APAC Cybersecurity Market Size

Asia Pacific Cyber Security Market Analysis

The APAC Cybersecurity Market size is estimated at USD 65.28 billion in 2024, and is expected to reach USD 124.05 billion by 2029, growing at a CAGR of 13.70% during the forecast period (2024-2029).

Due to the advent of IoT and the growing speed and scope of digital transformation in this region, the current network infrastructure is becoming more exposed to cyberattacks. Internet, social media, and mobile users have all seen significant increases in recent years, contributing to the region's strong rise in cybersecurity. The Asia-Pacific cybersecurity industry is expected to expand even more due to the increasing severity of these attacks and strict government laws.

• The growing internet usage in both developed and developing countries increases the adoption of cybersecurity solutions. Additionally, due to increased data susceptibility brought on by the expansion of the wireless network for mobile devices, cybersecurity has become a crucial component of every organization.
• Many emerging countries, such as India, China, Singapore, and Japan, face increasing cybersecurity-related issues. India ranks third in the number of DNS hijacks, indicating a sharp rise in cybercrime registration. Additionally, Asia received 26% of all worldwide attacks in 2021, according to IBM X-Force Threat Intelligence Index 2022, making it the most attacked area globally. India tops the list of the most frequently attacked country in Asia. Recent research by the Australian Cyber Security Growth Network entitled the cybersecurity sector might triple in size over the next ten years.
• Although there have been several cybersecurity events in recent years, most of them have remained hidden. Recent high-profile incidents that significantly impacted many common persons have brought public conversation and government and regulatory body attention to the forefront. For Instance, CERT-In, India's official cybersecurity organization, issued a direction relating to Information security practices, procedures, prevention, response, and reporting of cyber incidents for safe and trusted internet to impose stringent cybersecurity reporting requirements. It stated that India had recorded over 2.12 lakh cybersecurity incidents as of February 2022.
• The industry is being driven by new business models and applications as well as reducing device costs, such as an increasing number of connected devices, including consumer electronics, connected cars, factories, etc., which is driving the adoption of IoT and strengthening cybersecurity in enterprises. So, The adoption of M2M/IoT connections drives the cybersecurity market.
• Low preparedness and a high reliance on conventional authentication techniques are challenging. In a market environment where security professionals advise identity-management solutions like facial recognition and biometric identification, more than 80% of organizations still rely solely on usernames and passwords for login, which could challenge growth.
• The APAC cybersecurity market is anticipated to grow significantly as a result of the recent COVID-19 outbreak because of the rising trend of cyberattacks involving malware and ransomware in the context of COVID-19, which is forcing the organizations to adopt cybersecurity solutions as many of them have switched to remote work environments amid lockdown in various countries.
• As more people use cloud-based services during this pandemic and operate in unfamiliar, less secure environments, this is becoming a hotspot for cyberattacks. According to Barracuda Sentinel, email threats linked to COVID-19 have grown by 67%. As a result, cloud-based cybersecurity solutions are essential during this pandemic and are predicted to develop.