Australia Cybersecurity Market

Australia Cybersecurity Market Overview:

The Australia cybersecurity market size reached USD 6.86 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 20.12 Billion by 2032, exhibiting a growth rate (CAGR) of 11.30% during 2024-2032. The increasing cyber threats, such as ransomware and data breaches, the rising digital transformation across businesses, government initiatives for cybersecurity frameworks, regulatory compliance requirements, and the widespread adoption of cloud services and remote work environments are some of the major factors propelling the growth of the market.

Australia Cybersecurity Market Trends:

Increasing Cyber Threats

The rise in sophisticated cyberattacks, including ransomware and data breaches, has heightened the need for robust cybersecurity measures across both private and public sectors to protect sensitive data and critical infrastructure. According to a survey titled Cybercrime of Australia 2023 of 13,887 computer users conducted in early 2023 in Australia, it was found that in the 12 months before the survey, 27% of respondents had been a victim of online abuse and harassment, 22% had been a victim of malware, 20% had been a victim of identity crime and misuse, and 8% had been a victim of fraud and scams. The survey published on the Australian Institute of Criminology official website further states that overall, 47% of respondents experienced at least one cybercrime in the 12 months before the survey, and nearly half of all victims reported experiencing more than one type of cybercrime. 34% of respondents had experienced a data breach. Cybercrime victimization was not evenly distributed, with certain sections of the community more likely to have been a victim, and certain online activities associated with a higher likelihood of victimization. This is further influencing the demand for cybersecurity in Australia.

Rising Digital Transformation and Cloud Adoption

The growing shift toward digital transformation, cloud services, and remote work environments increases the attack surface, prompting businesses and government agencies to invest heavily in advanced cybersecurity solutions to safeguard their digital assets. According to industry reports, Australia has been put under the spotlight as becoming a top ten digital economy and society by 2030. This comes after the launch of its digital economy strategy in 2021 where the Australian government proposed a $1.2 billion investment plan to support Australia’s digital growth and global competitive ranking, post which public cloud spending in Australia is now expected to grow by 83% from A$12.2bn in 2022 to A$22.4bn in 2026. According to the IDC, Australia is expected to spend on AI systems to grow as high as $3.6 billion by 2025, reaching an annual growth rate of 24.4% between 2020-2025.

Australia Cybersecurity Market News:

• In July 2024, the Australian Government disclosed plans to establish a highly secure cloud service for its intelligence agencies in a $2 billion partnership with US technology firm Amazon. This advanced platform, scheduled for completion by the end of the decade, is designed to boost information-sharing capabilities within Australia’s security sector. The project will involve constructing three data centres in Australia, designed to house the nation’s most sensitive intelligence information. For security reasons, the exact locations of these facilities will remain undisclosed.
• In March 2024, AUCloud acquired three Australian IT service providers for a total of $30 million. The first of these is Sydney-based cyber consultancy PCG Cyber, which specializes in government security advice and operations, for $15 million, consisting of $11.9 million in cash, $2.5 million in shares, and a deferred cash consideration of $625,000.

Australia Cybersecurity Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on component, deployment type, user type, and industry vertical.

Component Insights:

• Solutions
  • Identity and Access Management (IAM)
  • Infrastructure Security
  • Governance, Risk and Compliance
  • Unified Vulnerability Management Service Offering
  • Data Security and Privacy Service Offering
  • Others
• Services
  • Professional Services
  • Managed Services
     

The report has provided a detailed breakup and analysis of the market based on the component. This includes solutions (identity and access management (IAM), infrastructure security, governance, risk and compliance, unified vulnerability management service offering, data security and privacy service offering, and others) and services (professional services and managed services).

Deployment Type Insights:

• Cloud-based
• On-premises
   

A detailed breakup and analysis of the market based on the deployment type have also been provided in the report. This includes cloud-based and on-premises.

User Type Insights:

• Large Enterprises
• Small and Medium Enterprises
   

The report has provided a detailed breakup and analysis of the market based on the user type. This includes large enterprises and small and medium enterprises.

Industry Vertical Insights:

• IT and Telecom
• Retail
• BFSI
• Healthcare
• Defense/Government
• Manufacturing
• Energy
• Others
   

A detailed breakup and analysis of the market based on the industry vertical have also been provided in the report. This includes IT and telecom, retail, BFSI, healthcare, defense/government, manufacturing, energy, and others.

Regional Insights:

• Australia Capital Territory & New South Wales
• Victoria & Tasmania
• Queensland
• Northern Territory & Southern Australia
• Western Australia
   

The report has also provided a comprehensive analysis of all the major regional markets, which include Australia Capital Territory & New South Wales, Victoria & Tasmania, Queensland, Northern Territory & Southern Australia, and Western Australia.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Australia Cybersecurity Market Report Coverage:

Key Questions Answered in This Report:

• How has the Australia cybersecurity market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the Australia cybersecurity market?
• What is the breakup of the Australia cybersecurity market on the basis of component?
• What is the breakup of the Australia cybersecurity market on the basis of deployment type?
• What is the breakup of the Australia cybersecurity market on the basis of user type?
• What is the breakup of the Australia cybersecurity market on the basis of industry vertical?
• What are the various stages in the value chain of the Australia cybersecurity market? 
• What are the key driving factors and challenges in the Australia cybersecurity?
• What is the structure of the Australia cybersecurity market and who are the key players?
• What is the degree of competition in the Australia cybersecurity market? 

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Australia cybersecurity market from 2018-2032
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Australia cybersecurity market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Australia cybersecurity industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.