Asia Pacific Cyber Security Market Size, Share & Trends Analysis Report By Component, By Security Type, By Solution Type, By Services, By Deployment, By Organization Size, By Application, By Country, And Segment Forecasts, 2023 - 2030

Asia Pacific Cyber Security Market Size, Share & Trends Analysis Report By Component, By Security Type, By Solution Type, By Services, By Deployment, By Organization Size, By Application, By Country, And Segment Forecasts, 2023 - 2030

Asia Pacific Cyber Security Market Growth & Trends

The Asia Pacific cyber security market size is projected to reach USD 196.25 million by 2030, registering a CAGR of 19.5% from 2023 to 2030, according to a new study by Grand View Research Inc. Increasing sophistication and the losses stemming from cyberattacks are contributing to the adoption of cybersecurity solutions in the region. Asia Pacific being the most targeted region for cyberattacks is creating a snowball effect, owing to the perception of higher chances of successful cyberattacks. This is leading to increased security threats in the region. Furthermore, online transactions being done by individuals via desktop computers and laptops are equally exposed to intruders’ hacking attempts.

Governments across Asia have drafted stringent regulations regarding the storage of data on cloud servers located within the geographical limits of their respective nations rather than on overseas cloud servers. For instance, the Chinese Cybersecurity Law enacted by the National People’s Congress focuses on data localization, data protection, and cybersecurity in the interest of national security. Such laws are expected to compel cloud service providers to adopt cloud security solutions to safeguard customer data as well as mitigate cyber security risks.

Asia Pacific produces large volumes of data owing to its massive population, which is contributing to the growth of data centers. The region experienced a surge in data volume during the pandemic with the increasing usage of OTT platforms and online streaming. As such the region is expected to witness increasing deployments of data centers in the near future, with several cloud services providers building data centers in developing countries like India and China. Further, the emerging trend of data center as a service (DCaaS) among small and medium enterprises (SMEs) is expected to create growth avenues for cybersecurity vendors.

Companies are introducing accurate threat detection solutions by combining numerous purpose-built AI technologies, vast incident response experience, and established processes. For instance, in August 2023, Sangfor Technologies, a cyber security solution provider, announced the launch of Cyber Guardian Managed Detection and Response (MDR) service to make cybersecurity cost-effective and more efficient for small and medium enterprises in the Asia Pacific region. This solution provides real-time alerts regarding cyberattacks. Integrating Sangfor Technologies’ Firewall and Endpoint Secure with Cyber Guardian MDR would improve your ransomware defense. Combining Sangfor Technologies’ Cyber Command with Cyber Guardian MDR for threat detection and streamlined threat analysis would result in more robust cybersecurity. Thus, integrating firewall and endpoint security solution with AI technology is expected to drive the industry’s growth.

Asia Pacific Cyber Security Market Report Highlights

• The hardware component segment is expected to grow rapidly with a CAGR of 21.4% during the forecast period, as advanced IT infrastructure is needed to block and monitor cyberattacks. Cyber security companies use AI and machine learning to make better solutions. For example, the Internet Service Providers (ISPs) and other enterprises use next-generation security devices, such as encrypted USB flash drives and Instruction Prevention Systems (IPS)
• The cloud security type segment is anticipated to register a CAGR of 22.3% through 2030. Cloud security solutions eliminate the need for on-premises equipment. As a result, upfront and ongoing expenses are reduced. Additionally, cloud security services can be paid based on usage. By using this cost-effective model, businesses of all sizes can access top-tier security without making large investments and can scale their operations
• The IDS/IPS solution type segment is expected to register a CAGR of 21.8% over the forecast period. Market players are increasingly integrating IDS/IPS solutions into network devices to monitor and identify the threats over wireless traffic and help clients protect their digital assets. For instance, in October 2022, Moxa, a networking and automation solution provider, introduced IPS/IDS solutions for its routers equipped with next-generation firewalls and centralized monitoring & management for devices for maintenance and better administration
• The managed services segment is expected to grow at the highest CAGR of 19.0% during the forecast period. Managed services providers are seen to be offering tailored cyber security services, such as, identity and response management, threat management, infrastructure, data, and cloud, to help companies boost their security programs
• The cloud deployment segment is expected to register a CAGR of 21.1% from 2023 to 2030. The growing adoption of cloud-based platforms by various companies operating in Asia Pacific to obtain business scalability and reducing infrastructure requirements, is creating the need for effective cloud cyber security solutions to prevent data breaches and cybercrimes
• The small and medium sized enterprises segment is expected to register a CAGR of 21.5% from 2023 to 2030. Enterprises in the Asia Pacific region have been increasing their focus on cybersecurity, due the increase in attack surfaces. In the hacker community, small and medium enterprises are perceived as relatively weaker on the cybersecurity front than large organizations, which makes them an easier target. Thus, driving the segment growth in the forecasted period
• The healthcare application segment is expected to register a CAGR of 21.3% from 2023 to 2030. Healthcare is an appealing target for cyber-attacks as medical data is more valuable than credit card or banking information. In addition, the recent digital transformation of the healthcare industry has increased the frequency of cyber-attacks, driving the segment’s growth
• China is expected to register a CAGR of 23.8% from 2023 to 2030. Cyber security incidents in China have spiked due to the rise of digitization and linked technologies in organizations. As technology has improved, China's number of connected devices has increased. Therefore, the country is increasingly adopting cyber security solutions

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