Market Size of Philippines Cybersecurity Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 8.70 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Philippines Cybersecurity Market Analysis
The Philippines Cybersecurity Market is expected to register a CAGR of 8.7% during the forecast period. The increasing demand for digitalization and Scalable IT Infrastructure has enhanced the demand for cybersecurity in the Philippines.
- Moreover, increasing cloud adoption across most enterprises due to emerging technologies, such as artificial intelligence, big data, and blockchain across various end-users, has also impelled the market in the Philippines. The General Data Protection Regulation and the Philippines Data Protection Authority are expected to bring more investments in cybersecurity, as it provides the protective legal framework for the growing advent of technology coupled with increased cyber threats.
- The Philippines contains several data center clusters throughout the region and provides plenty of colocation opportunities. The newly created Department of Information and Communications Technology, through its attached agency, the Cybercrime Investigation and Coordination Center (CICC), adapts to the new paradigm with the comprehensive National Cybersecurity Strategy Framework.
- The tech-savvy Filipino population with few data protection mechanisms makes the Philippines extremely vulnerable to cyber-attacks and incidents. The Philippine Department of Information, Communications, and Technology (DICT) are now on the rollout of cybersecurity infrastructure, including the capability-building program for all national agencies and local government units. To mitigate the cybercrime landscape in the Philippines and support The Department of Information and Communications Technology with its actions, Tradepass hosted the second edition of PhilSec on 12 - 13 July last year at the Sofitel Philippine Plaza in Manila, Philippines.
- Furthermore, The U.S. Government has been conducting capacity-building programs in this sector to help Philippine stakeholders understand cybersecurity best practices and solutions. In June last year, The U.S. Trade and Development Agency hosted a group of Philippine government officials on a reverse mission to study cybersecurity in the United States, and the embassy hosted 25 national government officials and 17 cities on smart cities cybersecurity risks and challenges training taught by the Carnegie Mellon University Software Engineering Institute.
