China Cybersecurity Market Size

China Cybersecurity Market Analysis

The China Cybersecurity Market size is estimated at USD 18.90 billion in 2024, and is expected to reach USD 49.66 billion by 2029, growing at a CAGR of 21.31% during the forecast period (2024-2029).

Organizations must take proactive measures to address cyber threats that have increased as a result of the recent COVID-19 epidemic. Because of this, cyber resilience, the capacity of a sector or organization to respond to, plan for, and recover from cyberattacks, has in the present situation turned into a requirement rather than a choice.

• The Chinese government is developing a plan to maximize its cybersecurity sector as it becomes increasingly worried about the security of its data in response to increased international conflict and requests for more personal safeguards.
• The Ministry of Industry and Information Technology (MIIT) of China mandated that significant industries like telecoms allocate 10% of their IT upgrade budget to cybersecurity by 2023 in the draught of its most comprehensive policy yet for the growth of China's cybersecurity industry.
• The government anticipates the industry to be valued at more than CNY 250 billion (USD 38.6 billion/HKD 299.73 billion) by 2023 by encouraging the development of an increasing demand for goods and technologies, including data security monitoring and AI threat detection.
• The quantity of personal information and transaction data that all Chinese firms have on hand is growing. Sensitive data is frequently exposed due to organizational system weaknesses, making these firms the prime targets of cyberattacks.
• The usage of cybersecurity solutions is anticipated to increase as the Internet becomes more widely used in China. Additionally, due to increasing data susceptibility brought on by the expansion of wireless networks for mobile devices, cybersecurity is now a crucial component of any enterprise in China. The Chinese cybersecurity business is expanding due to growing cybercrime events and laws demanding reports. However, the lack of cybersecurity professionals has been a concerning factor, limiting the growth of the cybersecurity market in China.
• Due to rising trend of cyber-attacks involving malware and ransomware in the context of COVID-19, which is forcing organizations to adopt cybersecurity solutions as many of them have switched to remote work environments amid lockdown in various countries, the China cybersecurity market is anticipated to experience significant growth as a result of the COVID-19 outbreak.