Increasing expenditure by the emerging economies on security infrastructure is expected to boost the messaging security market in the Asia-Pacific (APAC) region to US$1.5bn in 2024, says GlobalData.
An analysis of GlobalData’s Market Opportunity Forecast Model reveals that messaging security revenue is estimated to witness a compound annual growth rate (CAGR) of 7.1% during the forecast period 2019-2024. The need to safeguard sensitive patient data shared over digital channels as well as the stringent data security regulations in some countries will result in the increased adoption of messaging security solutions in healthcare organizations.
Rohit Sharma, Senior Analyst at GlobalData, comments: “The key factors leading to the higher adoption of the messaging security services in the region are the increasing number of spams and rise in cyberattacks on businesses. Additionally, malicious software, high adoption of cloud-based services and bring-your-own-device (BYOD) in enterprises will further contribute to the growth.”
In 2020, China and Japan together are estimated to account for 61% of the total messaging security services revenue in the APAC region. The rise of IT and healthcare sectors in China and Japan, and strong service industry in India are boosting the market of messaging security in the region.
In India, the messaging security market is expected to grow steadily during the forecast period due to the increasing focus of both government and enterprises on security solutions due to COVID-19 pandemic.
Increasing government investment in security solutions and rising data breach concerns are contributing to the growth of messaging security services in Australia.
Amidst the COVID-19 scenario, cybercriminals have adopted innovative methodologies to target individuals by circulating phishing files and malicious links. This has led to an increase in focus on cloud security and security-as-a-service (SaaS) solutions by messaging security vendors.
Mr Sharma concludes: “The messaging security market in APAC region is projected to grow in the upcoming years as the economies in the region such as China, Japan, South Korea, India and Australia are key contributors in the ICT sector with growing data security concerns.”
