Malaysia Cybersecurity Market Size (2024 - 2029)

The market size of the cybersecurity industry in Malaysia is expected to grow significantly in the coming years due to increasing concerns about national security and the ever-evolving threat landscape. The Government of Malaysia has developed a strategic plan to enhance the nation's cybersecurity preparedness, with a focus on strengthening ICT infrastructure, updating cybersecurity laws, fostering innovation, developing a skilled cybersecurity workforce, and promoting local, regional, and global collaboration. The anticipated increase in cyberattacks, coupled with the surge in cyber activity due to the COVID-19 pandemic, is expected to provide lucrative opportunities for market growth. However, the shortage of skilled cybersecurity professionals remains a challenge for organizations seeking to protect their systems, employees, and data.

Market Size of Malaysia Cybersecurity Industry

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Malaysia Cybersecurity Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 16.84 %
Market Concentration Medium

Major Players

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*Disclaimer: Major Players sorted in no particular order

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Malaysia Cybersecurity Market Analysis

The Malaysia Cybersecurity Market size is expected to grow from USD 0.95 billion in 2023 to USD 2.06 billion by 2028, at a CAGR of 16.84% during the forecast period (2023-2028).

A major concern for national security is cybersecurity. Whether through terrorism, criminal activity, or state and industrial espionage, it impacts the public and commercial sectors and covers a broad spectrum of concerns relating to national security. The danger landscape is always changing due to the expanding IT technological advancement and the capabilities of cyber weapons that threaten national security.

  • In Malaysia, the vast majority of industries place high importance on cybersecurity. With an allocation of USD 434 million, the Government of Malaysia (GOM) developed the Malaysia Cyber Security Strategy (MCSS) 2020-2024 to improve the nation's cybersecurity preparedness.
  • Furthermore, during the following five years, the MCSS identified five strategic pillars as guiding principles for enhancing the nation's cybersecurity management. The first pillar aims to strengthen Malaysia's vital ICT infrastructure while improving national governance and cybersecurity management. By examining pertinent legislation and creating new cybersecurity regulations, the second pillar seeks to improve existing cybersecurity laws. The remaining pillars include fostering innovation, developing Malaysia's cybersecurity workforce, and utilizing local, regional, and global collaboration to safeguard cyberspace.
  • In April this year, The majority of Malaysian organizations anticipate becoming the target of cyberattacks in the upcoming year, with 22% saying it is "extremely likely" to occur. According to cybersecurity company Trend Micro's most recent worldwide Cyber Risk Index (CRI) for the second half of last year, 87% of Malaysians reported having been the victim of one or more successful cyberattacks in the previous year. This is anticipated to offer lucrative opportunities for the growth of the studied market.
  • Further, owing to the COVID-19 pandemic, nation-state cyber activity has witnessed a surge in intensity and an escalation in severity because the traditional tactics to gather intelligence and knowledge were no longer feasible due to the social distancing norms. Additionally, amid the coronavirus-led lockdown, cyber-attacks targeted toward organizations have increased considerably, primarily resulting in a growing demand for skilled cybersecurity professionals and robust solutions.
  • Organizations rely on diverse professionals to safeguard their systems, employees, and data. Organizations in Malaysia are still looking for talented professionals who can support them against these risks when cyber threats are increasing faster than at any other time in history. A cybersecurity workforce shortage continues to be a problem for businesses of all sizes and industries. The increasing importance of a broader mix of technical and non-technical skills underscores that today's cybersecurity roles are multi-dimensional and increasingly varied across specializations, organizations, and industries.

Malaysia Cybersecurity Industry Segmentation

Cybersecurity solutions enable an organization to monitor, detect, report, and counter cyber threats that are internet-based attempts to damage or disrupt information systems and hack critical information using spyware, malware, and phishing to maintain data confidentiality.

The Malaysian cybersecurity market is segmented by Offering (Security type (Cloud, Data Security, Identity Access Management, Network Security, Consumer Security, Infrastructure Protection), Services), Deployment (Cloud, On-Premise), and End User ( BFSI, Healthcare, Manufacturing, Government and Defense, IT, and Telecommunication).

The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.

By Offering
Security Type
Cloud Security
Data Security
Identity Access Management
Network Security
Consumer Security
Infrastructure Protection
Other Types
Services
By Deployment
Cloud
On-premise
By End User
BFSI
Healthcare
Manufacturing
Government & Defense
IT and Telecommunication
Other End Users

Malaysia Cybersecurity Market Size Summary

The Malaysia Cybersecurity Market is set to experience substantial growth in the coming years. This growth is driven by increasing concerns about national security, the rise of cyber threats, and the need for improved IT infrastructure. The Malaysia Cyber Security Strategy (MCSS) 2020-2024 has been developed to enhance the nation's cybersecurity preparedness, with a focus on strengthening vital ICT infrastructure, improving existing cybersecurity laws, fostering innovation, developing the cybersecurity workforce, and promoting local, regional, and global collaboration to safeguard cyberspace. The growing anticipation of cyberattacks among Malaysian organizations, along with the surge in nation-state cyber activity due to the COVID-19 pandemic, is expected to offer lucrative opportunities for market expansion. Trends within the Malaysia Cybersecurity Market include the increasing importance of Identity Access Management (IAM) due to the rise in cloud services, social and mobile usage. The need for effective access management solutions to protect IP and sensitive data from breaches is leading to significant investment in IAM solutions. The manufacturing sector is also driving the market, with digital technologies being embraced to improve operational efficiency and lower production costs. The convergence of operational and information technology is impacting industrial control systems security, making it a target for hackers. The market is moderately consolidated, with major companies investing in strategic partnerships and product developments to gain market share.

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Malaysia Cybersecurity Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Value Chain Analysis

    3. 1.3 Porter Five Forces

      1. 1.3.1 Threat of New Entrants

      2. 1.3.2 Bargaining Power of Buyers

      3. 1.3.3 Bargaining Power of Suppliers

      4. 1.3.4 Threat of Substitutes

      5. 1.3.5 Intensity of Competitive Rivalry

    4. 1.4 Impact of Covid-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Offering

      1. 2.1.1 Security Type

        1. 2.1.1.1 Cloud Security

        2. 2.1.1.2 Data Security

        3. 2.1.1.3 Identity Access Management

        4. 2.1.1.4 Network Security

        5. 2.1.1.5 Consumer Security

        6. 2.1.1.6 Infrastructure Protection

        7. 2.1.1.7 Other Types

      2. 2.1.2 Services

    2. 2.2 By Deployment

      1. 2.2.1 Cloud

      2. 2.2.2 On-premise

    3. 2.3 By End User

      1. 2.3.1 BFSI

      2. 2.3.2 Healthcare

      3. 2.3.3 Manufacturing

      4. 2.3.4 Government & Defense

      5. 2.3.5 IT and Telecommunication

      6. 2.3.6 Other End Users

Malaysia Cybersecurity Market Size FAQs

The Malaysia Cybersecurity Market is projected to register a CAGR of 16.84% during the forecast period (2024-2029)

LGMS, Wizlynx Group, Securemetric, Akati Sekurity and IBM Corporation are the major companies operating in the Malaysia Cybersecurity Market.

Malaysia Cybersecurity Market Size - Industry Report on Share, Growth Trends & Forecasts Analysis (2024 - 2029)