Cybersecurity is the process of guarding against unauthorised access to networks, systems, and applications, as well as online or digital dangers. There are several approaches to preventing cybercrime, including critical infrastructure security, network security, application security, cloud security, disaster recovery/business continuity planning, storage security, and others. Furthermore, because organisations acquire, store, and use a vast amount of private data online, cybersecurity is a major priority for enterprises, the military, financial institutions, and healthcare organisations.
According to SPER market research, ‘Malaysia Cybersecurity Market Size – By Offering, By Deployment Mode, By End User – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Malaysia Cybersecurity Market is predicted to reach USD 4.53 billion by 2033 with a CAGR of 17.05%.
Drivers:
The expansion of the e-commerce business fuels market growth. Malaysia’s population has steadily extended its access to the internet. According to the World Bank, internet penetration will exceed 97% by 2022, up from 84% in 2019. As a result of the growing use of the internet, smartphones, tablets, computers, and other devices, citizens of the country are rapidly embracing e-commerce services into their daily lives due to the convenience and variety of options available. Furthermore, the Malaysian government has supported digitization in the country and is implementing a variety of initiatives to enhance the e-commerce sector. Examples include digital infrastructure improvement schemes and initiatives aimed at increasing the efficiency of online transactions.
Challenges:
Shortage of Skilled Experts to Limit Market Growth and Expansion: Cybersecurity is viewed as a highly technology area requiring highly trained personnel who can advance and apply their knowledge to the ever-increasing serious cyber threats and cyber-attacks. However, in Malaysia, the absence of a highly skilled workforce has slowed industry growth. According to Malaysia’s Communication and Digital Ministry, the country will have roughly 15,248 identified cybersecurity workers in 2023, falling short of the required 27,000 by 2025. The market has been unable to overcome a discrepancy of over 12,000 experts. This gap impedes the complete cybersecurity operational process, including the implementation of solutions and services, as well as periodic testing and maintenance.
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The COVID-19 pandemic that hit Malaysia caused the country’s cybersecurity business to grow quickly. Furthermore, because of social norms that demand distance, conventional means of gathering information and knowledge are no longer feasible as a result of the COVID-19 pandemic. As a result, nation-state cyber activity has increased in extent and severity. In addition, the number of cyberattacks against enterprises escalated significantly during the coronavirus shutdown, leading to a spike in the demand for trustworthy solutions and qualified cybersecurity specialists.
The Malaysian cybersecurity market is dominated by the Central Region of Malaysia. With a significant concentration of governmental organisations, major corporations, financial institutions, and technology companies, this region serves as the nation’s economic and technological hub. Moreover, the leading firms in the market are LGMS, Wizlynx Group, Securemetric, Akati Sekurity, IBM Corporation, Cisco Systems Inc, and Others.
Malaysia Cybersecurity Market Segmentation
By Offering:
- Security Type
- Services
By Deployment Mode:
- Cloud
- On-premises
By End User:
- BFSI
- Healthcare
- Manufacturing
- Government & Defense
- IT & Telecommunication
- Other
By Region:
- Eastern
- Northern
- Southern
- Western
- central
For More Information, refer to below link:-
Malaysia Cybersecurity Market Outlook
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SPER Market Research
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