Japan Cyber Security Market Gearing Up for Double Digit Growth—Projected to Grow at a CAGR of 12.2% by 2027
Published | 29 October 2021
Advanced technologies, such as Artificial intelligence, the Internet of Things, Machine Learning, etc., are driving the Japan cybersecurity market. In addition, the growing need for cloud-based cybersecurity systems to prevent data loss drives the market…
A study, recently conducted by the strategic consulting and market research firm BlueWeave Consulting, revealed that the Japan cyber security market was worth USD 12.1 billion in 2020 and is further projected to reach USD 26.9 billion by 2027 at a CAGR of 12.2 % during the forecast period (2021-2027). The market is growing as a result of more complex cyberattacks in Japan. Cyber frauds and other crimes have increased in number and severity over the last decade, resulting in massive losses for corporations. Increasing cybercrime incidents have prompted businesses in Japan to invest more in advanced information security solutions to enhance their own security infrastructures. Furthermore, the requirement to protect vital infrastructure from Advanced Persistent Threats (APTs) has prompted the government to overhaul its cyber security plans, opening up a pool of potential for industry players.
The Surge in Adoption of IoT Security is Creating Immense Opportunities for the Cybersecurity Market
As more businesses adopt IoT devices to enhance operational efficiency and communications, IoT traffic will increase in the coming years. Cybercriminals now have a larger attack surface as IoT devices become more prevalent. The cybersecurity model approach will become the norm for organizations dealing with sensitive information in the coming years as it provides security professionals with better insights into users accessing networks from different locations, applications they are accessing, and when they accessed them.
A single IoT device performs hundreds of requests each day, and businesses have access to various devices connected to internal and external networks. As a result of the large volume of requests, data security professionals may not be able to enter them all into Security Information and Event Management (SIEM) systems, which can further hinder network-level visibility. Businesses are turning to cybersecurity solutions that analyze all traffic on internal and external networks and detect malicious Domain Name System (DNS) queries to address such visibility problems.
Japan Cyber Security Market: By Component
The Japan Cyber Security market is categorized as hardware, software, and services. Among these, the services segment held the largest market share in 2020 and is likely to maintain its position during the forecast period. Various industries, such as government, utilities, and others, rely on cyber security service providers to protect their infrastructure. Security service companies provide quick support, troubleshoot software faults, and provide global delivery through their Security Operation Centers. Additionally, real-time monitoring of threats and compliance management will likely drive segment growth during the forecast period.
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Japan Cyber Security Market: By Security Type
The Japan Cyber Security market is categorized into endpoint security, cloud security, network security, application security, infrastructure protection, data security, and others based on security types. Among these, the infrastructure protection segment held the largest market share in 2020 and is likely to dominate the segment during the projected period. In industries such as oil, energy, manufacturing, transportation, and telecommunications, utilizing IoT and linked devices for capturing and distributing data across the internet has increased dramatically. It is important to secure such infrastructures against internet attacks and disasters. The Japanese government is progressively investing in technologies like Operation Technology (OT), SCADA, and industrial control systems to respond to and remain prepared for such crises and threats.
Japan Cyber Security Market: Impact of COVID-19
The COVID-19 outbreak has significantly impacted the Japan cyber security market. The government and regulatory agencies have mandated both public and commercial enterprises to embrace new strategies for remote working and follow social distance to combat the virus. Since then, digital business practices have become the new normal for many industry verticals.
Because of the widespread use of BYOD devices, internet penetration, and the WFH trend in the country, individuals are more inclined to adopt digital technologies such as cloud solutions. This has also increased the demand for cybersecurity measures to protect against cyber-attacks. Cyber hygiene activities and endpoint security measures are becoming more popular as a way to maintain adequate security policies and practices amidst the Covid-19 outbreak.
Competitive Landscape
The Japan cyber security market is moderately fragmented due to the limited players involved in the market. A company's ability to develop, expand, and acquire new products keeps it competitive in the market. Additionally, some leading players are increasing their global footprint by purchasing overseas producers. Some key players in the Japan Cyber Security market are Caulis Inc., Trend Micro, Spider Labs, Flatt Security, Cocon, Evixar, Keychain, Bankguard, GMO GlobalSign Cybereason Japan, and Marvelous, Inc.
In July 2021, Japan released the blueprint for its "Next Cyber Strategy," which is expected to be adopted by Cabinet in September 2021. The three-year strategy was developed in response to escalating cyber-attacks from China and deteriorating relations with that country over Taiwan. Similarly, Japan's relations with Russia are deteriorating, and it believes Russia is responsible for cyber-attacks on Japan's vital infrastructure.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Japan cyber security market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Japan cyber security market, along with 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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