Maturing Customer Mindsets Broaden Scope of Network Security Market in Asia-Pacific, Finds Frost & Sullivan Security vendors customize strategies to suit the diverse requirements of various markets
SINGAPORE, Nov. 2, 2012 /PRNewswire/ -- Escalating cyber threats and maturing customer mindsets toward IT security have paved the way for the rapid growth of the network security market in Asia-Pacific. Many organizations in different countries across the region have devoted larger budgets for security solutions, increasing the diversity in demand. This has led vendors to offer value-added application-centric capabilities with innovations that cater to a wider audience.
New analysis from Frost & Sullivan (http://www.networksecurity.frost.com), Asia-Pacific Network Security Market, finds that the market earned revenues of over $1.98 billion in 2011 and estimates this to reach $3.31 billion in 2017.
Key end-user segments including service providers, governments, as well as banking, financial services & insurance (BFSI) companies have continued to expand their security network infrastructure. In addition, peripheral verticals such as IT/ITes, oil and gas, and education have increased their budget for IT security as a whole.
"Demand grew as vendors successfully marketed network security products by establishing a wider local presence and channel network," said Frost & Sullivan Industry Manager Cathy Huang. "Consumers, therefore, were aware of the latest innovations and could choose solutions that suited their needs."
However, with increasing market saturation and a still-recovering regional economy, customers' budget for IT security became stagnant. After the 2011 earthquake and tsunami in Japan, investments in these solutions declined, affecting other economies in the region.
Most businesses did not sign new projects, only committing to renewal or replacement deals for their existing IT security technology. Customers from advanced markets such as Australia and Japan that did opt for new technologies demanded superior capabilities such as application visibility and control.
"Hence, network security vendors needed to abandon a 'one-size-fits-all' approach and carefully customize their strategies according to the unique characteristics inherent in different markets," noted Huang. "For instance, the arrival of cloud and mobile computing in the region has driven security development for cloud and mobile devices."
Marketing these products to target emerging customer groups like peripheral verticals and enterprise masses will hike adoption and enable network security providers to establish themselves in this mature market.
If you are interested in more information on this research, please send an email to Jessie Loh, Corporate Communications, at email@example.com, with your full name, company name, title, telephone number, company email address, company Web site, city, state and country.
Asia-Pacific Network Security Market is part of the Network Security Technologies Growth Partnership Services program, which also includes research in the following markets: Asia Pacific WAN Optimization Controllers Market and Asia Pacific Application Delivery Controllers Market. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.
Our "Growth Partnership" supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.
- The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
- The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.
For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?
Corporate Communications – Asia Pacific
P: +61 (02) 8247 8927
F: +61 (02) 9252 8066
Corporate Communications – Asia Pacific
P: +65 6890 0942
F: +65 6890 0988
SOURCE Frost & Sullivan