state-of-the-art cybersecurity solutions. According to an estimate, Asia Pacific cybersecurity market size would surpass USD 150 billion by 2026.
- Strong demand for advanced security services
The applications of security services, including managed security services, hardware support and consulting and training will be catalysts across the region. With surging economic costs, regulatory costs and reputation costs associated with cyberattacks, there is no sign that the trend for cybersecurity services will slow. Besides, the average cost of a security breach surged to USD 2.71 million per organization across ASEAN, according to IBM Security findings. Significant uptake in the number of ransomware cases and escalating costs have fueled the demand for robust services. Security services accounted for more than 65% share of Asia Pacific cybersecurity market in 2019 and could witness a similar trend during the forecast period 2020-2026.
- Government agencies seek cybersecurity solutions
With Asia Pacific emerging as one of the most targeted regions in terms of ransomware and other cyberattacks, government agencies have upped efforts to overcome these threats. Several APAC countries are gearing to impose data breach notification and data protection laws. In May 2021, Microsoft announced its contemplation to unite APAC governments with the cybersecurity council. They stressed the significance of governments collaborating with technology companies to bolster cyber-defense strategies. Moreover, according to the Allianz Risk Barometer 2020, India and Malaysia were among the top 5 countries witnessing cyber incidents. Government segment is forecast to contribute more than 25% share of Asia Pacific cybersecurity market by 2026.
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- The banking sector exhibits increased demand
The trend for cybersecurity solutions has become more pronounced in the banking sector with the penetration of digitization. Surging connectivity has opened up entry points for cybercrimes, reinforcing the need for strong cybersecurity solutions for banks. Soaring cases of denial of service (DoS), phishing and malware have challenged banking technologies and triggered the demand to curb the prevailing threat. Asia Pacific cybersecurity market share from banking industry could grow at a healthy CAGR of over 25% up to 2026.
As enterprises collate and use greater volumes of personal data, sophisticated data breaches have become rampant. Consulting and training could be effective forms of reducing the possibility of a cyber event. Also, cloud migration and skills shortages could leave organizations struggling to keep up with the speed of security developments. Prominently, cybersecurity awareness has motivated enterprises to invest in security services. Considering that cyberattacks tend to target several organizations across continents, governments and companies are likely to join hands with security solution providers.
Brouse Related Report:
North America Cybersecurity Market Size, By Organization (SMEs, Government, Large Enterprises), 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 Industry (Banking, Government, Manufacturing, Transportation, IT & Telecom, Insurance, Securities), Industry Analysis Report,, Industry Analysis Report, Regional Outlook (U.S., Canada), Growth Potential, Competitive Market Share & Forecast, 2020 – 2026
https://www.graphicalresearch.com/industry-insights/1247/north-america-cybersecurity-market
Europe Cybersecurity Market Size By Industry (Banking, Government, Manufacturing, Transportation, IT & Telecom, Insurance, Securities), Industry Analysis Report,, Industry Analysis Report, Regional Outlook (Germany, UK, France, Spain, Netherlands, Norway, Italy, Ireland, Sweden), Growth Potential, Competitive Market Share & Forecast, 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), 2019 – 2025
https://www.graphicalresearch.com/industry-insights/1246/europe-cybersecurity-market
About Graphical Research:
‘Graphical Research’ provides a large collection of market research and industry analysis reports covering healthcare, automotive, oil and gas, pharmaceutical, IT, agriculture, chemicals, and many other sectors, across diverse regions like North America, Europe, Asia Pacific, Latin America, and others. The comprehensive reports we provide are aligned with the key industry trends and insights in specific regional markets. The data we deliver helps our customers make better strategic decisions. Our goal is to offer competitive and quality customized market research reports.
