19 Nov 2019
Posted in Technology
APAC security offerings market revenue to reach US$54.1bn by 2023, says GlobalData
With enterprises of different industry verticals facing information security concerns, the organizations in the Asia-Pacific (APAC) region will continue to invest aggressively to further strengthen their existing security infrastructure. As a result, the APAC security offerings market is expected to grow at a compound annual growth rate (CAGR) of 9.5% between 2018 and 2023 to reach US$54.1bn, says GlobalData, a leading data and analytics company.
According to GlobalData’s Market Opportunity Forecasts Model, the enterprises in the APAC region are emphasizing on strengthening their security positioning, amidst the existing concerns due to the growth in targeted malware, customer data theft and lack of skilled personals in the security domain. Furthermore, the forecast model reveals that only North America will have higher market size than APAC in 2023.
Sunil Kumar Verma, Lead ICT Analyst at GlobalData, comments: “The increasing adoption of connected devices ecosystem, the impending introduction of 5G, inclination of enterprises towards cloud migration and formulation of cybersecurity policies by countries such as Australia and Singapore will be the key growth accelerators for security spending in the region.”
Security software and services will account for 80% of the overall spending approximately by 2023 in the APAC region, as the enterprises focus on building their cybsecurity and security response capabilities to thwart security concerns.
Managed security services (MSS), identity & access management (IAM) and endpoint security platforms will be the largest three spending areas.
Sunil concludes: “Reducing security complexity and improving return on investment along with the alignment to their strategic IT initiatives will be the key focus areas for the enterprises. Alongwith these, the vendors’ expertise over native capabilities on top of the existing infrastructure offerings (cloud or device database), will also be key in driving the overall security spending in the region.”