Asia Pacific Cybersecurity Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Market Overview

The APAC cybersecurity market was valued at USD 30.45 billion in 2019, and it is expected to register a CAGR of 18.3% during the period of 2021-2026. Cyber threats are internet-based attempts to damage or disrupt information systems and hack critical information, using spyware, malware, and phishing. Cybersecurity solutions help enterprises monitor, detect, report, and handle cyber threats to maintain data confidentiality.

• The adoption of cybersecurity solutions is likely to grow with the increasing penetration of the internet into developing and developed countries. Additionally, the expanding wireless network for mobile devices has increased the vulnerability of data, making cybersecurity an essential and integral part of every organization.
• Many emerging countries in the region, such as India, China, Singapore, and Japan, are facing increasing cybersecurity-related issues. India has experienced a rapid increase in cybercrime registration, with the country ranking fifth in terms of the overall DNS hijacks. Also, according to Gemalto, India accounts for 37% of the global breaches in terms of records compromised or stolen.
• Microsoft has blamed a Chinese cyber-espionage group for attacks on its mail server software in March 2021. Microsoft's Threat Intelligence Centre attributed the attacks with high confidence to Hafnium, a group assessed to be state-sponsored and operating out of China.
• In India, Maharashtra's cybersecurity cell noted the increased activity of Chinese state-backed hackers targeting numerous sectors in India. While Chinese threat actors are known cybercrime actors across the world, the recent surge in hacker activity comes in light of heightened geopolitical tensions in Galwan Valley at the Indo-China border. The cell further noted 40,300 cyber-attack attempts in just five days in June 2020.Moreover, According to the British Bankers' Association (BBA) report, as of March 2021, 30% of global cyberattacks originate from China.
• With the recent outbreak of COVID-19, the APAC Cybersecurity market is expected to witness significant growth as there are increasing trend of cyber-attacks through malware and ransomware in the context of COVID-19 which is forcing the organizations to adopt cybersecurity solutions as many of them have shifted to remote work atmosphere amid lockdown in various countries.According to Microsoft, 19 million ransomware and phishing attacks were noticed in the Asia region from February to May 2020 with respect to Covid-19 themed attacks.
• The increasing usage of cloud-based services during this pandemic is becoming a hotspot for cyberattacks as millions of people are working in unfamiliar, less secure circumstances. According to Barracuda Sentinel, the number of coronavirus COVID-19-related email attacks has increased by 667 percent. Thus, a cloud-based cybersecurity solution plays a vital role during this pandemic and is expected to witness a surge.
• In June 2020, in view of the COVID-19 cyber-based attack, Infosys is offering managed security services to clients across the globe from its seven cyber defense centers located in Pune, Hyderabad, Bengaluru, Mysuru, Indianapolis (US), and Bucharest (Romania).

Scope of the report

IT advancement, communication technologies, and smart energy grids are changing the landscapes of almost every country’s critical infrastructure and business networks. However, with rapidly changing technology comes rapidly advancing threats. Cybersecurity solutions help an organization to monitor, detect, report, and counter cyber threats, which are internet-based attempts to damage or disrupt information systems and hack critical information, using spyware and malware and by phishing, to maintain data confidentiality. The market sizing for the study has been provided based on the end-user spending on Cybersecurity solutions and services.

Report scope can be customized per your requirements. Click here.

Key Market Trends

Cloud Deployment Drives the 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, both 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 launchpad for an explosion in the pace and scale of digital innovation.
• According to the CISCO Cybersecurity Series latest report, Asia Pacific countries tend to have higher percentages of their infrastructures hosted in the cloud rather than on-premise. 16% have between 80–100% hosted, compared to just 9% in this bracket globally. 52% of organizations in Asia Pacific countries felt the ease of use of cloud deployment, and 50% of the organization in the region felt cloud deployment of cybersecurity solution offers better data security.
• 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 have to deal with security issues, such as loss of control over sensitive data. This gives rise to increased incorporation of on-demand cyber-security solutions.
• The company, such as Microsoft in the region, is offering Cloud-based endpoint protection technology that enables employees to work when, where, and how they need to work and can allow them to use the devices and apps they find most useful to get their work done.

To understand key trends, Download Sample Report