Cyber security is the protection of systems, networks, and data in cyberspace, which helps in safeguarding organization’s properties against cybercrimes. With the exponential growth and sophistication of cyber-attacks in the last few years, strict compliance and security packages are in demand to protect confidential data of the government, military, public data, banking financial service and insurance (BFSI), hospitals, and other business enterprises. In context to this, security solutions such as identity and access management, risk and compliance management, encryption, data loss prevention, unified threat management, DDOS mitigation, and disaster recovery are being used for data privacy and for cyber protections. The Asia-Pacific cyber security market is estimated to be USD 17.19 billion in 2015, and is projected to reach USD 30.39 billion by 2020, at a CAGR of 12.1% from 2015 to 2020.
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The widespread usage of mobile devices has opened new avenues for hackers, thereby making networks more vulnerable to cyber-attacks. In 2014, SMS Trojans followed by Adware and Backdoor, have been considered to be the biggest threat component in the flow of mobile malware. In terms of operating systems, Oracle, Java, Browsers, Adobe Reader, and Android experienced the maximum attacks. The antivirus & anti-malware segment is estimated to hold the maximum market size in the Asia-Pacific cyber security market, among all solutions. The sophisticated threats and rapid adoption of cloud-based services, along with user-friendly approach of security solutions are major factors restraining the growth of the market. Microsoft leads in the antivirus & antimalware market, whereas Symantec, Panda Security, AVG Technologies, Avast, Intel, and Bit Defender are other players holding significant share in the Asia-Pacific antivirus & antimalware market.
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The managed security services segment is estimated to account for the largest market size, among all services during the forecast period. As security breaches are increasing, enterprises are moving towards the adoption of specialized security vendors. On the other hand, design & integration and consulting services are expected to grow at a high CAGR from 2015 to 2020. Similarly, among all verticals, the banking, financial services, and insurance (BFSI) segment in the cyber security market is expected to be the highest contributor. Increasing cyber-attacks on government institutions mainly targeted towards compromising critical citizen data is one of the most significant factors resulting in high government spending in the cyber security market.
