Indonesia Cybersecurity Market Size

Indonesia Cybersecurity Market Analysis

The Indonesia Cybersecurity Market size is estimated at USD 1.43 billion in 2024, and is expected to reach USD 4.21 billion by 2029, growing at a CAGR of 24.19% during the forecast period (2024-2029).

With the recent COVID-19 pandemic, organizations across the country must respond proactively to cyber threats that have witnessed a spike during the pandemic. Therefore, cyber resilience, which refers to a sector or organization's ability to respond to, prepare for, and recover from cyberattacks, has become an absolute necessity rather than an option in the current scenario.

• Cyber threats are internet-based attacks that use spyware, malware, and phishing to damage or disrupt information systems and hack critical information. Cybersecurity solutions assist organizations in monitoring, detecting, reporting, and combating cyber threats to ensure data confidentiality.
• With the region's expanding internet penetration, the usage of cybersecurity solutions is projected to increase. Furthermore, as the wireless network for mobile devices has grown, data vulnerability has increased, making cybersecurity a crucial and integral aspect of every firm across the country.
• Growing initiatives by governments and related regulators to enhance cyber security are expected to drive the adoption of cybersecurity-based solutions over the forecast period. For instance, In November 2021, Foreign Secretary Liz Truss recently met with Indonesian officials to discuss deeper cooperation in future technologies, cybersecurity, and economic links as part of Britain's aim to deepen connections with Southeast Asia following its exit from the European Union.
• According to cyber security firm Kaspersky, Indonesia has seen more than 11 million cyber attacks in the first quarter of 2022. Kaspersky discovered and prevented a total of 11,802,558 different cyber threats between January and March 2022. The amount marked a 22% increase over the previous year when it was 9,639,740.
• Indonesia is one of the growing economies, with expanding IT infrastructure investment and rising smartphone and internet adoption. Although the country is advancing toward advanced ICT, it lacks adequate cybersecurity protections, which hackers exploit. As a result, the expanding number of IoT connections is increasing the need for cybersecurity measures.
• However, a lack of cybersecurity professionals has hampered the expansion of the Indonesian cybersecurity market.
• Due to the COVID-19 pandemic, governments worldwide have encouraged everyone to work from home, and technology has grown increasingly pervasive in everyone's personal and professional lives. The rise in remote working exposes people to greater cyber risk. Cybercriminals take advantage of this opportunity to ramp up their criminal activity.