Cybersecurity - Hong Kong

Hong Kong

The Cybersecurity market in Hong Kong is expected to see a significant increase in revenue, reaching US$0.78bn in 2024.
Among the various segments, Security Services dominates the market with a projected market volume of US$0.45bn in the same year.
This indicates a strong demand for security services in the country.
Looking ahead, the market is anticipated to grow at an annual growth rate of 8.07% from 2024 to 2029, resulting in a market volume of US$1.15bn by the end of that period.
This suggests a positive outlook for the Cybersecurity market sector in Hong Kong, with sustained growth expected in the coming years.
In terms of average Spend per Employee, the Cybersecurity market is projected to reach US$208.50 in 2024.
This indicates the level of investment and resources allocated towards ensuring robust security measures in the country.
When compared globally, it is noteworthy that United States is expected to generate the highest revenue in the Cybersecurity market, with an estimated US$81,370.0m in 2024.
This highlights United States' dominance in the industry, while also emphasizing the potential for growth and opportunity in Hong Kong's Cybersecurity market.
Hong Kong's growing dependence on technology and its status as a global financial hub have led to increased demand for cybersecurity solutions in the country.

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

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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.