Australian Cybersecurity Market 2022-2028

Australian Cybersecurity Market 2022-2028

Australian cybersecurity market is estimated to grow at a CAGR of 9.3% during the forecast period (2022-2028). The rise in online theft, fraud, unauthorized accesses, and malicious cybercrimes are the major factors driving the Australian cybersecurity market. As per the Australian Bureau of Statistics, around 10% of Australian businesses had gone through some sort of cybersecurity breach in 2021-19. The cyberattacks may range from small scams to massive cybercrimes which include phishing, hacking, identity theft, DoS attack and so forth. Some of the recent cyberattacks on corporate include cyberattacks on Samsung, Talman (Software company), MGM, Slickwraps, Yarra Trams, Perth Mint, Microsoft, among other companies. As per the Microsoft report, the country suffers a loss of $19 billion per year due to cyber-attacks which is around 2% of Australia’s GDP.

In Australia, the company and citizens come under the Privacy Act 1988 and NBD (Notifiable Data Breaches) scheme, under which the organization must notify the individuals and the OAIC (Office of the Australian Information Commissioner) when a data breach has happened. As per the NDB scheme around 964 data breaches were registered from April 2021 to March 2021 which is estimated to be around 712% YoY. In 86% of the total breaches, the contact information was disclosed to the unauthorized people of the black market.

Based on verticals, the market is segmented into BFSI, IT & telecom, government & defense, healthcare, and others. The other segment of the market includes retail, manufacturing, and travel & transportation. IT and telecom segments hold the largest market share.

Major players that are contributing significantly into the growth of the Australian cybersecurity market include IBM Corp., Cisco Corp., McAfee LLC, Symantec Corp., Palo Alto Networks, among others. These players adopt various strategies such as mergers and acquisitions, product launch, partnerships and geographical expansion to stay competitive. In November 2021, IBM launched its cybersecurity platform, Cloud Pak. It is an open-source technology for hunting threats, also it gives speed response to cyberattacks, and it can run in any environment. This platform can translate security data from various sources, it is extensible, so further additional features can be added.