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.
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SOURCE Frost & Sullivan