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Home Cyber Security Security solutions: India to be the top spender

Security solutions: India to be the top spender

Asia/Pacific, overall spending on security solutions, hardware, services, and software is expected to reach $23.1 billion in 2021 an increase of 12.6 per cent over the previous year

Australia and India, driven by increased cloud adoption and massive work-from-home migration, will account 26 per cent of the overall spending on security solutions in the Asia-Pacific region in 2021, according to the IDC.

Due to the presence of large number of businesses catering to domestic as well as international customers, Australia and India are the next two largest countries in terms of spending on security solutions.

In Asia/Pacific, overall spending on security solutions, hardware, services, and software is expected to reach $23.1 billion in 2021 an increase of 12.6 per cent over the previous year.

Over the forecast period (2019-24), IDC expects investment on security solutions related products and services to grow at a five-year CAGR of 13.3 per cent and reach $35 billion by 2024.

“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.

Driven by increased focus on data security, e-commerce, work from home, digitalization of logistic monitoring, payments, and contracts, the industries that are seeing the greatest increase in spending on security solutions this year are state/local government (18.5 per cent), transportation (13.9 per cent), and retail (13.7 per cent).

“While leading organisations 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 mind-set and invest more strategically into their security architectures,” says Simon Piff, Vice President of Trust, Security, and Block-chain Research at IDC Asia/Pacific. Dominated by network security needs including firewalls, intrusion detection and prevention, unified threat management, and virtual private networks, security hardware will be the second largest of the security solutions market.

The IDC report said, large (500-1,000 employees) and very large businesses (more than 1,000 employees) will be responsible for two thirds of all security-related spending in 2021.

Also read:Robots becoming an important part of the marketing industry

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Khushbu Soni
Chief Editor - CIO News | Founder & CEO - Mercadeo


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