Australia Cybersecurity Market Size (2024 - 2029)

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 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.