The security software market for SMBs and midmarket segments in Asia Pacific in 2022 has achieved a remarkable 21 percent in 2022 compared to the previous year, amassing a revenue of US$2.6 billion.
The burgeoning reliance of Asia/Pacific SMBs and midmarket entities on burgeoning technologies and online platforms has created a vulnerable landscape, making them prime targets for cyber threats such as ransomware attacks and phishing scams.
These segments, often grappling with resource scarcity and limited expertise, face challenges in maintaining robust security measures for their IT infrastructure. Consequently, fortifying their defenses against cyber threats has emerged as a paramount concern for safeguarding critical data and preserving customer trust.
According to IDC’s 2023 Future SMB and Midmarket Survey, an anticipated 22 percent of Asia/Pacific (excluding Japan and China) SMBs and midmarket companies are slated to prioritize investments in security software within the forthcoming 12 months.
Supriya Deka, Senior Market Analyst at IDC Asia/Pacific SMB, Midmarket, and Digital-Native Business Program, stresses the imperative need for continuous innovation among security software providers to address the dynamic cybersecurity landscape in Asia/Pacific. Crucially, she underscores the pivotal role of educating companies on cybersecurity best practices, empowering them to proactively shield sensitive data and counter potential cyber threats.
As the digital landscape continues to evolve, the onus rests on security software providers to not only adapt but also proactively engage businesses in fortifying their cybersecurity strategies, thereby ensuring enhanced protection and resilience against escalating cyber risks in the region.