Australia Cybersecurity Market Size, Share, Growth Analysis Report and Forecast Trends (2024-2032)

Cybersecurity plays a key role in safeguarding from various risks such as malware, data breaches, and phishing. It protects systems and data from digital attacks, or any unauthorized access. It helps effectively mitigate cyber risks or threats to thrive in a digitized world.

According to the Tech Council of Australia, there is an increase in the technology sector's contribution to GDP from AUD 133 bn in 2019-2020 to AUD 167 bn in 2020-2021. Further, it is expected to reach AUD 250 bn by 2050 which indicates the rapid digital adoption that eventually drives substantial growth in the Australia cybersecurity market.

The 2022 Telecommunications Amendment Regulations aim to safeguard individual data and applications from breaches while permitting telecom companies to share data with financial institutions for fraud prevention.

Australia Cybersecurity Market Trends

Increasing cyber threats, such as ransomware and data breaches, drive demand for advanced security solutions. The adoption of cloud computing and remote work models has heightened the need for robust cybersecurity measures. 

Additionally, the rise of digital transformation initiatives across various sectors fosters investment in cybersecurity technologies, including AI-driven threat detection, identity management, and security analytics, to safeguard sensitive information and maintain operational integrity.

Australia Cybersecurity Market Share 

The Australia cybersecurity market size is driven by cloud security due to its scalability and flexibility.

There is widespread adoption of cloud security as it implements measures such as encryption, access controls and various mechanisms to protect data and information from cyber threats or risks and unauthorized access. They encompass identity and access management solutions to help protect user identities and rights and ensure the availability and integrity of their data through cloud-based backup and recovery solutions.

Network security equipment ensures the protection of organisations' network infrastructure from cyber threats and risks. They provide hardware and software solutions to monitor network activities and secure network traffic. They develop intrusion detection and prevention systems, secure gateways, network access control, virtual private networks, and firewalls to safeguard organizational networks.

Based on components, the Australia cybersecurity market share is driven by services such as cloud-based and software-as-a-service cybersecurity solutions.

Services such as managed security services work on security monitoring, threat intelligence analysis, and incident response to help organisations strengthen their security posture. They offer cloud platforms and servers to detect security threats in real-time and minimise the risk of security breaches to help organisations and businesses.

The software component encompasses a wide range of cybersecurity solutions such as antivirus software, encryption software, and network security software. These components help against malicious viruses and remove infected files to prevent them from further damage. Identity and access management software manages user identities and rights to ensure that only authorised users can access the appropriate resources.

Cybersecurity components are majorly used in BFSI which drives the Australia cybersecurity market growth for protecting customer's financial data and transactions.

The BFSI sector faces various risks such as cyber threats, phishing attacks, insider threats, and malware so they use cybersecurity services such as encryption software, identity and access management, and network security software to protect them from data breaches and challenges.

They protect sensitive financial data, transaction records, and customer information through cybersecurity solutions. Some services such as third-party monitoring, due diligence, and vendor risk assessments to identify and mitigate risks related to third-party organisations.

Other Australia Cybersecurity market key players are CyberCX, McAfee LLC, DXC Technology Company, Imperva Australia Pty Ltd, and CyberArk Software (Australia) Pty Ltd, among others. 

Australia Cybersecurity Market Analysis by Region 

According to the Australian Bureau of Statistics (ABS), In the 2021-22 financial year, for the manufacturing sector in New South Wales, the sales and service income increased to AUD 135,630 million, marking a 7.12% increase from the previous year. Simultaneously, the sales and service income in Victoria has increased to AUD 125,798 million with an increase of 10.89% in the same period. This indicates that the increasing sales and service income will lead to the emergence of more sensitive data that needs to be safeguarded from cyber threats or risks which eventually is expected to drive the Australia cybersecurity market growth.