Market Size of ASEAN Cyber Security Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 18.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
ASEAN Cyber Security Market Analysis
The ASEAN Cybersecurity Market is expected to register a CAGR of 18.5 % during the forecast period (2022-2027). The pandemic has further accelerated the need for cybersecurity as enterprises planning to execute months-long business continuity plans (BCP), including information security monitoring and response while operating under quarantine conditions, focused on enhancing cybersecurity.
- Growing cyberattacks in the ASEAN region have propelled various countries in the region to strengthen its defensive capabilities. However, the region also stands to be a one of the major source of origin for cyberattacks in other parts of the world.
- Application security has gained importance recently amid COVID-19 led situations. The solution helps ensure that an organization's information and assets are protected from security threats such as data breaches, malware, denial of service (DDoS) attacks, and viruses. Applications, which are prominently used in enterprises, as well as for personal use, are witnessing tremendous adoption owing to the IT initiatives coupled with the growing smartphone penetration, regionally.
- In addition, the advent of 5G is expected to expedite the use of connected devices in the industries that are already pushing toward industrial revolution 4.0. This revolution has aided cellular connectivity throughout the industry through the rise of IoT. Machine-to-machine connections are driving the traction of application security.
- According to the National Cyber and Encryption Agency (BSSN), in Indonesia, the development of 5G technology has also created a loophole in cybersecurity, as the technology will enable faster stealing of data. With the existence of many loopholes in Indonesian websites, digital economy fraud and ransomware attacks are expected to rise in the nation. Two civil groups condemned cyberattacks on the websites of two prominent institutions and the social media account of a scientist, all of whom have been critical of the government's handling of the COVID-19 pandemic in April 2020.
