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Home Feature News

Security software market in Asia is projected to attain $11.6bn by the end of 2028

International Data Corporation (IDC) reveals that the security software market in Asia/Pacific grew 21.1% YoY, reaching US$6.3 billion in 2023.

Syifa by Syifa
July 12, 2024
in Feature News, Insight
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security system

illustration of security system (image by freepik)

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Heaptalk, Jakarta — International Data Corporation (IDC) reveals that the security software market in Asia/Pacific grew 21.1% YoY, reaching US$6.3 billion in 2023. Strong growth is attributed to continued demand for technologies like Cloud Native Application Protection Platform (CNAPP) and security Analytics Software, which outpaced overall market growth.

Further, demand for advanced security technologies is expected to rise due to escalating targeted attacks, more robust compliance requirements, and hackers utilizing Generative AI technology for more effective attacks.

“We observed an increasing concern when hackers harness AI to enhance and create new attack methods. Organizations adopting a three-pronged approach by leveraging automation, using platform security solutions, and employing AI/generative AI embedded technologies are well positioned to address AI-driven threats,” Senior Research Manager of Data and Analytics at IDC India Gurpal Singh conveyed.

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World Ai Jakarta 2025

As rapid digitization sweeps through various industries in the region, investments in digital transformation (DX) are set to flourish compared to non-DX technologies. Businesses’ shift to online platforms and expanding digital footprints have attracted substantial 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, putting them under considerable pressure to enhance their cyber defenses. As the ecosystem of applications increases, an organization’s attack surface widens. There is a notable trend towards technology consolidation within the security domain in response to these evolving demands.

According to the ‘APeJC Software, Services, and Public Cloud study 2023’, more organizations now favor collaborations with the platform or end-to-end stack vendors that offer integrated security solutions. This approach is driven by the need for more comprehensive suites that efficiently and effectively address a broader range of security requirements.

IDC forecasts APeJC security software market revenues to grow at a compound annual growth rate (CAGR) of 12.8% from 2023 to 2028, reaching US$11.6 billion by the end of 2028. Organizations in the region with substantial investments in IT infrastructure, including those in financial institutions, IT/ITeS, Telecom, and e-commerce, have been early adopters of advanced security technologies. Cloud-native XDR technologies are forecasted to have the highest CAGR of 39.5% from 2023 – 2028.

Tags: IDCsecurity system

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