Cybersecurity has become a serious challenge for many large business, namely over the past year.
Organizations have been trying to tackle this problem by investing in security and technology. Many hacks have taken place over the past couple of years such as Cathay Pacific and Boeing, which has caused some serious challenges for businesses. Companies are trying to do everything in their power to tackle this problem and prevent more cyberattacks from happening.
According to the latest IDC spending guide, the Asia Pacific region is expected to invest a total of $16 billion in security which comprises of hardware, software and other services. This is a 20 per cent increase from last year’s spending.
IDC expects investment on security related products and services to grow at a five-year CAGR of 20.1 per cent over the forecast period (2017-2022) and reach $28.2 billion by 2022.
“The Asia/Pacific region recognizes that its no longer “under-the-radar” as far as breaches, hacks, and legislation is concerned. For too long, business leaders were under investing in this category. We see this changing lately but a bit late to be able to find the needed skills in the market, hence the incremental growth expected in the services segment,” said Simon Piff, Vice President for Security and Blockchain research at IDC Asia Pacific.
He added, “Government prioritizing this as part of their agenda is good, but it could also be backed by better legislation in many markets.”
Security-related services are expected to be the largest ($6.5 billion in 2019) and the fastest growing (at 23.8% CAGR) category APEJ security spending. The largest segment within security spending will be managed security services, followed by security hardware and network security hardware respectively.