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Hong Kong Cybersecurity Market Size (2024 - 2029)

The Hong Kong cybersecurity market is experiencing significant growth due to the increasing digitization of economic and operational sectors, which has heightened the demand for advanced security services. This expansion is driven by the rising threat of cyberattacks, prompting organizations to adopt new security products and technologies such as AI, IoT, and machine learning. Despite the growing market size, there is a critical shortage of skilled cybersecurity professionals in Hong Kong, which poses a challenge in addressing the security needs of various sectors, including finance, government, and healthcare. The COVID-19 pandemic has further underscored the importance of digital security, as cybercriminals exploit the increased online activity.

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Market Size of Hong Kong Cybersecurity Industry

Hong Kong Cybersecurity Market Size
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 13.43 %
Market Concentration Medium

Major Players

Hong Kong Cybersecurity Market Key players

*Disclaimer: Major Players sorted in no particular order

Hong Kong Cybersecurity Market Analysis

Hong Kong Cybersecurity Market is expected to register a CAGR of 13.43 % over the forecast period (2022 - 2027). The country is digitizing several economic and operational sectors, exposing more organizations to data breaches and cyber-attacks and increasing market demand for new services. Companies are introducing new security products to deliver a safe and secure experience.

  • Cybersecurity protects from cyberattacks on networks, information, and personal data. BYOD, AI, IoT, and machine learning are all emerging technologies in cybersecurity. For instance, Machine learning has advantages in outlier detection, which enhances cybersecurity.
  • According to a survey conducted by ESET software company, the number of macOS threats detected decreased by 5.9 percent in T3 2021, with Trojans accounting for more than one-third of all macOS threats detected. In 2021, Hong Kong was targeted by a watering hole assault that used iOS and macOS zero-day or N-day vulnerabilities. More targeted and evasive assaults are projected in 2022, with adware being the most prevalent macOS threat.
  • In addition, email risks increased by 8.5 percent in T3 2021. Since May 2021, phishing attacks have increased. Detection of a publicly known attack for CVE-2017-11882, a vulnerability in Microsoft Equation Editor, increased by 60% in T3 2021. From September to October 2021, Hong Kong's highest phishing emails mimicked DHL detections.
  • Many firms face a critical shortage of skilled cybersecurity employees when dealing with cyberattacks. The quantity of skilled cybersecurity specialists, particularly in Hong Kong, is low compared to the need for security professionals to cope with cyber threats to financial institutions, government organizations, and private sector/industrial firms.
  • The COVID-19 epidemic has emphasized the necessity for increased digital security. People have expanded their internet access to maintain personal and professional work. On the other hand, hackers have taken advantage of the situation, focusing on e-commerce, e-payment businesses, and the healthcare system.

Hong Kong Cybersecurity Industry Segmentation

Cybersecurity solutions help an organization monitor, detect, report, and counter cyber threats that are internet-based attempts to damage or disrupt information systems and hack critical information using spyware and malware, and phishing, to maintain data confidentiality. The study is structured to track the revenues accrued by cybersecurity vendors through sales of various solutions and allied services.

Hong Kong Cybersecurity Market is Segmented by By Offering( by Security Type ( Cloud Security, Data Security, Identity Access Management, Network Security, Consumer Security, Infrastructure Protection), Services), by Deployment (Cloud, On-premise), by end-user ( BFSI, Healthcare, Manufacturing, Government & Defense, IT and Telecommunication) and by Country

By Offering
Security Type
Cloud Security
Data Security
Identity Access Management
Network Security
Consumer Security
Infrastructure Protection
Other Types
Services
By Deployment
Cloud
On-premise
By End User
BFSI
Healthcare
Manufacturing
Government & Defense
IT and Telecommunication
Other End Users
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Hong Kong Cybersecurity Market Size Summary

The Hong Kong cybersecurity market is experiencing significant growth, driven by the rapid digitization of economic and operational sectors, which has increased the vulnerability of organizations to cyber threats. As businesses and individuals expand their online activities, the demand for robust cybersecurity solutions has surged. Emerging technologies such as artificial intelligence, machine learning, and the Internet of Things are playing a crucial role in enhancing cybersecurity measures. However, the market faces challenges, including a shortage of skilled cybersecurity professionals and the evolving nature of cyber threats, which continue to target sectors like finance, government, and healthcare. The COVID-19 pandemic has further underscored the importance of digital security, as cybercriminals exploit the increased internet usage for malicious activities.

The market landscape in Hong Kong is moderately fragmented, with numerous local players competing to meet the diverse security needs of clients. Companies are increasingly forming partnerships to leverage innovative technologies and strengthen their cybersecurity offerings. Notable collaborations, such as those between SecurityScorecard and TriTech Distribution Limited, aim to enhance visibility into security vulnerabilities, while HCL Technologies and Microsoft focus on providing advanced security capabilities. The market is also witnessing initiatives from organizations like the Bank for International Settlements, which are exploring cybersecurity in the context of central bank digital currencies. As cyber threats continue to evolve, the Hong Kong cybersecurity market is poised for further expansion, driven by the need for comprehensive and adaptive security solutions.

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Hong Kong Cybersecurity Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Value Chain Analysis

    3. 1.3 Porter's Five Forces Analysis

      1. 1.3.1 Threat of New Entrants

      2. 1.3.2 Bargaining Power of Buyers

      3. 1.3.3 Bargaining Power of Suppliers

      4. 1.3.4 Threat of Substitutes

      5. 1.3.5 Intensity of Competitive Rivalry

    4. 1.4 Impact of Covid-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Offering

      1. 2.1.1 Security Type

        1. 2.1.1.1 Cloud Security

        2. 2.1.1.2 Data Security

        3. 2.1.1.3 Identity Access Management

        4. 2.1.1.4 Network Security

        5. 2.1.1.5 Consumer Security

        6. 2.1.1.6 Infrastructure Protection

        7. 2.1.1.7 Other Types

      2. 2.1.2 Services

    2. 2.2 By Deployment

      1. 2.2.1 Cloud

      2. 2.2.2 On-premise

    3. 2.3 By End User

      1. 2.3.1 BFSI

      2. 2.3.2 Healthcare

      3. 2.3.3 Manufacturing

      4. 2.3.4 Government & Defense

      5. 2.3.5 IT and Telecommunication

      6. 2.3.6 Other End Users

Hong Kong Cybersecurity Market Size FAQs

The Hong Kong Cybersecurity Market is projected to register a CAGR of 13.43% during the forecast period (2024-2029)

IBM Corporation, Digitpol, Rackspace Technology, Maximus and Edvance International Holdings Limited  are the major companies operating in the Hong Kong Cybersecurity Market.

Hong Kong Cybersecurity Market Report Snapshots

Hong Kong Cybersecurity Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)