|Integration of Capabilities Transforming the Asia-Pacific Network Security Market, 2020|
|Future Growth Potential Driven by the Need to Defend Against Rising Lethality of Attacks|
The overall APAC network security market is expected to grow at 7.9% CAGR from 2019 to 2024. The wider region was led by the firewall segment due to its popularity in the market, followed by the IDS/IPS segment, and the SSL VPN segment. The network security market is still growing, albeit at a slower rate than in the past 5 years, and with varying contribution from its segments. In the immediate future, the widespread effects of the COVID-19 pandemic will drastically impair the network security market just as it will affect the wider economy. Future growth will also be impacted as the market grapples to recover.
Most governments in the region have set up regulations and laws on data security, residency and/or privacy in the recent past which compels enterprises to take a more serious look at their IT and OT security postures. The EU General Data Protection Regulation (GDPR) serves as a model for countries, as they adopt precautionary measures which include network security.