What are Factors Contributing to the Surge of Cyber Security Market in Asia-Pacific (APAC) in Future?

The rising prevalence of cyber-attacks across the world is one of the biggest factors fuelling growth in the demand for cybersecurity solutions all around the world. Since the last few years, there has been a massive surge in the incidence of cyber attacks, owing to the rising internet penetration, soaring number of smartphone users, increasing trend of bring your own device (BYOD), and escalating enterprise mobility requirements i across the world. 

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Due to the increasing awareness regarding security breaches, a majority of information technology (IT) companies (95% of the companies) have significantly increased their expenditure in cybersecurity solutions. The other major factor propelling the demand for cybersecurity solutions is the increasing usage of smartphones across the world. 

Driven by the above-mentioned factors, the global cyber security market is expected to demonstrate huge growth in its revenue over the next few years. North America accounted for the largest share in the cyber security market in 2016, with nearly 9% growth rate during 2013 – 2016. A large number of IT companies are located in North America, making it a hotspot for cyber-attacks.

The modern mobile devices are equipped with a plethora of advanced features similar to personal computers such as GPS navigation, access to email, internet, and many other applications, which consequently make them extremely susceptible to cyber-attacks. 

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Moreover, the security measures in these phones like firewalls are not updated regularly, which make the sensitive information stored in these devices such as contact details and password details much more enticing to cyber adversaries, which in turn, boost the demand for cybersecurity. 

Cybersecurity provides security in areas of network, application, endpoint, wireless, and cloud. Amongst these, the adoption of cybersecurity solutions for areas of enterprise applications is expected to be the highest in the coming years. This is mainly attributed to the rising demand for protecting enterprise data and applications from highly complex cyber attacks.