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Home News Cyber Security

IDC Forecasts 12.3% Growth in Asia/Pacific Security Spending for 2024

News Desk by News Desk
April 4, 2024
Cyber security Forecasts

IDC’s Worldwide Semiannual Security Spending Guide data shows that Asia/Pacific, excluding Japan (APeJ), will allocate $36 billion toward security hardware, services, and software, marking a 12.3% rise from the last year. 

Companies in the region are focusing on investments in security-related products and services due to growing cybersecurity related threats. IDC expects spending on security to grow at a five-year CAGR of 12.8% over the forecast period (2022-27) and reach USD 52 billion by 2027.

China leads security spending with over 40%, with a 13.5% five-year CAGR, followed by Australia and India, which contribute over 25%.

“The surge in cyber threats utilizing AI, such as deepfakes, pretexting, and identity theft, has spurred a heightened demand for comprehensive security solutions in the region that encompass threat detection, automated remediation, and behavioral analysis capabilities,” says Sharad Kotagi, Market Analyst, IT Spending Guides, IDC Asia/Pacific.

In 2024, Financial Services, Government, and Telecom lead security spending in APeJ, accounting for over 50%. They adapt to tech shifts like open banking and digital payments, while Software and High Tech see rapid growth.

High demand for security in complex IT setups and a lack of talent create opportunities for vendors. Managed Services lead, forming nearly 40% of security spending, with a 12.8% five-year growth rate.

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“Regulatory demands and data protection laws will boost spending on security consultation and integration services. Managed security services will flourish due to IT complexity and cybersecurity talent shortages,” 

says Benjamin Ten, Research Analyst, IT Services, IDC Asia/Pacific.

Security services lead spending, followed by security software. Major segments like Endpoint security, Information and Data Security Software, and Identity and Digital Trust Software drive a substantial portion of the total spending in 2024. Network security essentials, including firewalls and intrusion detection and prevention, will drive spending on security hardware and software in the future.

Also Read: IBM Watsonx Brings New Generative AI Abilities to Enhances Masters App

News Desk

News Desk

by CXO VOICE team memebrs, [email protected]

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