APAC will spend US$1.4bn on network security in 2024
Network security revenue in the Asia–Pacific region will reach US$1.4 billion in 2024, as the rising threat of data breaches among enterprises raises the issue of securing enterprise networks, according to GlobalData.
Overall network security spending in the APAC region is expected to grow at a compound annual growth rate (CAGR) of 1.3% from 2019–2024. In 2019, manufacturing and banking, financial services and insurance (BFSI) verticals accounted for nearly 15% and 14%, respectively, of the total revenue for network spending. These verticals will continue to account for approximately 28% of the revenue in 2024.
Network spending in the government vertical will have a CAGR of 2.8% during the forecast period, as the government is required to ensure the safety and privacy of the personal data of citizens that is being accessed through mobiles and other personal devices.
Rohit Sharma, Senior Technology Analyst at GlobalData, noted that the growth of network security market revenue in the APAC region was driven by incidences of ransomware attacks, targeted attacks and phishing.
In 2019, China and Japan together accounted for more than three-fifths of network security revenue in the region, with China accounting for more than one-third of the overall network revenue. This is due to the government calling for better and more robust network security, with China introducing a cybersecurity law forcing companies to adopt network security solutions. Similar laws have also been introduced in Singapore (Cybersecurity Bill) and Malaysia (Anti-Fake News Law).
The development of technologies such as artificial intelligence, industrial Internet and 5G technology has also led to the growth in the requirement for network security solutions.
“The COVID-19 pandemic has forced most of the employees globally to work from remote locations to ensure business continuity. This has resulted in increased instances of data breach threats owing to the lack of resilient network security features at the employees and small and medium enterprises who writhed with time to secure their enterprise networks. With increased emphasis on data security, network security is expected to witness demand by the enterprises over the next few years as well,” said Sharma.
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