Asia/Pacific* SMB and midmarket security spending is projected to surpass $12 billion by 2027; IDC highlights key opportunities for vendors in high-growth countries like India, Japan, and Australia.
SINGAPORE, 14 October 2024 – In a recent IDC report titled IDC Playbook for Tech Marketing Leaders Tech Marketing Leaders: Capitalizing on SMB and Midmarket Security Spending for Growth in Asia/Pacific (Including Japan), IDC highlights the current state of the cybersecurity market for vendors targeting the small and medium-sized businesses (SMB) and midmarket segment in Asia/Pacific (including Japan) (APJ). SMBs and midmarket companies account for 46% of the total security spending in the region. The market revenue is poised for exponential growth, projected to surpass USD$6 billion by 2027, driven by a robust compound annual growth rate of 13% over five years.
As cyber threats intensify, including a year-over-year rise in ransomware attacks, both large enterprises and SMBs in the region are prioritizing cybersecurity investments. According to the IDC Security Spending Guide, the total security spending in APJ was US$7.6 billion in 2023 and is expected to grow at a CAGR of 10.5%, reaching USD$12 billion by 2027.
Despite regional government efforts, the lack of uniform cybersecurity standards across the region hinders cohesive cybersecurity efforts and coordination. The Indo–Pacific tensions and AI-powered threats have increased cyber-espionage in the region. In response to the regional tensions, countries are forming strategic cybersecurity alliances and partnerships to enhance cybersecurity resilience and response capabilities. Driven mostly by the midmarket segment, countries like Australia, Japan, and China are expected to spend the highest on security solutions, while SMBs/midmarket in India are expected to have the highest growth in security spending.
“To thrive in the shifting landscape of the APJ region, security vendors must adapt their strategies to the varying security regulations across countries, says Supriya Deka, Research Manager, Asia Pacific Small and Medium-sized, and Digital Native Businesses Program, IDC.
“Adopting an innovative mindset and creating localized compliance solutions will enhance credibility. This will require them to adopt an innovative mindset to enhance credibility. Engaging in partnerships with local vendors, startups, and government entities can cultivate a collaborative approach to cybersecurity,” ends Supriya Deka.
This IDC Playbook for Tech Marketing Leaders (DOC #AP51596224) highlights the current state of cybersecurity market for vendors targeting the small and medium-sized business and midmarket segment in Asia/Pacific. It provides insights into future spending trends, country hotspots, competitive insights of the top vendors, market insights, the top market drivers and inhibitors, and sourcing practices and plans. Most importantly, this document aims to equip tech marketing leaders with essential guidance in identifying opportunities in the market.
To learn more about this IDC report, contact Supriya Deka at sdeka@idc.com. For media queries, please contact Michael De La Cruz at mdelacruz@idc.com or Miguel Carreon mcarreon@idc.com.
*Asia/Pacific including Japan (APJ)
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