Australia Cyber Security Market Outlook to 2027F

Australia Cyber Security Market Outlook to 2027F

The report provides a comprehensive analysis of the potential of cyber security industry in Australia. The report covers an overview and genesis of the industry, market size in terms of revenue generated.

Its market segmentations include by component, by security, by deployment type, be region, by organization type and by industry; growth enablers and drivers; challenges and bottlenecks; trends driving adoption trends; regulatory framework; end-user analysis, industry analysis, competitive landscape including competition scenario and market shares of major players. The report concludes with future market projections of each market segmentation and analyst recommendations.

Market Overview:

According to Ken Research estimates, the Australia Cyber Security Market which grew from approximately AUD ~ Bn in 2017 to approximately AUD ~Bn in 2022 is forecasted to grow further into AUD ~Bn opportunity by 2027F, owing to the new government policies, new players in the market and technological development.

IoT devices have a security system that is vulnerable to cyberattacks. It is not designed to pre-detect or prevent threats, such as hacking. Thus, these devices could be prime targets for hackers to obtain usernames and passwords and access other confidential information.

The quantity of personal information and transaction data that all Australia firms have on hand is growing. Sensitive data is frequently exposed due to organizational system weaknesses, making these firms the prime targets of cyberattacks.

Key Trends by Market Segment:

By Deployment Type: Cloud segment contributed to the highest share, and it is attributed to increasing technological integration and surging digital usage by consumers post COVID-19.

By Component: Entities generally approach a cybersecurity service provider to take care of various functions rather than a standalone hardware and software. Therefore, the revenue contribution is higher for services.

Competitive Landscape

Australia Cyber Security Market is at growing stage and has moderately fragmented market with more than 15 players in the market that adopt strategic initiatives such as partnerships, investments, and new product offerings due to increasing awareness regarding mobility security among enterprises. IBM, Akamai Technologies, Context Information Security, iSight Partners, NCC Group, Ping Identity, CyberCX, McAfee Enterprise

Future Outlook

Australia IT industry is on the rise, and more and more Australian companies are entering the international market. Therefore, it will boost the cyber security market in Australia. Additionally, factors like transaction data, improved internet services, government regulations and technological development will also support the market in future.

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