Market Size of Taiwan Cybersecurity Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 11.10 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Taiwan Cybersecurity Market Analysis
The Taiwan cybersecurity market is expected to register a CAGR of 11.1% during the forecast period 2022-2027. Taiwan is one of the most prominent hubs in the world. The spread of the Internet and the accompanying changes in consumers' behavior refer to issues such as cybercrime and personal protection.
- The National Information and Communication Security Task Force (NICST) was established to strengthen Taiwan's ability to address information and communication security issues. The island country's growing number of internet users is driving the demand for cybersecurity services. According to Statista, as of January 2022, there are 21.7 million internet users, which accounts for almost 91% of the entire population.
- Moreover, in May 2022, Taiwan joined a host of other nations led by the UN to provide free and open Internet. This could potentially increase the number of internet users and the chances of online scams and crimes. Developments like these are expected to drive the market.
- Regarding digital transformation, Taiwan is one of the fastest leading economies. The country is committed to achieving net-zero capacity by 2050. The island nation is approaching digitization with great strides.
- Nevertheless, due to the lack of necessary infrastructure and workforce, the nation's IT sector has not been flouring in full force. Moreover, WEF believes that the lack of proper cybersecurity measures is the fourth major risk factor for the country.
- Due to the ongoing COVID-19 outbreak, the country is taking precautionary measures. With schools closed and communities asked to stay home, several organizations have found ways to enable their employees to work from home. This has led to increased adoption of video communication platforms and has surged the demand for cybersecurity services.
