Overall, security hardware, services, and software spending in Asia/Pacific is projected to hit $23.1 billion in 2021, up 12.6% from the previous year.
According to IDC, Australia and India will account for 26% of total security spending in the Asia-Pacific region in 2021, owing to increased cloud adoption and large work-from-home migration.
Owing to the presence of a large number of companies catering to both domestic and foreign clients, Australia and India are the next two largest countries in terms of security spending.
Overall, security hardware, services, and software spending in Asia/Pacific is projected to hit $23.1 billion in 2021, up 12.6% from the previous year.
Over the forecast period (2019-24), IDC expects investment in security-related products and services to rise at a CAGR of 13.3%, reaching $35 billion by 2024.
Commenting on the forecast report, Sharad Kotagi, Associate Market Analyst at IDC IT Spending Guides, Customer Insights and Analysis, said “In Asia/Pacific, investments on security-related products and solutions (endpoint security, VPN, and firewalls) will experience double-digit growth in 2021 due to the increased spending by both governments and enterprises (particularly in the banking, telecom, and professional services industry),”
According to the IDC forecast report, large (500-1,000 employees) and very large companies (over 1,000 employees) will account for two-thirds of all security-related spending in 2021.