Asia-Pacific Security Services Market Size (2024 - 2029)

Asia-Pacific Security Services Market Analysis

The Asia-Pacific Security Services Market size is estimated at USD 24.88 billion in 2024, and is expected to reach USD 33.61 billion by 2029, growing at a CAGR of 6.20% during the forecast period (2024-2029).

• The demand for security services in Asia-Pacific is expected to increase due to the expansion of public infrastructure, such as roadways, airports, malls, and commercial complexes. Investors are increasingly paying attention to the security services sector in countries like India, one of the country's most rapidly expanding industries, due to the increasing need for security services by large companies and retail establishments. Moreover, the demand for the security services market is driven by the increasing use of AI-driven analytics, which enables immediate threat detection, analysis of security incidents, and predictive insights.
• Organizations increasingly invest in comprehensive security services in response to heightened awareness of cybersecurity risks. For instance, in July 2023, China declared its intention to enhance its cybersecurity defenses further and consolidate its control over the nation's digital space despite apprehensions that it may impede foreign technology sector investment. According to the FBI, there were over 3.42 million cyberattacks in China in 2022, costing USD 850 billion. Forecasts suggest internet crime costs will rise to USD 4.5 billion by 2028.
• Countries like Singapore are the fastest-growing economies that have attracted many businesses worldwide. This economic expansion has increased commercial activity, both domestically and internationally. As the population of businesses grows, the need for reliable security services increases. Companies require a comprehensive range of security solutions to protect their resources, information, and personnel. This rising demand provides a significant market for security firms to capitalize on. Moreover, in Singapore, organizations must adhere to the provisions of the Protection of Personal Data (PDPA) Act, thus increasing the need for security solutions that facilitate privacy and compliance.
• The utilization of cloud services is increasing, necessitating cloud security services to protect data and applications stored in the cloud, especially as organizations transition to a multi-cloud environment. According to Japan's Ministry of Internal Affairs, over 64% of Japanese companies reported using cloud computing services for data storage and sharing in 2023. Additionally, over 53% of the companies surveyed reported using cloud-based services to share information within the company. Organizations increasingly rely on cloud-based data storage services to protect sensitive information by encrypting, restricting access to, and adhering to data privacy regulations.
• Organizations in Asia-Pacific still rely on legacy systems and technologies that may need to be compatible with modern security solutions. Some countries in the region have also implemented data localization laws that require data to be stored within the national borders. Moreover, as technology advances, new threats and vulnerabilities are created. Security services must be constantly adapted to respond to these emerging threats effectively. This factor can lead to a lack of choice in security services, thus hindering the market's growth.

Asia-Pacific Security Services Industry Segmentation

Security services are processes or comprehensive services that improve an organization's protection and security against common cyberattacks, including phishing, malicious software, and ransomware. These services encompass design and integration, deployment, risk and threat analysis, and consultation. Managed and hosted security services and solutions can be supplemented using cloud services, artificial intelligence (AI), biometrics, Internet of Things (IoT), and other remote services.

The Asia-Pacific security services market is segmented by service type (managed security services, professional security services, consulting services, and threat intelligence security services), mode of deployment (on-premise and cloud), end-user industry (IT and infrastructure, government, industrial, healthcare, transportation and logistics, banking, and other end-user industries), and country (China, Japan, India, South Korea, and Rest of Asia-Pacific). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.