Insights into the Future Security Landscape and Spending of Asia-Pacific Region By CIOReviewIndia Team

Insights into the Future Security Landscape and Spending of Asia-Pacific Region

CIOReviewIndia Team | Monday, 02 December 2019, 13:39 IST

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Insights into the Future Security Landscape and Spending of Asia-Pacific RegionAccording to GlobalData findings, the security solutions market in the Asia Pacific region is expected to become USD 54.1 billion by 2023, growing at a CAGR of 9.5 percent during the coming four years. As per the GlobalData, the market is largely driven by increased adoption of security solutions at enterprise level to strengthen their security positioning in the market that is impacted by targeted malware, customer data theft and lack of skilled professionals in the security domain.     

Adoption of Managed Security Services To Rise Exponentially

In terms of technology, security software and services will account for 80 percent of the overall security spending. Managed Security Services, Identity & Access Management and Endpoint Security Platforms will be three largest spending areas in terms of segment wise spending. Adoption of Managed Security Services is projected to rise exponentially during the next four years across the region and will be driven by demand in the countries of New Zealand, Australia and Singapore.   

Reducing Security Complexity and Improving ROI will be Focus Areas

The key focus areas of the enterprises will be: Reducing security complexity and improving ROI in alignment with their strategic IT initiatives. “Increasing adoption of connected-devices ecosystem, the impending introduction of 5G technologies, inclination of businesses towards cloud migrations and formulation of cyber security policies by countries such as Australia and Singapore will be the key growth drivers of security spending market in the region,” said Sunil Kumar Verma, analyst at GlobalData.    

Australia, China and Japan to Account for Two-third of Market

Australia, New Zealand and Singapore, Japan and South Korea are the countries that are expected lead the market spending in the Asia Pacific region. Australia, China and Japan by accounting for nearly two-thirds of the overall spending, will become the largest managed security services hotspots in the region by 2023.

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