Spending on security solutions and services in Asia Pacific is forecast to increase 15.5 percent $31 billion in 2022 from 2021, according to IDC’s Worldwide Security Spending Guide.
Investments in hardware, software, and services related to cybersecurity are expected to reach $57.6 billion in 2026, with a CAGR of 16.4 percent for the period of 2021-26.
Banking, telecommunications, government, and manufacturing will be the highest spenders on IT security in 2022.
BFSI and Telecoms are investing in digital transformation (DX) projects, emphasizing enhancing security features and customer service solutions.
Data security, confidentiality, ethical use of data, and compliance with regulations will constitute more than 50 percent of the total security spending in the Asia Pacific region. The fastest growing sectors in 2022 are state / local government, utilities, and telecoms.
China will be the region’s largest market, accounting for more than 40 percent of Asia Pacific security spending in 2022, with a five-year CAGR of 21.2 percent. Security-related products are telecom and state / local government will account for one-third of total spending in China in 2022.
Australia and India are the next two countries in terms of security spending. Australia and India will account for 25 percent of the overall security spending in 2022.