Thailand Cybersecurity Market - Growth, Trends, Covid-19 Impact, and Forecasts (2022 - 2027)

Thailand Cybersecurity Market - Growth, Trends, Covid-19 Impact, and Forecasts (2022 - 2027)

Thailand Cybersecurity Market is expected to grow at a CAGR of 9.81% over the forecast period 2022 to 2027. Increasing cyberattacks in the country have propelled it to strengthen its defensive capabilities. Increasing demand for digitalization and scalable IT Infrastructure, and the rising need to tackle risks from third-party vendor risks, the evolution of MSSPs, and the adoption of a cloud-first strategy, have been driving the growth of cybersecurity solutions and services in the country.

Key Highlights

• Various governmental defense agencies and companies are accelerating data migration to the cloud, crafting new digital systems, and increasing the number of endpoints within their network architecture. Their developing dependence on third-party suppliers and service providers has presented attackers with new avenues into supply chains.
• In July 2022, the National Cybersecurity Office of Thailand signed a Memorandum of Understanding (MoU) on cybersecurity cooperation with the Cyberspace Administration of China. With the agreement, both countries are looking forward to further strengthening exchanges and cooperation in cybersecurity and maintaining cyberspace stability.
• Also, in July 2022, The national cybersecurity agencies of Thailand and Israel signed a memorandum of understanding (MoU) on cybersecurity cooperation by exchanging information and policies as well as developing personnel and collaboration in the education and cyber industries of the two countries.
• Further, during the Russia-Ukraine Crisis, Thialand's National Cyber Security Agency (NCSA) warned of heightened cyber risks urging firms and agencies to step up their cyber protection measures. NCSA stated that 12 cyber attacks linked to the Russia-Ukraine conflict had been reported since January 2022, mostly targeting key infrastructures such as banks, border control agencies, and news websites.
• According to the World Economic Forum, in 2020, it was reported that cyber-attacks and data fraud or data theft was likely to increase. Later in 2021, cybercrime damage was forecast to reach USD 6 trillion annually (THB 187 trillion per year). Hence, the demand for cybersecurity solutions has increased tremendously in the market to prevent and solve cyber-attack issues timelily.

Key Market TrendsCloud deployment segment is expected to register a significant growth in the market

• The increasing realization among enterprises about the importance of saving money and resources by moving their data to the cloud instead of building and maintaining new data storage is driving the demand for cloud-based solutions and hence, the adoption of on-demand security services in Thailand. Owing to multiple benefits, cloud platforms and ecosystems are anticipated to serve as a launchpad for an explosion in the pace and scale of digital innovation over the next few years.
• Security has been a critical consideration at each step of the cloud adoption cycle, as IT provision has moved from on-premise to outside of a company's walls. SMEs prefer cloud deployment as it allows them to focus on their core competencies rather than invest their capital in security infrastructure since they have limited cybersecurity budgets.
• Furthermore, deploying public cloud service extends the boundary of trust beyond the organization, making security a vital part of the cloud infrastructure. However, the increasing usage of cloud-based solutions has significantly simplified enterprises' adoption of cybersecurity practices.
• With the increased adoption of cloud services, such as Google Drive, Dropbox, and Microsoft Azure, and with these tools emerging as an integral part of business processes, enterprises must deal with security issues, such as losing control over sensitive data. This gives rise to the increased incorporation of on-demand cybersecurity solutions in the country.
• Additionally, the increased adoption of cloud-based email security services is driving the adoption of services integrated with other security platforms, such as IPS and NGFW. This trend is demotivating enterprises to spend on on-premise and dedicated email or web security solutions.
• Cloud-based solutions also benefit from lower capital expenditure requirements, thus, making the business much more compelling. Deploying cloud-based services can significantly reduce the Capex requirement as the companies need not invest in hardware components, which drives the growth of cloud-based solutions in Thailand.

BFSI Segment to hold significant share in the market

• The BFSI industry is one of the critical infrastructure segments that face multiple data breaches and cyber-attacks, owing to the massive customer base that the sector serves and the financial information that is at stake. Being a highly lucrative operation model that has phenomenal returns along with the added upside of relatively low risk and detectability, cybercriminals are optimizing a plethora of diabolical cyberattacks to immobilize the financial sector. These attacks' threat landscape ranges from Trojans, malware, ATM malware, ransomware, mobile banking malware, data-breaches, institutional invasion, data thefts, fiscal breaches, etc.
• Various public and private banking institutes are focusing on implementing the latest technology to prevent cyber attacks with a strategy to secure their IT processes and systems, secure customer critical data, and comply with government regulations. Besides, with greater customer expectations, rising technological capabilities, and regulatory requirements, banking institutions are pushed to adopt a proactive security approach.
• With the growing technological penetration, coupled with the digital channels, such as internet banking, mobile banking, etc., online banking has become the preferred choice of customers for banking services. There is a significant need for banks to leverage advanced authentication and access control processes.
• In 2022, financial firms worldwide were impacted by innovative new ransomware tactics that maximized ROI for the threat actors. While financial firms represent a small percentage of victims directly targeted by ransomware attacks, they can and have been impacted by attacks on third parties, who are prime targets. Such threats are poised to increase the usage of cybersecurity solutions in the BFSI sector in the country.

Competitive Landscape

Thailand Cybersecurity Market is fragmented and has some major players who have adopted various growth strategies, such as mergers and acquisitions, new product launches, expansions, joint ventures, partnerships, and others, to strengthen their position in this market. The major players in the market are IBM Corporation, Cisco Systems Inc, Fujitsu Thailand Co. Ltd, Red Sky Digital Ventures Ltd, Info Security Consultant Co. Ltd, among others.

• April 2022: Cyber Elite, a subsidiary of digital solutions provider Benchachinda Group, has enlisted Menlo Security Inc to launch the first managed cloud cybersecurity platform in Thailand to strengthen enterprises' cyber defence. The company is looking forward to providing simplified cybersecurity for customers to enable them to protect, detect, and respond to cyber threats which can serve different customer budgets with reasonable prices through subscription models.
• March 2022: Thailand's dtac launched a new Cloud-based Cyber Security Service, for dtac subscribers that provide security against increasingly widespread cyber threats in the booming digital era. It offers cloud-based security against a wide range of cyber threats, including malware, viruses, phishing, ransomware, botnets, and command & control attacks on compromised servers.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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