Cybersecurity - Philippines

Philippines

The Philippines is expected to witness significant growth in the Cybersecurity market, with projected revenue reaching US$238.20m in 2024.
Within this market, Security Services is set to dominate, with a projected market volume of US$128.00m in 2024.
This indicates the country's strong focus on protecting its digital assets and infrastructure.
Furthermore, the Cybersecurity market in the Philippines is expected to experience a steady annual growth rate (CAGR 2024-2029) of 11.41%.
This growth trajectory will result in a market volume of US$408.80m by 2029, contributing to the country's overall security and resilience in the digital realm.
In terms of expenditure, the average Spend per Employee in the Cybersecurity market is projected to reach US$4.96 in 2024.
This signifies the investment made by businesses and organizations in the Philippines to ensure the protection of their sensitive information and safeguard against potential cyber threats.
In global comparison, it is worth noting 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 the significance of the US market and its leading role in driving advancements and innovations within the Cybersecurity market industry.
Overall, in the Philippines is poised to make significant strides in the Cybersecurity market, given its projected revenue growth, focus on Security Services, and commitment to ensuring a secure digital landscape for its businesses and citizens.
"Philippines is experiencing a surge in demand for cybersecurity professionals due to the rise in cyber threats and increased government focus on data protection."

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

Market

Region

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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.