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Asia Pacific Cyber Security Market Size, Share & COVID-19 Impact Analysis, By Security Type (Network Security, Cloud Application Security, End-point Security, Secure Web Gateway, Application Security, and Others), By Enterprise Size (Small & Medium Enterprise and Large Enterprises), By Industry (BFSI, IT and Telecommunications, Retail, Healthcare, Government, Manufacturing, Travel and Transportation, Energy and Utilities, and Others), and Regional Forecast, 2023-2030

Last Updated: June 03, 2024 | Format: PDF | Report ID: FBI107434

 

KEY MARKET INSIGHTS

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Asia Pacific is the third largest region in the global cyber security market. It is projected to grow at a CAGR of 15.3% during the forecast period. The global cyber security market size is projected to grow from USD 153.65 billion in 2022 to USD 424.97 billion by 2030.


With the advent of IoT and the increasing speed and scale of digital transformation in the region, network infrastructure is becoming increasingly vulnerable to cyberattacks. Internet, social media, and mobile users have all grown significantly, contributing to the market growth.


Our report on the Asia Pacific cyber security market covers the following countries/regions – China, India, Japan, South Korea, ASEAN, Oceania, and the Rest of Asia Pacific.


LATEST TRENDS


Rising Automotive Hacking in Asia Pacific Countries Propels Cyber Security Market Growth


Modern cars have automated software that provides drivers with seamless connectivity, including engine management, cruise control, airbags, door locks, and advanced driver assistance systems. These vehicles are connected to the Internet via Bluetooth and Wi-Fi, exposing them to security breaches and hacking. By 2023, the use of microphones for eavesdropping and vehicle control is expected to increase as self-driving cars become more prevalent. Autonomous and self-driving cars rely on more complex processes that require stringent cybersecurity measures. Thus, the need for security solutions in automotive hacking is considered as a market trend.


DRIVING FACTORS


Increasing Need for Cyber Security Solutions in the Government Sector is Driving Growth of the Market


The critical nature of data, large economic impact of cyberattacks, and the increasing budget allocations to cybersecurity systems all contribute to the market growth in Asia Pacific. Malicious hackers have targeted government agencies for financial abuse and data theft, causing huge financial losses and hindering the nation's growth. For instance, according to Asia Pacific Cyber Security Threats Report published by the Australian government, the cost of cyberattacks against state-owned enterprises exceeded USD 30.0 million. Increasing pressure to mitigate economic losses and maintain a positive outlook for citizens pushes government departments to adopt cybersecurity solutions, which is considered a driving factor for the region.


RESTRAINING FACTORS


Diverse Nature of Cyber Threats in Asia Pacific Countries Limits the Market Growth


The nature of cyber threats is so diverse that it becomes difficult to understand the nature of attacks. Considering the rapidly changing nature of threats and avoiding the loss of sensitive information, it is advisable to deploy a multi-layered cybersecurity solution at the beginning of the security solution that allows protection against all types of cyberattacks. The ever-evolving nature of threats poses the biggest security challenge for organizations. 


KEY INDUSTRY PLAYERS


Rising Investment in Research & Development and Partnership among Key Players Contributing to Market Growth 


In terms of the competitive landscape, BAE Systems, Broadcom, Inc., Kyndryl, Inc., and Kaspersky Lab. are the key players in the Asia Pacific market, focused on strengthening their product portfolio, active involvement in R&D investments, and distribution network through strategic collaboration and partnerships for the acceleration of product launches. This increases the Asia Pacific cyber security market share.


LIST OF KEY COMPANIES PROFILED:



  • BAE Systems (Australia)

  • F Secure Corporation (India)

  • F5 Networks, Inc. (Japan)

  • FireEye (India)

  • Broadcom, Inc. (China)

  • Kyndryl, Inc. (India)

  • Trend Micro (Japan)

  • Kaspersky Lab (Japan)

  • Check Point Software Technologies (India)

  • Splunk, Inc. (Singapore)


KEY INDUSTRY DEVELOPMENTS:



  • November 2022: Vectra AI announced a strategic partnership with NEC Asia Pacific, NEC Corporation's regional headquarters in Southeast Asia. A new partnership between Vectra AI and NEC provides enhanced enterprise security across public cloud, SaaS applications, identity, and networks using security AI to detect and prioritize cyber threats autonomously.

  • July 2022: CyberQ Group and Cyware partnered to provide threat intelligence services and advanced MSSP cyber fusion. This partnership with Cyware enables CyberQ Group to add the capabilities of MSSP Collective Defense to its renowned Center of Excellence for Services and Cybersecurity Operations.

  • March 2022: BlackBerry Limited announced that 13 channel partners (Value Chain Integrators and Distributors) would offer BlackBerry Jarvis 2.0 to enterprises to build secure mission-critical systems in Asia Pacific. BlackBerry Jarvis is a Binary Software Composition Analysis (SCA) and security testing tool designed to detect software licenses, cybersecurity vulnerabilities, and risks in embedded systems.


REPORT COVERAGE


To gain extensive insights into the market, Request for Customization


The Asia Pacific cyber security market research report provides qualitative and quantitative insights into the market and a detailed analysis of the Asia Pacific market size & growth rate for all possible segments in the market. Along with the market forecast, the research report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights presented in the report are an overview of the adoption of technology, an overview of price analysis, an overview of the regulatory scenario by key countries, new product launches, key industry developments, mergers, acquisitions & partnerships, and the impact of COVID-19 on the market.


Report Scope & Segmentation


























































ATTRIBUTE



  DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 15.3 % from 2023 to 2030



Unit



Value (USD Billion)



Segmentation



By Security Type, Enterprise Size, Industry, and Country



By Security Type




  • Network Security

  • Cloud Application Security

  • End-point Security

  • Secure Web Gateway

  • Application Security

  • Others



By Enterprise Size




  • Small & Medium Enterprises (SMEs)

  • Large Enterprises



By Industry




  • BFSI

  • IT and Telecommunications

  • Retail

  • Healthcare

  • Government

  • Manufacturing

  • Travel and Transportation

  • Energy and Utilities

  • Others



By Country




  • Asia Pacific (Enterprise Size, Security Type, Industry, Country)


    • China (By Industry)

    • Japan (By Industry)

    • India (By Industry)

    • South Korea (By Industry)

    • ASEAN (By Industry)

    • Oceania (By Industry)

    • Rest of Asia Pacific







Frequently Asked Questions

Growing at a CAGR of 15.3%, the market will exhibit steady growth in the forecast period (2023-2030).

Increasing need for cyber security solutions in the government sector is driving the growth of the Asia Pacific market.

BAE Systems, Broadcom, Inc., Kyndryl, Inc., and Kaspersky Lab are the major market players in Asia Pacific.

China dominated the market in 2022.

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