India to be top financier on security solutions in APAC 2021

Determined by enlarged cloud adoption and massive work-from-home migration, Australia and India will account 26 percent of the overall Security spending in the Asia-Pacific region in 2021, according to the IDC

Australia and India are the subsequently two largest countries in terms of defense spending due to the occurrence of a large number of businesses catering to marital as well as international customers.

Spending on Security Hardware services and software in Asia/Pacific is expected to reach $23.1 billion in 2021 an increase of 12.6 percent over the previous year.

IDC expects investment in security-related products and services to grow at a five-year CAGR of 13.3 percent over the forecast period (2019-24) and reach $35 billion by 2024.

Sharad Kotagi, Associate Market Analyst at IDC IT Spending Guides, states,
"In Asia/Pacific, investments on security-related products and solutions (endpoint security,VPN, and firewalls) will experience double-digit growth in 2021 due to the increased spending by both governments and enterprises (particularly in the banking, telecom, and professional services industry)."

The industries that are considering the greatest increase in security spending this year are state/local government (18.5 percent), transportation (13.9 percent), and retail (13.7 percent) driven by an increased focus on data security, e-commerce, work from home, digitalization of logistic monitoring, payments, and contracts.

Simon Piff, Vice President of Trust, Security, and Blockchain Research at IDC Asia/Pacific. Security hardware, states, "While leading organizations are starting to adopt a more platform-based approach, the majority is still buying point-solutions to address specific concerns. This majority needs to change their mindset and invest more strategically into their security architectures”