Market Trends of Taiwan Cybersecurity Industry
This section covers the major market trends shaping the Taiwan Cybersecurity Market according to our research experts:
Cloud Deployment Drives the Market Growth
- Demand for cloud-based solutions is increasing as companies are increasingly aware of the importance of saving costs and resources by moving data to the cloud rather than building and maintaining new data storage.
- Due to multiple benefits, cloud platforms and ecosystems are expected to serve as a starting point for explosive growth in the pace and scale of digital innovation over the next few years in the country.
- Moreover, according to the CISCO Cybersecurity Series latest report, Asia-Pacific countries tend to have higher percentages of their infrastructures hosted in the cloud rather than on-premise. Just 16% are hosted between 80-100%, compared to just 9% in this bracket globally. 52% of organizations in Asia-Pacific countries felt the ease of use of cloud deployment, and 50% of the organizations in the region felt cloud deployment of cybersecurity solutions offers better data security. This indicates the demand for a cloud-based cyber security model is growing in the market.
- Taiwan is also witnessing a significant increase in BYOD policy amid the hybrid work model caused due to the pandemic. Also, amid the increased remote work in almost all sectors, the opportunities are linked to solutions that protect cloud-based corporate information.
- According to a survey by Business Sweden, more than 40% of the surveyed companies mentioned e-mail security, disaster recovery exercises, and end-to-end security as prioritized investments in 2021.
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BFSI Segment Expected to Hold Significant Market Share
- According to a study by the Ministry of Foreign Affairs of the Netherlands, it has been noted that BFSI is one of the top three industries in Taiwan, where the country is planning on placing stronger cybersecurity norms and policies. The same study also reveals that only 73% of the Taiwanese companies had basic abilities to prevent cyber attacks, and only a measly 14% had the might to stop advanced attacks.
- Through government initiatives, support, and FDI, the country expects to implement laws against cyber crimes and strengthen its financial industry. This could attract many foreign players to enter the Taiwanese market. Developments like these are expected to drive the segment in the studied market.
- The rise in cryptocurrency adoption in the country is also expected to drive the demand. According to a survey by start.io, 52.8% of the cryptocurrency investors in the country in 2021 were between 18 to 24 years old. Taiwan could witness a boom in the crypto market, thereby driving the sales of cybersecurity products.
- Taiwan is also witnessing an increase in cashless payments among its people. According to a survey by Visa Inc., the need for online payments is due to people's perception of the medium being more hygienic and the inflow of various discounts and rewards. With the persisting effects of COVID-19 and rapid demand for online transactions and the presence of UPI payment by NCPI, the segment is expected to witness significant growth in the studied market.
