Philippines Cybersecurity Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 8.70 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Philippines Cybersecurity Market Analysis
The Philippines Cybersecurity Market is expected to register a CAGR of 8.7% during the forecast period. The increasing demand for digitalization and Scalable IT Infrastructure has enhanced the demand for cybersecurity in the Philippines.
- Moreover, increasing cloud adoption across most enterprises due to emerging technologies, such as artificial intelligence, big data, and blockchain across various end-users, has also impelled the market in the Philippines. The General Data Protection Regulation and the Philippines Data Protection Authority are expected to bring more investments in cybersecurity, as it provides the protective legal framework for the growing advent of technology coupled with increased cyber threats.
- The Philippines contains several data center clusters throughout the region and provides plenty of colocation opportunities. The newly created Department of Information and Communications Technology, through its attached agency, the Cybercrime Investigation and Coordination Center (CICC), adapts to the new paradigm with the comprehensive National Cybersecurity Strategy Framework.
- The tech-savvy Filipino population with few data protection mechanisms makes the Philippines extremely vulnerable to cyber-attacks and incidents. The Philippine Department of Information, Communications, and Technology (DICT) are now on the rollout of cybersecurity infrastructure, including the capability-building program for all national agencies and local government units. To mitigate the cybercrime landscape in the Philippines and support The Department of Information and Communications Technology with its actions, Tradepass hosted the second edition of PhilSec on 12 - 13 July last year at the Sofitel Philippine Plaza in Manila, Philippines.
- Furthermore, The U.S. Government has been conducting capacity-building programs in this sector to help Philippine stakeholders understand cybersecurity best practices and solutions. In June last year, The U.S. Trade and Development Agency hosted a group of Philippine government officials on a reverse mission to study cybersecurity in the United States, and the embassy hosted 25 national government officials and 17 cities on smart cities cybersecurity risks and challenges training taught by the Carnegie Mellon University Software Engineering Institute.
Philippines Cybersecurity Market Trends
Increasing Demand for Digitalization and Scalable IT Infrastructure is Expected to Drive the Market
- The rapid adoption of digital technologies and the use of digital technologies, such as digital payments, e-commerce, telemedicine, and online education, is rising in the Philippines and has helped individuals, businesses, and the government, ensure business continuity in the domestic economy. According to the Internation Trade Administration, in March this year, former President Duterte signed the Public Service Act (11659) amendment, allowing up to 100% foreign ownership of public services in the Philippines, including Telecommunications. To create a better business environment and support its digital transformation projects.
- The tech-savvy Filipino population with few data protection mechanisms makes the Philippines extremely vulnerable to cyber-attacks and incidents. The COVID-19 pandemic has changed the Philippines' digital landscape. A February 2020 survey declared that 43% of Philippine private companies had increased allocation toward cybersecurity solutions investment. Eighty-six percent (86%) use anti-malware and antivirus tools, 59% use next-generation firewalls, and 47% are starting to invest in cloud-native security. Due to the continued adoption of cloud storage and solutions, software-defined area network security is gaining market popularity.
- Local telecommunications firms and emerging broadband companies are leading digital transformation. These efforts contribute to solid telecommunications industry growth by building a world-class operation to expand next-generation connectivity solutions, bridging the digital divide in the Philippines.
- For instance, in June this year, The International Finance Corporation (IFC) announced today an additional $8.3 million indirect equity investment in EdgePoint Infrastructure (EdgePoint)-a tower platform with operations in Indonesia and Malaysia-to support the company's entry into the growing Philippines tower market, improving mobile connectivity for people and businesses.
BFSI Sector is Expected to Drive the Market
- Digital transactions in the Philippines are expected to increase further as regulators, and other stakeholders continue strengthening the system and implementing safeguards to thwart financial transaction-related cyberattacks. BFSI companies are also migrating to adopt their digital transformation strategy and incorporate a cloud-based with the onset of newer technologies and increased digital adoption.
- The rise in the use of digital payments in the country following the hitting of the central bank's target to have 20 percent of financial transactions in the country be done through digital mode by 2022. For instance, In January 2022, BSP(Bangko Sentral ng Pilipinas), along with the Philippine Payments Management Inc. (PPMI), launched a multi-batch settlements (MBS) facility that will increase the allowed daily transactions through PESONet.
Philippines Cybersecurity Industry Overview
The Philippines Cybersecurity Market is highly concentrated, and a few significant players, like Equinix Inc., Interxion, and IBM Corporation, dominate it. With a prominent market share, these major players focus on expanding their customer base across foreign countries. These companies leverage strategic collaborative initiatives to increase their market share and profitability. However, with technological advancements and product innovations, mid-size to smaller companies are growing their market presence by securing new contracts and tapping new markets.
In February 2022, PLDT Inc. and Microsoft announced a strategic partnership to work together through Microsoft's Cyber Threat Intelligence Program (CTIP), which aims to strengthen the country's digital borders and infrastructure security against cyber threats. With this strategic partnership, PLDT will gain access to Microsoft DCU's Azure-based cyber threat intelligence in real-time, providing information about the impact in the Philippines from the malware families DCU has disrupted in the past.
Philippines Cybersecurity Market Leaders
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IBM Corporation
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Cisco Systems Inc.
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Fujitsu Thailand Co. Ltd
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Dell Technologies Inc.
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Intel Security (Intel Corporation)
*Disclaimer: Major Players sorted in no particular order
Philippines Cybersecurity Market News
- March 2022: Honeywell and Acalvio Technologies announced today the launch of a new solution designed to detect known and unknown (zero-day) attacks across operational technology (OT) environments in commercial buildings.
- January 2022: TAC Security, a Silicon Valley-based Cybersecurity company, announced the launch of their ESOF Prediction Feature in the Philippines. The Prediction feature allows organizations to forecast the number of new vulnerabilities in an asset for the coming month. The results will be based on the vulnerability specifics from anyone's most recent scan results for each Asset type.
Philippines 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 DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Demand for Digitalization and Scalable IT Infrastructure
4.2.2 Need to Tackle Risks from Various Trends such as Third-party Vendor Risks, the Evolution of MSSPs, and Adoption of Cloud-first Strategy
4.3 Market Restraints
4.3.1 Lack of Cybersecurity Professionals
4.3.2 High Reliance on Traditional Authentication Methods and Low Preparedness
4.4 Trends Analysis
4.4.1 Organizations in Thailand increasingly leveraging AI to enhance their cyber security strategy
4.4.2 Exponential growth to be witnessed in cloud security owing to shift toward cloud-based delivery model.
4.5 Industry Attractiveness - Porter's Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 PESTLE Analysis
4.7 Assessment of COVID-19 Impact on the Industry
5. MARKET SEGMENTATION
5.1 By Offering
5.1.1 Security Type
5.1.2 Cloud Security
5.1.3 Data Security
5.1.4 Identity Access Management
5.1.5 Network Security
5.1.6 Consumer Security
5.1.7 Infrastructure Protection
5.1.8 Other Types
5.2 By Services
5.3 By Deployment
5.3.1 Cloud
5.3.2 On-premise
5.4 By End User
5.4.1 BFSI
5.4.2 Telecom and IT
5.4.3 Government
5.4.4 Media and Entertainment
5.4.5 Healthcare
5.4.6 Other End Users
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Mergers and Acquisitions
6.3 Company Profiles
6.3.1 IBM Corporation
6.3.2 Cisco Systems Inc.
6.3.3 Fujitsu Thailand Co. Ltd
6.3.4 Red Sky Digital Ventures Ltd
6.3.5 Info Security Consultant Co. Ltd
6.3.6 Dell Technologies Inc.
6.3.7 Fortinet Inc.
6.3.8 CGA Group Co. Ltd
6.3.9 Intel Security (Intel Corporation)
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Philippines 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, malware, and phishing to maintain data confidentiality.
The Philippines Cybersecurity Market is Segmented by Offering, Security Type (Cloud Security, Data Security, Identity Access Management, Network Security, Consumer Security, Infrastructure Protection ), Services, Deployment (Cloud, On-premise), and End User (BFSI, Healthcare, Manufacturing, Government & Defense, IT & Telecommunication).
The market sizes and forecasts are provided in terms of value (USD) for all the above segments.
| By Offering | |
| Security Type | |
| Cloud Security | |
| Data Security | |
| Identity Access Management | |
| Network Security | |
| Consumer Security | |
| Infrastructure Protection | |
| Other Types |
| By Deployment | |
| Cloud | |
| On-premise |
| By End User | |
| BFSI | |
| Telecom and IT | |
| Government | |
| Media and Entertainment | |
| Healthcare | |
| Other End Users |
Philippines Cybersecurity Market Research FAQs
What is the current Philippines Cybersecurity Market size?
The Philippines Cybersecurity Market is projected to register a CAGR of 8.70% during the forecast period (2024-2029)
Who are the key players in Philippines Cybersecurity Market?
IBM Corporation, Cisco Systems Inc., Fujitsu Thailand Co. Ltd, Dell Technologies Inc. and Intel Security (Intel Corporation) are the major companies operating in the Philippines Cybersecurity Market.
What years does this Philippines Cybersecurity Market cover?
The report covers the Philippines Cybersecurity Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Philippines Cybersecurity Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Philippines Cybersecurity Industry Report
Statistics for the 2024 Philippines Cybersecurity market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Philippines Cybersecurity analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
