Malaysia Cybersecurity Market Size Booming to Touch USD 109.51 Million by 2029

Published | 27 July 2023

Malaysia cybersecurity market is gaining traction because of the rising frequency and sophistication of cyberattacks in the country and ongoing digitalization across industries.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Malaysia cybersecurity market size at USD 41.75 million in 2022. During the forecast period between 2023 and 2029, the Malaysia cybersecurity market size is projected to grow at a CAGR of 9.2% reaching a value of USD 109.51 million by 2029. The expanding integration of cloud computing and cutting-edge technologies, such as AI, AR/VR, and machine learning (ML), together with the rising number of data breach occurrences in the nation, are key growth drivers for the Malaysia cybersecurity market. However, a limited rate of cybersecurity adoption among SMEs along with lack of skilled professionals may act as a huge restraining factor for the market growth.

Malaysia 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 cybercrimes, 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 private data online, cybersecurity is a primary priority for corporations, and military, financial, and healthcare organizations.

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Malaysia Cybersecurity Market – By End User

Based on end user, the Malaysia cybersecurity market is segmented into BFSI, healthcare, manufacturing, government & defense, IT & telecommunications, and others. The BFSI segment dominates the Malaysia cybersecurity market by end user. The use of remote work, hybrid workforces, and cloud-based software systems has almost completely taken over as the pandemic approaches its third year. Additionally, this implies that financial organizations now more than ever have possible cybersecurity weaknesses. Employees no longer exclusively use company-controlled networks and systems to access data. As a result, Malaysia is experiencing a huge increase in the demand for cybersecurity in the BFSI sector.

Impact of COVID-19 on Malaysia Cybersecurity Market

The Malaysia cybersecurity market witnessed boisterous growth after the COVID-19 pandemic outbreak in the country. Additionally, as a result of the COVID-19 pandemic, nation-state cyber activity has increased in depth and severity because traditional methods of gathering intelligence and knowledge were no longer practical due to social norms that encouraged distance. Furthermore, during the lockdown caused by the coronavirus, the number of cyberattacks directed at enterprises grew at a significant rate, principally leading to an increase in demand for qualified cybersecurity professionals and reliable solutions.

Competitive Landscape

Major players operating in Malaysia cybersecurity market include Symantec Corporation, Fortinet Inc., Cisco Systems, Inc., Trend Micro Incorporated, Palo Alto Networks, Inc., FireEye, Inc., Check Point Software Technologies Ltd, Kaspersky Lab, Sophos Ltd, and McAfee, LLC. 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 Malaysia Cybersecurity Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Malaysia 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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