The security software market revenues in Asia Pacific excluding Japan and China (APeJC) grew 21.1 percent to $6.3 billion in 2023, IDC said.
Security software vendors have achieved strong growth due to demand for technologies like Cloud Native Application Protection Platform (CNAPP), Security Analytics Software, Network Security Software & Identity and Access Management Software.
APeJC security software market revenues to grow at a compound annual growth rate (CAGR) of 12.8 percent over the 2023-2028 period, reaching $11.6 billion by the end of 2028, IDC forecasts.
The recent Gartner report said worldwide enterprise software revenue rose 11 percent to $785.1 billion in 2023. Microsoft, Oracle and Amazon are the leading providers in 2023.
IDC says demand for advanced security technologies is expected to rise due to escalating targeted attacks, stronger compliance requirements, and hackers utilizing Generative AI technology for more effective attacks.
“Organizations adopting a three-pronged approach by leveraging automation, using platform security solutions, and employing AI/generative AI (GenAI) embedded technologies, are well positioned to address AI-driven threats,” says Gurpal Singh, Senior Research Manager, Data & Analytics, IDC India.
The shift to online platforms and the expansion of digital footprints have attracted regulatory scrutiny, resulting in tighter data protection mandates to secure large volumes of data produced and stored. Recent enhancements in data protection regulations, such as India’s Digital Personal Data Protection Act, and Thailand’s and Singapore’s Personal Data Protection Act (PDPA), have compelled organizations to reassess their cybersecurity frameworks.
Organizations in the region with substantial investments in IT infrastructure, including those in sectors such as financial institutions, IT/ITeS, Telecom, e-commerce etc. have been early adopters of advanced security technologies. Cloud-native XDR technologies are forecasted to have the highest CAGR of 39.5 percent from 2023-2028.
Baburajan Kizhakedath
