Cybersecurity - Myanmar

Myanmar

The Cybersecurity market in Myanmar is expected to see a significant increase in revenue, reaching approximately US$34.15m by 2024.
Among the various segments, Cyber Solutions leads the market with a projected market volume of around US$19.36m in 2024.
This dominance highlights the importance placed on safeguarding digital assets and combating cyber threats in Myanmar.
Furthermore, the Cybersecurity market is anticipated to exhibit a steady annual growth rate of 11.69% from 2024 to 2029, resulting in a market volume of approximately US$59.36m by 2029.
This growth signifies the increasing recognition of the importance of cybersecurity measures across various industries in Myanmar.
When examining the average Spend per Employee in the Cybersecurity market, it is estimated to reach US$1.37 in 2024.
This metric provides insights into the level of investment made by organizations to protect their digital infrastructure and sensitive information.
In a global context, it is noteworthy that United States is projected to generate the highest revenue in the Cybersecurity market, amounting to approximately US$81,370.0m in 2024.
This statistic underscores the strong presence and market potential of the United States in the cybersecurity industry.
Overall, the Cybersecurity market in Myanmar is poised for growth, with increasing revenue projections and a focus on Cyber Solutions.
As the country continues to develop its digital infrastructure, investing in robust cybersecurity measures will be essential to protect against evolving cyber threats.
Myanmar's cybersecurity market is rapidly growing as the government invests in digital infrastructure and organizations prioritize data protection.

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

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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.