Australia Cybersecurity Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 7.09 Billion |
| Market Size (2029) | USD 16.52 Billion |
| CAGR (2024 - 2029) | 18.44 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Australia Cybersecurity Market Analysis
The Australia Cybersecurity Market size is estimated at USD 7.09 billion in 2024, and is expected to reach USD 16.52 billion by 2029, growing at a CAGR of 18.44% during the forecast period (2024-2029).
The growing number of cyberattacks in the country has made it essential for the government and private organizations to instill cybersecurity solutions to curb or mitigate such events.
- Government agencies and private players in the cybersecurity market are focusing on expanding their businesses and strengthening their market positions through collaborations and partnerships. For Instance, According to the Australian Federal Police (AFP), Russian cybercriminals are responsible for a ransomware attack on one of Australia's top private health insurers, which resulted in sensitive personal data being released on the dark web.
- Cybersecurity attacks such as ransomware remain one of the most disruptive cyber threats to organizations and individuals that require attention. The Australian Cyber Security Centre (ACSC) joined with its UK and US partners to issue this advisory, providing a coordinated global response to counter these cyber threats.
- The growing internet usage in Australia increases the adoption of cybersecurity solutions. Additionally, due to increased data susceptibility brought on by the expansion of the wireless network for mobile devices, cybersecurity has become a crucial component of every organization.
- Furthermore, the widespread adoption of advanced technologies such as AI, machine learning, and blockchain, among others, for ensuring cyber security is expected to create new opportunities for market growth over the next five years. For instance, Cognizant announced that it has agreed to acquire Servian to specialize in data analytics, artificial intelligence, digital services, experience design, and cloud.
- Due to the COVID-19 pandemic, the demand for adopting cybersecurity services had seen a positive rise, augmented by technology demand. Companies upgrading their security services to support remote working amid shutdowns shifted workloads to the public and private cloud. Over the coming years, this was expected to drive the demand further as enterprises moved towards cloud and remote working models, creating new growth opportunities for the cybersecurity market.
Australia Cybersecurity Market Trends
This section covers the major market trends shaping the Australia Cybersecurity Market according to our research experts:
Data Security to Show Significant Growth
- The growing demand for digital technologies and the digital economy is driving growth opportunities for cybersecurity. The Australian Government has delivered strong actions in recent years to meet this evolving digital ecosystem while securing the data through strong privacy laws. For Instance, NCSC collaborates with US and Australian partners to highlight the most recent ransomware trends.
- As part of the federal Government's broader digital economy strategy, the Australian Department of Home Affairs has begun work on a new national data security action plan. According to Home Affairs Minister Karen Andrews, the action plan would secure individuals' personal information acquired, processed, and stored on digital systems and networks from those who would undermine security.
- Various companies in the country have also been investing in expansion activities to improve their regional presence and enhance their market position. For instance, in May this year, Willyama Services, a sovereign Australian, Indigenous, and veteran-owned technology company, launched a new subsidiary business named Willyama Cyber in Canberra. The company is the Defense Industry Security Program (DISP) cyber provider and has provided critical cybersecurity services to Defense and industry supply chains for several years.
- According to the Australian Cyber Security Centre, Cyber security incidents across the Government sector reported the highest percentage of 24%. Increasing cyberattacks in the country have propelled Australia to strengthen its defensive capabilities. However, the Government is also a major source of origin for cyberattacks.
BFSI Drives the Market Growth
- Key players in the cybersecurity services market are focusing on expanding their businesses and strengthening their cybersecurity services through collaborations and partnerships. For instance, CyberCX announced a three-year deal with the Water Corporation of Western Australia to provide a Security Operations Center (SOC) and Cyber Managed Services (CMS).
- In recent years, the Cyber Security Review found that cybercrime costs the Australian economy up to USD 1 billion annually in direct costs. The country's government and public sector organizations are in a more vulnerable position against cybercrime threats than ever before.
- Another factor was the influence of the COVID-19 pandemic, which pushed the BFSI sector to start moving towards digitizing products and reducing human contact. For example, Medibank admitted that in a cyber attack, names, addresses, Medicare numbers, and phone numbers of some of its customers were stolen.
- As a result, the Australian government launched several Joint Cyber Security Centers (JCSC) in the country to promote cybersecurity across the government, business, and academia. This is part of the government's USD 47 million JCSC program that bridges the gap between multiple public and private companies.
Further, in April this year, the Australian Cyber Security Centre (ACSC) also released a Joint Cyber Security Advisory on Russian state-sponsored and criminal cyber threats to critical infrastructure that could impact organizations within and beyond Ukraine. The advisory recommends several immediate actions for all organizations to take to protect their networks, which include prioritizing patching of known exploited vulnerabilities and enforcing multifactor authentication, among others.
Australia Cybersecurity Industry Overview
The Australian cybersecurity market is moderately competitive and consists of major players. With the rise of phishing attacks and data breaches, public and private organizations have pushed consumers to choose cybersecurity solutions.
In December 2021, McAfee Enterprise and FireEye released new Amazon Web Services (AWS) cloud security capabilities and integration with Amazon Inspector.
In February 2022, Telstra extended its new cyber security products to Australia's federal, state, and local governments. The Cyber Detection and Response capability integrates with government systems and cloud services to monitor cyber threats via big data analytics from Telstra's managed security service platform, while Sovereign SecureEdge helps deliver cloud security, particularly in the context of a distributed workforce.
Australia Cybersecurity Market Leaders
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AVG Technologies
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Check Point Software Technologies Ltd
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Cisco Systems Inc.
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FireEye Inc.
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IBM Corporation
*Disclaimer: Major Players sorted in no particular order
Australia Cybersecurity Market News
- February 2022 : Australian Cyber Security Centre (ACSC), the Cybersecurity and Infrastructure Security Agency (CISA), along with the Federal Bureau of Investigation (FBI), National Security Agency (NSA), among others, issued a joint Cybersecurity Advisory outlining the growing international threat posed by ransomware over the past year.
- February 2022 : IBM plans to invest a multi-million dollar in its resources to help businesses prepare for and manage the growing threat of cyberattacks to organizations across the Asia Pacific (APAC) region.
- August 2022 : Wipro Limited, a leading technology services and consulting company, announced the launch of Wipro Shelde Australia, a sovereign cybersecurity offering for the Australian government and critical infrastructure industries, to help navigate the cyber threat landscape.
- December 2022 : Navitas, an education provider that uses Bugcrowd, starts a private bug bounty program to detect and resolve security issues.
Australia Cybersecurity Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Intensity of Competitive Rivalry
4.3.5 Threat of Substitutes
4.4 Assessment of COVID-19 Impact on the Market
4.5 Analysis of Major Security Breaches at a Global and Regional Level
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Rapidly Increasing Cybersecurity Incidents and Regulations Requiring their Reporting
5.1.2 Growing M2M/IoT Connections Demanding Strengthened Cybersecurity in Enterprises
5.2 Market Challenge
5.2.1 Lack of Cybersecurity Professionals
5.2.2 High Reliance on Traditional Authentication Methods and Low Preparedness
5.3 Market Opportunities
5.3.1 Rise in Trends for IoT, BYOD, Artificial Intelligence, and Machine Learning in Cybersecurity
6. MARKET SEGMENTATION
6.1 By Product Type
6.1.1 Application Security
6.1.2 Cloud Security
6.1.3 Consumer Security Software
6.1.4 Data Security
6.1.5 Identity Access Management
6.1.6 Infrastructure Protection
6.1.7 Integrated Risk Management
6.1.8 Network Security Equipment
6.1.9 Other Solution Types
6.2 By Service
6.2.1 Professional
6.2.2 Managed
6.3 By Deployment
6.3.1 On-Premise
6.3.2 Cloud
6.4 By End-User Industry
6.4.1 BFSI
6.4.2 Healthcare
6.4.3 Aerospace and Defense
6.4.4 IT and Telecommunication
6.4.5 Government
6.4.6 Retail
6.4.7 Manufacturing
6.4.8 Other End-user Industries
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 AVG Technologies
7.1.2 Check Point Software Technologies Ltd?
7.1.3 Cisco Systems Inc.
7.1.4 Cyber Ark Software Ltd
7.1.5 Dell Technologies Inc.
7.1.6 FireEye Inc.
7.1.7 Fortinet Inc.
7.1.8 IBM Corporation
7.1.9 Imperva Inc.
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
Australia Cybersecurity Industry Segmentation
Cybersecurity solutions help an organization monitor, detect, report, and counter cyber threats, which are internet-based attempts to damage or disrupt information systems and hack critical information using spyware and malware, and by phishing in order to maintain data confidentiality.
Australia cybersecurity market is segmented by product ( Solutions (Application Security, Cloud Security, Consumer security software, Data Security, Identity Access Management, Infrastructure Protection, Integrated Risk Management, Network Security Equipment), Services (Professional, Managed)), by Deployment (On-Premise, Cloud), by End-User Industry (BFSI, Healthcare, Aerospace and Defense, IT and Telecommunication, Government, Retail, Manufacturing).
The market sizes and forecasts are provided in terms of value (in USD million) for all the above segments.
| By Product Type | |
| Application Security | |
| Cloud Security | |
| Consumer Security Software | |
| Data Security | |
| Identity Access Management | |
| Infrastructure Protection | |
| Integrated Risk Management | |
| Network Security Equipment | |
| Other Solution Types |
| By Service | |
| Professional | |
| Managed |
| By Deployment | |
| On-Premise | |
| Cloud |
| By End-User Industry | |
| BFSI | |
| Healthcare | |
| Aerospace and Defense | |
| IT and Telecommunication | |
| Government | |
| Retail | |
| Manufacturing | |
| Other End-user Industries |
Australia Cybersecurity Market Research FAQs
How big is the Australia Cybersecurity Market?
The Australia Cybersecurity Market size is expected to reach USD 7.09 billion in 2024 and grow at a CAGR of 18.44% to reach USD 16.52 billion by 2029.
What is the current Australia Cybersecurity Market size?
In 2024, the Australia Cybersecurity Market size is expected to reach USD 7.09 billion.
Who are the key players in Australia Cybersecurity Market?
AVG Technologies, Check Point Software Technologies Ltd, Cisco Systems Inc., FireEye Inc. and IBM Corporation are the major companies operating in the Australia Cybersecurity Market.
What years does this Australia Cybersecurity Market cover, and what was the market size in 2023?
In 2023, the Australia Cybersecurity Market size was estimated at USD 5.99 billion. The report covers the Australia Cybersecurity Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Australia Cybersecurity Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the key drivers of growth in the Australia Cybersecurity Market?
Key drivers in the Australia Cybersecurity Market are a) Include the rising incidence of cyber attacks b) Stringent government policies c) Adoption of IoT and cloud services d) Increasing need for enterprise mobility
Australia Cybersecurity Industry Report
The Australia cybersecurity market is experiencing robust growth, driven by heightened concerns over cyber threats and stringent government regulations. The market analysis highlights diverse segmentation, including deployment types, components, and end-user industries. The cloud segment is leading due to its scalability and cost-effectiveness, especially post-COVID-19. Services are crucial, with entities preferring comprehensive solutions from cybersecurity providers over individual products.
The competitive landscape is moderately fragmented, with key players engaging in strategic partnerships and launching new products to strengthen their positions. Future projections remain optimistic, driven by advancements in cloud computing, AI, and IoT. Australia cybersecurity companies are well-positioned to leverage industry trends, fostering growth and innovation.
Market research indicates a significant market size and market share, with market analysis and market report detailing the industry's growth rate and market outlook. The industry report provides a comprehensive industry overview and industry analysis, including market segmentation and market value. The market forecast and market predictions remain positive, supported by market data and market review.
Industry reports and industry research highlight industry information and industry statistics, emphasizing industry sales and industry size. The market leaders continue to drive market growth, supported by market trends and market overview. For a detailed market forecast and historical overview, download a free report PDF sample from Mordor Intelligence™ Industry Reports on the Australia Cybersecurity market.
