IDC says that in 2023, the security software market (by vendor revenues) in Asia/Pacific excluding Japan & China (APeJC) grew 21.1% year-over-year (YoY), reaching US$6.3 billion in constant currency.
IDC attributes the strong growth to continued demand for technologies like Cloud Native Application Protection Platform (CNAPP), security analytics software, network security software & identity and access management software, all of which are outpacing overall market growth.
Demand for advanced security technologies is expected to rise due to escalating targeted attacks, stronger compliance requirements, and hackers utilizing Generative AI technology for more effective attacks.
“There is an increasing concern when AI is being harnessed by hackers to enhance existing attack methods and create new ones. Organisations adopting a three-pronged approach by leveraging automation, using platform security solutions, and employing AI/generative AI (GenAI) embedded technologies, are well positioned to address AI-driven threats”, says Gurpal Singh, senior research manager for data & analytics with IDC India.
Generative AI technology is being leveraged by security vendors to enhance the functionality of solutions, increase efficiency, and improve productivity, especially in a security operations centre (SOC).
IDC says organisations in the region are enhancing the productivity of security analysts by using solutions with Gen-AI capabilities. As organisations increasingly focus on and expand their use cases, GenAI-powered solutions are set to become a crucial component of their defence systems. AI-driven security solutions are enabling the supply-side ecosystem to up-sell and generate additional revenue streams.