Indonesia Cybersecurity Market Size More Than Triples to Cross USD 3.8 Billion by 2029

Published | 30 June 2023

The Indonesia cybersecurity market is gaining traction because of the growing focus on thwarting increasing number of data breaching incidents across Indonesia and growing adoption of cybersecurity in small & medium-sized enterprises (SMEs).

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Indonesia cybersecurity market size at USD 1.04 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Indonesia cybersecurity market size to boom at an impressive CAGR of 24.29% reaching a value of USD 3.83 billion by 2029. Rising incidences of cyberattacks and the increasing sophistication of these attacks are two major development factors for the Indonesian cybersecurity market. The government and enterprises are implementing the essential security measures since, according to Asmag, Indonesia is the number one target for cyberattacks, receiving almost 42,000 attacks per day. It is driving the growth of the Indonesia cybersecurity market at a robust rate.

Indonesia Cybersecurity Market – Overview

Security is the process of guarding against unwanted access to networks, systems, and applications, as well as online or digital threats. Numerous strategies can be used to combat cybercrime, including but not limited to critical infrastructure security, network security, application security, cloud security, disaster recovery/business continuity planning, storage security, and others. Additionally, since organizations gather, store, and use a lot of personal data online, cybersecurity is a primary priority for corporations and military, financial, and healthcare organizations.

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Indonesia Cybersecurity Market – By Industry Vertical

Based on industry vertical, the Indonesia cybersecurity market is segmented into aerospace & defense, government, BFSI, IT & telecommunications, healthcare, retail, manufacturing, and others. The BFSI segment accounts for the highest market share. The growing trend of remote work, hybrid workforces, cloud-based software platforms, and online payment platforms has exposed the BFSI sector to new cyber threats. Employees no longer access data solely through networks and systems under the control of the company. As a result, the BFSI industry in Indonesia is witnessing a sharp rise in demand for cybersecurity solutions.

Impact of COVID-19 on the Indonesia Cybersecurity Market

The COVID-19 pandemic presented significant growth opportunities for the Indonesia cybersecurity market owing to the substantial surge in cyber threats and data breaches. According to a report by Reuters back in September 2021, the Indonesia Health Alert Card (eHSC) (also known as the COVID-19 test and trace app) exposed personal data and the health status of 1.3 million people due to a suspected security flaw. Additionally, the rising prevalence of remote working and the increasing use of cloud computing and software are also exposing organizations’ crucial data to potential cyber threats. These factors are anticipated to proliferate the integration of advanced cybersecurity measures in Indonesia, propelling the overall market growth.

Competitive Landscape

Major players operating in the Indonesia cybersecurity market include Trend Micro Inc., Caulis Inc., Internet Initiative Indonesia, Inc., IBM Corporation, Cisco Systems, Inc., LAC Co. Ltd., SCSK Corporation, NEC Corporation, Spider Labs Ltd, Cybereason Indonesia Corporation, Caulis Inc., and Cybersecurity Cloud, Inc. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Indonesia Cybersecurity Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Indonesia Cybersecurity Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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