Cybersecurity in Asia-Pacific is Expected to Reach US$52.8 Billion by 2023

The adoption of cybersecurity in Asia-Pacific is likely to grow with the increasing penetration of the internet into developing and developed countries

The market of cybersecurity in Asia-Pacific was valued at US$31.7 billion in 2018, and it is expected to reach US$52.8 billion in 2023 at a CAGR of 8.4%, between 2019 and 2023. Many emerging countries in the region, such as India, China, Singapore, and Japan, are facing increasing cybersecurity-related issues. India has experienced a rapid increase in cybercrime registration, with the country ranking fifth in terms of the overall DNS hijacks. Also, according to Gemalto, India accounts for 37% of the global breaches in terms of records compromised or stolen.

This growing cyber risk is raising awareness and requirements to mitigate cyber threats in the Asia-Pacific region. Increasing digital transformation and connectivity in the APAC region is making it exposed to cyber threats. In 2016, over US$80 million was stolen from a bank in Bangladesh through a cyber-attack. In the same year, frequent hacking of Philippines government sites was reported. The rising number of such incidents is propelling the demand for cybersecurity in the APAC region. Moreover, the government is also taking initiatives towards cyber laws and data security. Department of Defense Information Assurance Certification and Accreditation Process (DIACA), Health Insurance Portability and Accountability Act (HIPPA) and Payment Card Industry Data Security Standard (PCI-DSS) provided important guidelines which are mandatory to follow. Stringent policies related to the deployment of cyber security solutions are encouraging the expansion of cyber security business in the region.

By end-use industries, Asia-Pacific's cybersecurity solutions 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 cyberattack- around 14000 ATMs were attacked and the banking sector had to face huge cybercrime costs.