According to MarkNtel Advisors who is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. Recently released a report on Malaysia Cybersecurity Market - Industry Trends and Forecast to 2030 and provides a comprehensive analysis of the current and future market conditions. The market research insights offered in this report enhance understanding of the market landscape, potential challenges, and strategies to establish a strong brand presence. With detailed market segmentation, in-depth analysis of key players, examination of consumer and supply chain trends, and exploration of new geographic markets, the insights presented in this report simplify the effective marketing of products and services.
Malaysia Cybersecurity Market Analysis and Size
Malaysia Cybersecurity Market was valued at around USD 1.05 billion in 2023 and is projected to reach around USD 2.17 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 11.4% during the forecast period, i.e., 2024-30.
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Some of the major players operating in the Malaysia Cybersecurity Market are IBM, CISCO, Microsoft, Palo Alto Networks, Wizlynx group, AKATI Sekurity, AVG, Amazon Web Services, Inc., Qinetics MSP Sdn Bhd, Oracle, 3i Infotech Sdn Bhd, and others.
Malaysia Cybersecurity Market Growth Driver:
Expansion of E-Commerce Industry Driving Market Growth – The Malaysian population has consistently been gaining internet access across the country. According to the World Bank, internet penetration has reached around 97% in 2022, up from about 84% in 2019. Thus, with the growing adoption of the internet, smartphones, tablets, computers, etc., the residents of the country are steadily integrating e-commerce services into their routine lives due to convenience, and the variety of options available. Additionally, the Malaysian government has been supportive of the development of digitalization in the country and is implementing various initiatives to boost the e-commerce sector. Such as programs to enhance the digital infrastructure and policies to smooth the online transaction process. For instance,
- In 2023, the Malaysian government and Google announced their partnership to strengthen home-grown companies by advancing their digital competitiveness.
According to the Department of Statistics Malaysia, the contribution of e-commerce to GDP increased 18.9% from USD 48.3 billion in 2021 to USD 57.5 billion in 2022. Hence, the escalating online shopping is resulting in more online transactions, making e-commerce companies and consumers prone to phishing, ransomware, data breaches, etc. Therefore, this increase in e-commerce platform operations has been a key factor requiring solutions for cyber threats in the country, further supporting the Malaysia Cybersecurity Market size volume.
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Market Segment and Geographical Analysis
By Security Type
- Network Security- Market Size Forecast 2019-2030, (USD Million)
- Cloud Security- Market Size Forecast 2019-2030, (USD Million)
- Endpoint IoT Security- Market Size Forecast 2019-2030, (USD Million)
- Application Security- Market Size Forecast 2019-2030, (USD Million)
- Data Security- Market Size Forecast 2019-2030, (USD Million)
- Others (Identification Access Management, etc.)- Market Size Forecast 2019-2030, (USD Million)
By Solution
- Identity Access Management (IAM)- Market Size Forecast 2019-2030, (USD Million)
- Antivirus/Antimalware- Market Size Forecast 2019-2030, (USD Million)
- Log Management SIEM- Market Size Forecast 2019-2030, (USD Million)
- Firewall- Market Size Forecast 2019-2030, (USD Million)
- Encryption Tokenization- Market Size Forecast 2019-2030, (USD Million)
- Compliance Policy Management- Market Size Forecast 2019-2030, (USD Million)
- Patch Management- Market Size Forecast 2019-2030, (USD Million)
- Others- Market Size Forecast 2019-2030, (USD Million)
By Deployment mode
- On-premises- Market Size Forecast 2019-2030, (USD Million)
- Cloud- Market Size Forecast 2019-2030, (USD Million)
- Hybrid Cloud- Market Size Forecast 2019-2030, (USD Million)
By Organization size
- Large Enterprises- Market Size Forecast 2019-2030, (USD Million)
- SMEs (Small Medium Enterprises)- Market Size Forecast 2019-2030, (USD Million)
By End User
- Banking, Financial Services and Insurance (BFSI)- Market Size Forecast 2019-2030, (USD Million)
- Government Defense- Market Size Forecast 2019-2030, (USD Million)
- Corporate- Market Size Forecast 2019-2030, (USD Million)
- Healthcare Life Sciences- Market Size Forecast 2019-2030, (USD Million)
- Manufacturing- Market Size Forecast 2019-2030, (USD Million)
- IT Telecommunication- Market Size Forecast 2019-2030, (USD Million)
- Others (Education, Media Entertainment, etc.)- Market Size Forecast 2019-2030, (USD Million)
By Region
- North
- South
- East
- Central
- Sarawak
- Sabah
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