The Australia Cyber Security is expected to generate AUD ~Bn by 2027F owning to growing IT sector, government regulations and technological development: Ken Research

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.

• Every 7 minutes, a cybercrime is reported in Australia. The number and sophistication of these threats have increased in recent years.
• In the 2021–22 financial year alone, 76,000 cybercrimes were reported in Australia.
• The Australian Cyber Security Centre reports that 24% of cyber security incidents in the government sector were reported. As the number of cyberattacks in the nation has increased, Australia has been forced to improve its defences. However, a significant point of origin for cyberattacks includes the government.

Import of cyber security products: American and Israeli companies make up the majority of the import market for IT security solutions (and the majority of the whole market). 60% of all imported solutions are of US origin and approximately 20% originate from Israel. As much of the demand for cyber products and solutions is supplied by foreign vendors, Australian companies do not feature in the list of the top 15 security software vendors in the local market. Australian companies only feature in a significant way in the supply of services and acting as channel partners for overseas vendors to supply specific and niche security service expertise.

Australia’s Regulation of Cybersecurity: To advance cybersecurity in all spheres of government, business, and education, the Australian government established a number of Joint Cyber Security Centers (JCSC) around the nation. This is a component of the government's USD 47 million JCSC initiative, which helps several public and private enterprises communicate with one another. Additionally, the Australian Cyber Security Centre (ACSC) published a joint cyber security advisory on Russian state-sponsored and criminal cyber threats to vital infrastructure that may have an impact on businesses inside and outside of Ukraine. The advice suggests numerous immediate steps that all enterprises should take to secure their networks, including mandating multifactor authentication and prioritizing patching of known exploited vulnerabilities.

Challenges faced by Cyber security industry in Australia: There is strong demand in Australia for cyber security services as many public and private companies lack the internal expertise to adequately and comprehensively secure their IT assets. This trend will grow over the next decade as companies will place an even greater reliance on outsourced security vendors to provide digital security solutions on their behalf.

Analysts at Ken Research in their latest publication “Australia Cyber Security Market Outlook to 2027F- Driven by rising enterprises, technological developments and market investment” observed that Cyber Security Market in Australia is at growing stage. The high number of smartphone users, cybersecurity tools, Australia’s regulations with government initiatives is expected to contribute to the market growth over the forecast period. The market is expected to grow at an ~% CAGR during 2022-2027F.

Key Segments Covered in the report:-

Australia Cyber Security Market

By Component

Hardware

Software

Services

By Security

Network Security

Endpoint Security

Application Security

Cloud Security

Others

By Deployment Type

On-Premise

Cloud

By Region

Northern

Western

Eastern

Central

Southern

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By Organization Size

Medium and Small Enterprises

Large Enterprises

By Industry

BFSI

Government Sector

IT

Telecom

E-Commerce

Healthcare

Retail

Others

Key Target Audience

Technology Companies

Cybersecurity Companies

Banking and Financial Institutions

Cybersecurity Service Providers

Government Agencies

Cybersecurity Consultants

Time Period Captured in the Report

Historical Period: 2017-2021

Base Year: 2022

Forecast Period: 2023-2027F

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Companies Covered

CISCO Corp.

CSC Corp.

DELL (SecureWorks Inc.)

IBM Corp.

Intel Corp.

Akamai Technologies

Context Information Security

iSight Partners

NCC Group

Ping Identity

CyberCX

McAfee Enterprise

Key Topics Covered in the Report

Australia Cybersecurity Market Overview and Genesis

Australia Cybersecurity Market Size, 2022

Australia Cybersecurity Market Segmentations, 2022

Demand Analysis of Australia Cybersecurity Market

Porter’s Five Analysis, Growth Drivers and Trends in Australia Cybersecurity Market

Challenges, government regulation and impact of covid on Australia Cybersecurity Market

Future Outlook and Market Size for Australia Cybersecurity Market, 2022-2027F

Market Segmentations for Australia Cybersecurity Market, 2022-2027F

Competitive scenario for Australia Cybersecurity Market

Analyst Recommendations and Industry Speaks

For more insights on the market intelligence, refer to below link:-

Australia Cyber Security Market

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