Security hardware, services and software spending in Asia/Pacific (excluding Japan) is expected to reach $36 billion in 2023, an increase of 16.7% over the previous year, according to an IDC report. This market outlook sits ahead of the expected worldwide growth of 12.1% in 2023.
IDC expects security investments to remain resilient in 2023 and the forecasted years despite the economic slowdown and uncertainty risks. Spending on security-related products and services will grow at a five-year CAGR of 15.4% over the forecast period (2021-2026) and reach $55 billion by 2026.
Key drivers behind this growth are the rise in cyber-attacks, digital transformation initiatives, and continued hybrid workforce trends. With the growing number of highly sophisticated and targeted cyberattacks in the region and 38% more cyberattacks per week on corporate networks globally in 2022, businesses in the region are increasing investments in tools and solutions to achieve cyber resiliency against cyber threats.
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