Cybersecurity spending in Asia Pacific is expected to grow at a CAGR of 10.5 percent, reaching $12 billion by 2027 from $7.6 billion in 2023.
A recent IDC report said the boom in the cybersecurity market in the Asia-Pacific region will be driven by small and medium-sized businesses (SMBs) and midmarket enterprises. These businesses now account for 46 percent of the total cybersecurity spending in the region. Cyber security spending by SMBs and midmarket enterprises will be surpassing $6 billion by 2027.
As cyber threats such as ransomware attacks surge, both large enterprises and SMBs across APJ are prioritizing cybersecurity investments, according to IDC’s Security Spending Guide.
The recent Crowdstrike 2024 global threat report said the following:
34 newly named adversaries in 2023
230+ total adversaries tracked by CrowdStrike
2:07 mins: fastest recorded eCrime breakout time
75 percent increase in cloud intrusions
76 percent spike in data theft victims named on the dark web
75 percent of attacks were malware-free
While governments in the region have made efforts to improve cybersecurity, the lack of standardized regulations across countries poses challenges for cohesive cybersecurity initiatives. Compounding the issue, rising Indo-Pacific tensions and AI-driven cyber espionage have further heightened cybersecurity concerns. In response, countries like Australia, Japan, and China are forming strategic cybersecurity alliances, with India emerging as a high-growth market for SMBs.
“Security vendors must adapt to the differing regulations across the APJ region,” said Supriya Deka, Research Manager at IDC. “By adopting an innovative mindset, creating localized compliance solutions, and forming partnerships with local entities, vendors can better serve the growing demand for cybersecurity.”
Driven by a growing awareness of cyber risks and the increasing complexity of digital infrastructure, the cybersecurity market in Asia Pacific is expected to be a significant opportunity for vendors targeting SMBs and midmarket companies in the coming years.
The Asia Pacific region was the most attacked of all regions in 2022, accounting for roughly 31 percent of global cyberattacks, according to Positive Technologies.
The size of cybercriminal activities globally increased by 1,835 percent during the first quarter of 2023, according to Check Point Research. There were 1,835 new cyber-assaults per organization every week in Asia Pacific, far above the global average of 1,248.
