Market Size of Hong Kong Cybersecurity Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 13.43 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Hong Kong Cybersecurity Market Analysis
Hong Kong Cybersecurity Market is expected to register a CAGR of 13.43 % over the forecast period (2022 - 2027). The country is digitizing several economic and operational sectors, exposing more organizations to data breaches and cyber-attacks and increasing market demand for new services. Companies are introducing new security products to deliver a safe and secure experience.
- Cybersecurity protects from cyberattacks on networks, information, and personal data. BYOD, AI, IoT, and machine learning are all emerging technologies in cybersecurity. For instance, Machine learning has advantages in outlier detection, which enhances cybersecurity.
- According to a survey conducted by ESET software company, the number of macOS threats detected decreased by 5.9 percent in T3 2021, with Trojans accounting for more than one-third of all macOS threats detected. In 2021, Hong Kong was targeted by a watering hole assault that used iOS and macOS zero-day or N-day vulnerabilities. More targeted and evasive assaults are projected in 2022, with adware being the most prevalent macOS threat.
- In addition, email risks increased by 8.5 percent in T3 2021. Since May 2021, phishing attacks have increased. Detection of a publicly known attack for CVE-2017-11882, a vulnerability in Microsoft Equation Editor, increased by 60% in T3 2021. From September to October 2021, Hong Kong's highest phishing emails mimicked DHL detections.
- Many firms face a critical shortage of skilled cybersecurity employees when dealing with cyberattacks. The quantity of skilled cybersecurity specialists, particularly in Hong Kong, is low compared to the need for security professionals to cope with cyber threats to financial institutions, government organizations, and private sector/industrial firms.
- The COVID-19 epidemic has emphasized the necessity for increased digital security. People have expanded their internet access to maintain personal and professional work. On the other hand, hackers have taken advantage of the situation, focusing on e-commerce, e-payment businesses, and the healthcare system.
