Asian businesses are set for a security spending spree, says analyst firm IDC.
The firm’s new Worldwide Semiannual Security Spending Guide for 2021 has tipped the APAC region to spend US$23.1 billion on security products and services in 2021, an increase of 12.6 percent. Things are only getting better for vendors, as the analyst predicts five-year compound annual growth rate of 13.3 percent over the period 2019-24, with spend in the last year totalling US$35 billion.
Simon Piff, IDC’s APAC veep for trust, security, and blockchain research, suggested local businesses are playing security catch-up.
“2020 defined the importance of digital for everyone globally, but it also highlighted shortcomings in security strategies,” he said. “While leading organizations are starting to adopt a more platform-based approach, the majority are still buying point-solutions to address specific concerns. This majority needs to change their mindset and invest more strategically into their secu ..
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