With increased cloud adoption and massive remote work, Australia and India will account 26 percent of the overall spending on security solutions in the Asia-Pacific region in 2021, says IDC.
India and Australia are the next two top countries in terms of spending on security solutions due to the presence of many organizations catering to domestic and international clients.
Overall, spending on security hardware, services, and software in Asia/Pacific is expected to reach $23.1 billion in 2021, increasing 12.6 percent over the previous year.
IDC expects investment in security-related products and services to grow at a 5 year CAGR of 13.3 percent over the forecast period (2019-2024) and reach $35 billion by 2024.
Large (500-1,000 employees) and huge businesses (more than 1,000 employees) will be responsible for two-thirds of all security-related spending in 2021, said the IDC report.
“In Asia/Pacific, investments on security-related products and solutions (endpoint security, VPN, and firewalls) will experience double-digit growth in 2021 due to the increased spending by both governments and enterprises (particularly in the banking, telecom, and professional services industry),” explained Sharad Kotagi, Associate Market Analyst at IDC IT Spending Guides, Customer Insights and Analysis.
Businesses that see a tremendous increase in security spending this year are state/local government 18.5 percent, transportation 13.9 percent, and retail 13.7 percent driven by the increased focus on data security, eCommerce, work from home, digitalization of logistic monitoring, payments, and contracts.
“While leading organizations are starting to adopt a more platform-based approach, the majority are still buying point-solutions to address specific concerns. This majority needs to change their mindset and invest more strategically into their security architectures,” says Simon Piff, Vice President of Trust, Security, and Blockchain Research at IDC Asia/Pacific. Security hardware will be the second largest of the security market, dominated by network security needs, including firewalls, intrusion detection and prevention, unified threat management, and virtual private networks.
Also Read: India Server Market Revenue Fell YoY by 11.2% in Q4 2020
