Cyber attack surge set to see APAC managed security spend hit $17B

Cyber attack surge set to see APAC managed security spend hit $17B


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Managed security services revenue in the Asia Pacific region is expected to hit US$17 billion in 2024, as a surge in cyber attacks sees enterprises ramp up investment in solutions to combat rising threats.

This is according to analysis by data and analytics firm GlobalData, which suggests that security risks, and ransomware incidents particularly, have been forcing enterprises across the APAC region to search for trusted and competent security services providers.

“The key factor driving the increased spending by enterprises on the managed security services market is the rise in cyber attacks (including direct, indirect and induced), resulting in significant losses to enterprises,” GlobalData senior technology analyst Rohit Sharma said.

“Additionally, due to lack of skilled cybersecurity professionals, enterprises are looking for trusted partners, thereby resulting in the growth of the segment,” he added.

With this in mind, GlobalData estimates that managed security services revenue in the region will reach US$17 billion in 2024, with Indonesia and Australia expected to see the highest compound annual growth rates (CAGRs) of 5.2 per cent and 1.3 per cent, respectively, during the forecast period.

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