Kenneth Research published a report on Asia-Pacific Cybersecurity Market which gives detailed analysis of the present market landscape. The report which is evaluated for the forecast period, i.e., 2022-2031, provides an in-depth analysis of the market, based on size, volume, latest trends, opportunities and challenges associated.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Asia-Pacific Cybersecurity Market Products.
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According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Asia-Pacific Cybersecurity Market
With increased internet penetration, cyberattacks are becoming more powerful, allowing hacker’s greater access to new technology. One such example is the production a malware called ‘Flame’. Asia-Pacific cybersecurity market is anticipated to grow at an overall compound annual growth rate (CAGR) of 15% and will be worth of USD 46.09 Bn by 2023. The improved accuracy and frequency of cyber threats across different parts of the Asia-Pacific region is one of the predominant factors that is anticipated to drive the demand of various cybersecurity solutions.
Increase in cloud services, for social media and mobile devices, has made traditional security systems obsolete. Digital identity has become the crucial access to control mechanism. Hence, it enforces the adoption of cybersecurity solutions among Enterprises.
By countries, the Asia-Pacific cybersecurity market is divided into China, Japan, India and the rest of APAC. Japan is one of the largest markets in the Asia-Pacific region. This is because the country had already mandated uniform cybersecurity standards for government organizations in 2014, to prevent unauthorized access and activity. The Japanese government is working on a number of policies and awareness initiatives to improve the cyber rating of the country. On the other hand, China has allowed massive internet penetration in the past few years, this region makes the maximum use of digitized platforms to ease payments and other services. And is hence expected to face severe cyberattack. Thus, the China cybersecurity market is expected to grow at high pace.
By end use industries, Asia-Pacific’s cybersecurity solution are classified into financial services, telecommunication, healthcare, public sector, and others. The Financial sector is expected to dominate the market because this sector is heavily targeted by cyber threats. In 2016, Japan witnessed a massive cyber-attack- around 14000 ATMs were attacked and the banking sector had to face huge cybercrime costs.
A Peek into Asia-Pacific Cybersecurity Market
The growing Asia-Pacific Cybersecurity Market means that there will be certain trends that will drive the immediate future of the sector. Among trends such as value chain analysis, third-party risk program, and container adoption, there is one that has garnered a major global interest: GDPR.
The European Union’s General Data Protection Regulation (GDPR) is set to come into effect in May 2018. In its essence, the new set of regulations set forth by GDPR allows EU citizens to have better control over the data they are sharing. Unlike previous regulations, the jurisdictional extent of GDPR is not limited to the EU borders. Any company that accumulates or manages data of EU citizens will have to be in compliance with the standards.
Impact on Enterprises
Enterprises continue to be at a receiving end of various cyber threats such as the Wannacry ransomware attack that targeted a security flaw on Windows operating systems. The extent of the attack was spread across enterprises from approximately 100 countries.
The impressive numbers that the market shows potential for are bound to have certain implication on enterprises. Most importantly, the rate and extent of growth of the cybersecurity market mean that enterprises will have to consider making substantial changes to their existing cybersecurity protocols. The BYOD (bring your own device) culture is one such aspect that is triggering the need for advanced cybersecurity systems.
Another interesting trend in the cybersecurity domain that is going to play a role in enterprise applications is that of security automation and orchestration. IT security solutions spend a considerable amount of time and resources on containing cyber-threats, which leads to greater costs. Through security automation and orchestration, enterprises will not only have the tools required to eliminate manual security operations but also integrate those tools to have more streamlined processes.
The growth in the magnitude and sophistication of cyber-attacks is causing various companies to take primary actions to protect sensitive personal and business information. The growth of the cybersecurity market and incorporation of the associated technologies into all major sectors is, therefore, no longer a question of why but when.
Key growth factors:
The prime factor that is propelling the cybersecurity market in the Asia-Pacific region is the huge risk associated with cyberattacks. APAC had already faced a loss of USD 81 Bn in 2016.
It is reported that more than 80% of organizations in the region are targeted owing to rising digitization, hence, increase in the severity of attacks is likely to propel the market.
Threats and Key Players:
- The factors that hinder cybersecurity are lack of sufficient budget, lack of management support, shortage of resource. It is also reported that about 75% of the Asian population lacks a proper understanding of cybersecurity
- APAC countries facing data breaches shows growing concerns about company reputations, profit downtime, etc.
- The key players in this markets area Cisco System, IBM Corporation, check point Software, Palo Alto Network Inc., Symantec, and Trend Micro Inc
What’s covered in the report?
- The current and forecasted market size data for the Asia-Pacific cybersecurity market
- The current and forecasted market size data for the segments of the market, by end users industries – financial services, telecommunication, healthcare, public sector, and others
- The current and forecasted market size data for the segments of the market, by solution- identity and access management, encryption, governance regulation and compliance, unified threat management, and security information and event management
- Market trends in the Asia-Pacific cybersecurity market
- Market drivers and challenges in the Asia-Pacific cybersecurity market
- Current and forecasted countries – Japan, China, India, and rest of APAC market size data for the Asia-Pacific cybersecurity market.
- Analysis of company profiles of the major players operating in the market]
- Get a broad understanding of the Asia-Pacific cybersecurity market and its segments – By region, by solution, and by end-user industries
- Get region-specific drivers and challenges affecting the Asia-Pacific cybersecurity market
- Recognize significant competitors’ business and market dynamics, and respond accordingly
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The Market report answers the following questions:
What is the aim of the report?
- The market report presents the estimated market size of Asia-Pacific Cybersecurity Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year-on-Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
- The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
- The various parameters accelerating the growth of Market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the Market during the forecast period.
What aspects regarding the regional analysis Market are included in this report?
- Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
- The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
- The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
Based on what factors are the key market players assessed in this report?
- The report offers detailed analysis of leading companies in the market across the globe.
- It provides details of the major vendors involved in the Market including Key Players
- A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
- The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
- The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
What is the key information extracted from the report?
- Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
- The report offers the present scenario and future growth prospects Market in various geographical regions.
- The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
- The SWOT analysis is conducted along with Porter’s Five Force analysis.
- The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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