Cybersecurity - Australia & Oceania

Australia & Oceania

The Cybersecurity market in Australia & Oceania is expected to witness significant growth, with projected revenue reaching US$4.62bn in 2024.
Among the various segments, Security Services is set to dominate the market, with a projected market volume of US$2.69bn in 2024.
This dominance highlights the increasing need for robust security measures in the region.
Furthermore, the Cybersecurity market is anticipated to exhibit a steady annual growth rate (CAGR 2024-2029) of 7.39%, resulting in a market volume of US$6.60bn by 2029.
This growth signifies the increasing awareness and adoption of cybersecurity solutions in Australia & Oceania, as organizations strive to protect their digital assets from potential threats.
In terms of expenditure, the average Spend per Employee in the Cybersecurity market is projected to reach US$217.40 in 2024.
This metric serves as an indicator of the level of investment made by organizations in securing their operations and data.
On a global scale, United States is expected to generate the highest revenue in the Cybersecurity market, with a projected amount of US$81,370.0m in 2024.
This underscores the country's strong focus on cybersecurity and the significant investments being made to combat cyber threats.
Overall, the Cybersecurity market in Australia & Oceania is poised for substantial growth, driven by the increasing importance of protecting digital assets and the rising awareness of potential cyber threats.
Australia & Oceania is witnessing a surge in demand for cybersecurity solutions due to the increasing number of cyberattacks targeting the region's critical infrastructure.

Key regions: United States, Canada, Brazil, India, Belgium

Market

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Region comparison

Currency

Analyst Opinion

Cybersecurity is a topic practically every company must tackle in order to ensure and enhance the success of the digital transformation of their operational activities (e.g., automated processes, cloud-based tools, or software support). Driven by the increasing awareness of data risks and threats, the global Cybersecurity market has witnessed robust growth over the last few years with revenue increasing from US$83.32 billion in 2016 to approximately US$166 billion in 2023.

Furthermore, the adoption of cybersecurity is expected to grow with the increasing internet penetration among developing and developed countries. Whilst it was common to dismiss cybersecurity as a task for the IT department, it is now increasingly becoming the dominant part of top-level strategic planning.

The COVID-19 crisis led to many organizations facing more cyberattacks due to the security vulnerability of remote work as well as the shift to virtualized IT environments, such as the infrastructure, data, and network of cloud computing. The market is expected to continue showing strong growth, with North America as the dominant region in this market. Cloud Security is the fastest-developing market.

Methodology

Data coverage:

Data encompasses B2C, B2B and B2G enterprises. Figures are based on security spending excluding VAT and the number of cyberattacks.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial statements of the market-leading companies and industry associations, national statistical offices, and specific countries’ security organizations (e.g., German Cyber Security Council, Canadian Centre for Cyber Security). Furthermore, we use relevant key market indicators and data from country-specific associations, such as GDP and internet penetration. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. Possible techniques are, for example, exponential trend smoothing and the autoregressive integrated moving average (ARIMA) forecasting algorithm. The main drivers are GDP, internet users, level of digitization, and consumer attitude towards data and IT security.

Additional notes:

Data is modeled using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.