Market Insights Technology Cybersecurity Cyber Solutions

Data Security - Hong Kong

Hong Kong

The Data Security market in Hong Kong is projected to reach a revenue of HK US$9.50m by 2024.
With an expected annual growth rate (CAGR 2024-2029) of 11.61%, the market volume is forecasted to reach HK US$16.45m by 2029.
In terms of average Spend per Employee, the Data Security market is expected to reach HK US$2.55 in 2024.
In a global comparison, United States is predicted to generate the highest revenue in the Data Security market, with an estimated amount of US$2,891.0m in 2024.
Hong Kong's data security market is rapidly growing, driven by the increasing demand for cybersecurity solutions among its financial institutions and multinational corporations.

Key regions: Brazil, Saudi Arabia, Chile, Germany, Belgium

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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.