According to a report by IDC, Australia and India will account for 26 per cent of the overall security spending in the Asia-Pacific (APAC) region in 2021. This trend will be driven by increased cloud adoption and massive work-from-home migration.
As per the report, the overall spending on security hardware, services, and software in APAC is expected to reach $23.1 billion in 2021 an increase of 12.6 per cent over the previous year.
Further, IDC expects investment on security related products and services to grow at a compound annual growth rate (CAGR) of 13.3 per cent over the forecast period (2019-24) and reach $35 billion by 2024.
According to the company, investments on security-related products and solutions (endpoint security, VPN, and firewalls) will experience double-digit growth in 2021 due to increased spending by both governments and enterprises (particularly in the banking, telecom, and professional services industry).
The industries that would witness the greatest increase in security spending in 2021 are state/local government (18.5 per cent), transportation (13.9 per cent), and retail (13.7 per cent) driven by increased focus on data security, e-commerce, work from home, digitalization of logistic monitoring, payments, and contracts.
The report added that 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.
