Asia Pacific Cyber Security Market Size Analysis - Market Share, Forecast Trends and Outlook Report (2024-2032)

Asia Pacific Cyber Security Market Growth

In July 2024, China’s Ministry of Industry and Information Technology announced a strategy known as the “Cybersecurity Plan for Industrial Network” to negate major risks to industrial cybersecurity by 2026 and address legal challenges arising from AI development. With growing geopolitical tensions, China has shifted towards increasing the usage of domestic hardware in its government and military databases.

In September 2023, the number of tenders for purchasing domestic hardware equipment by China’s state-owned enterprises rose to 235 from 119 in 2022. Moreover, China spent nearly $191 billion on replacing foreign software and hardware products from its critical infrastructure, which was a year-on-year growth of 16.2%. The demand for manufacturing critical hardware and software products domestically tripled from 2021 to reach 156.9 million yuan. This indicates a significant potential for the cybersecurity market within China.

Nearly 21% of all Japanese internet users experienced cyberattacks in December 2022. Around 58% of all cybersecurity incidents resulted in the loss of sensitive data. The Japanese police investigated nearly 12,369 cases related to cybercrime in 2022. This indicates a substantial demand for cybersecurity solutions in the region, including antivirus, firewall, and solutions related to encryption and tokenisation, and identity and access management.

Key Trends and Developments

Rising incidences of cybercrimes; growing awareness regarding data breaches; high adoption of cloud computing; and the deployment of generative AI in cyber security are favouring the Asia Pacific cyber security market expansion

August 2024

Sydney-based startup ViCyber launched its principal automated and innovative cybersecurity solutions for small and medium-sized enterprises (SMEs) in Australia. Through this, the company aims to provide affordable and proactive cybersecurity solutions to underserved organisations, helping them to comply with regulatory requirements, pinpoint business vulnerabilities, and implement essential security measures.

February 2024

TechDemocracy announced the launch of its advanced Cyber Security Operations Centre (CSOC) in Hyderabad, India, highlighting its commitment to innovations and offering robust cybersecurity solutions. Through the new centre, the company aims to leverage advanced technologies to combat evolving cyberattacks.

February 2024

The Chinese Ministry of Industry and Information Technology (MIIT) announced a new strategy intended to improve the data security of its industrial sector by the end of 2026. This is in response to rising illegal operations by personnel, ransomware attacks, uncontrolled remote operations, and vulnerability backdoors faced by the industrial sector.

February 2024

Guardz announced its launch in New Zealand and Australia to empower managed service providers (MSPs) to insure and secure small and medium-sized businesses using its unified and customised cybersecurity platform.

Rising Incidences of Cybercrimes in the Region

The Asia Pacific is witnessing a significant increase in cyberattacks due to the high reliance on collaborative tools and mobile devices, rapid digital transformation, the rise of hybrid working models, and the flourishing manufacturing sector. This is prompting organisations in the region to prioritise cybersecurity by adopting essential tools and solutions.

Growing Awareness of the Impact of Data Breaches Among Organisations

Companies are increasingly becoming more aware of the multifaceted impact of data breaches and their negative impacts such as reduced customer confidence, damage to the company brand, operations downtime, and loss of revenue and intellectual properties, among others. This is fuelling investments in robust cybersecurity measures.

High Adoption of Cloud Computing

The implementation of cloud computing is rising across the Asia Pacific as it offers scalability, cost-effectiveness, and improved collaboration while supporting companies to enhance their profitability. This is exposing organisations to cloud-related threats, attacks on connected devices, and hack and leak operations, surging the adoption of advanced cybersecurity tools.

Deployment of Generative AI in Cybersecurity Solutions

Generative AI is increasingly deployed in cybersecurity solutions to enable security teams to rapidly identify threats and risks, quickly analyse large amounts of data, and pinpoint systems vulnerabilities.

Asia Pacific Cyber Security Market Trends

Rising geopolitical tensions in the region are leading to an increase in state-sponsored cyberattacks, particularly targeting defence, government, critical infrastructure, and advanced sectors. This is pushing countries to invest in cybersecurity defence strategies for combating cybersecurity risks posed on businesses, citizens, and critical infrastructure.

There is a growing adoption of generative AI in cybersecurity measures to improve threat detection, automate response to potential threats, and facilitate predictive analysis. Generative AI can recognise new and evolving threats in real-time, predict outcomes with enhanced accuracy, enable organisations to proactively implement security measures, analyse malware behavioural patterns, and promptly identify irregular activities.

Asia Pacific Cyber Security Industry Segmentation

Asia Pacific Cyber Security Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Offering

• Solutions
  • Identity and Access Management
  • Antivirus/Antimalware
  • Encryption and Tokenisation
  • Compliance and Policy Management
  • Firewall
  • Others
• Services

Market Breakup by Deployment Mode

• On-Premises
• Cloud

Market Breakup by Organisation Size

• Large Enterprises
• Small and Medium Enterprise (SMEs)

Market Breakup by Security

• Network Security
• Cloud Security
• End Point and IOT Security
• Application Security

Market Breakup by Industry Vertical

• BFSI
• Government
• Healthcare and Life Sciences
• Aerospace and Defence
• Manufacturing
• Others

Market Breakup by Region

• China
• Japan
• India
• ASEAN
• Australia
• Others

Asia Pacific Cyber Security Market Share

Based on region, the market is segmented into China, Japan, India, ASEAN, and Australia, among others. Over the forecast period of 2024-2032, India is projected to grow at a CAGR of 11.2% amid the growing incidences of state-sponsored cyberattacks and the rising adoption of robust cyber security measures by small and medium-size enterprises.

Leading Companies in the Asia Pacific Cyber Security Market

Increasing geopolitical tensions are expected to increase the risk of state-sponsored cyberattacks over the forecast period. This is expected to increase the incidence of DDoS (distributed denial of service) and phishing attacks in major countries like India, China, and Taiwan, thereby leading to the market expansion.

• IBM Corporation
• Microsoft Corp.
• Cisco Systems Inc.
• Amazon Web Services, Inc.
• Oracle Corporation
• Fujitsu Ltd.
• Dell Inc.
• Fortinet Inc.
• CMC Corp.
• Broadcom Inc.
• McAfee LLC
• Palo Alto Networks Inc.
• Others

The comprehensive report looks into the macro and micro aspects of the market. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.