A USD 1.05 Billion Malaysia Cybersecurity Market to Grow at a CAGR of Around 11.4% During 2024-30

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Malaysia Cybersecurity Market size 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, cites MarkNtel Advisors in the recent research report. The market boom is attributed to the increasing incorporation of organizations in the country, and the ever-increasing cyber threats such as malware, information breaches, phishing assaults, and so forth. Malaysia is one of the most cyber-assault-centered nations in the Asia-Pacific region, which has made it a completely essential location for cybersecurity gamers to construct their presence in. Nonetheless, the already present BFSI, IT, healthcare, education, and many others., and their augmenting cloud adoption and integration of the latest technology, make them more vulnerable to cyber-attacks. Hence, the cybersecurity vendors in the country were widening their scope of services being offered to relieve the risks and possibilities of cyber threats or cyber-attacks. Along with this, the corporations are also proactively adopting cybersecurity measures to defend themselves against cyber threats & attacks. Thus, all these factors have augmented the growth of the Malaysia Cybersecurity Market over the past few years.

Additionally, the Malaysian government has initiated the National Cyber Security Agency (NACSA) and the Malaysia Cyber Security Strategy 2020–24 to reinforce the nation's cybersecurity shape and enhance cyber and virtual endurance. Such projects recognize improving cybersecurity infrastructure, initiating global tie-ups, and improving the legislative framework. In 2023, to reinforce the country's cybersecurity by enhancing tracking, detection, and cybercrime reporting competence, the finance ministry of Malaysia offered nearly USD 17.3 million to Cybersecurity Malaysia (CSM). Hence, the increasing government initiatives have been creating revenue-generating opportunities for the cybersecurity market in Malaysia. Also, companies in various economic sectors now are integrating cybersecurity measures stimulated by the government’s rules and regulations, which is expected to maintain the growth pace of the market in the forecast years.

Furthermore, the rising investments in the development of new technologies such as artificial intelligence (AI) and machine learning (ML) not only by the private market players but also by the government is also growing the demand for cybersecurity services in Malaysia. The increasing adoption of AI & ML in numerous industries in the country is simultaneously propelling the need for advanced cybersecurity methods, further states the research report, “Malaysia Cybersecurity Market Analysis, 2024.”

Segmentation Analysis

Network Security to Dominate Malaysia Cybersecurity Market

Based on the security type, the market is further bifurcated into network security, cloud security, endpoint & IoT security, application security, data security, and others (identification & access management, etc.). Among these, network security services are expected to attain a dominant market share in the upcoming years. To avoid the rising cyber threats of malware, ransomware, phishing attacks, etc., the need to safeguard the internal network boundaries of organizations has been a necessity. Furthermore, the rising expansion of digitalization amongst sectors such as finance, healthcare, manufacturing, education, and government services has been positively impacting market growth in the current years. Also, the increasing government efforts to boost the contribution of these sectors to the country’s GDP (Gross Domestic Product) is a critical factor supporting the growth of network security share in the market. The amplifying establishment of new companies as well as the transition of the old and new companies to digital mode for unhindered business activities would propel the growth of the network security segment in the Malaysia Cybersecurity Market in the forecast period.

Large Enterprises Hold Major Market Share

Large enterprises are dominating the market in line with factors including the increasing establishment of large enterprises in the country. The government supports boosting the economic growth of the country through developing sectors such as healthcare, IT, education, oil & gas, etc. The sectors are moving towards digitalization, and the need for cybersecurity solutions to protect confidential data and for the smooth operations of organizations is also increasing. Thus, large enterprises have been taking a larger share of the market since the historical period.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including 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, are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the country?
4. How has the industry been evolving in terms of geography & service adoption?
5. How has the competition been shaping up across the country?
6. How have the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?