Asia Pacific demand for cybersecurity puts Cambridge companies on alert
Commissioned as part of the UK-APAC Tech Growth Programme, the report examines the market for and factors influencing cybersecurity in Northeast Asia. It also highlights specific areas of opportunity for UK companies with relevant expertise and gives advice on entering each market. The report was produced by international business development consultancy Intralink on behalf of the UK government.
Asia Pacific territories Japan, South Korea and Taiwan are reportedly seeking help as a matter of priority.
Japan
The report highlights that Japan’s cybersecurity market, currently ranked 16th in size globally, is projected to reach £6.2 billion by 2027. Hindered by low investment levels, outdated systems and a shortage of cybersecurity professionals, Japanese corporations are heavily reliant on overseas expertise to combat a rising number of cyberattacks.
Specific requirements vary by sector. For instance, the healthcare field requires encryption tools, advanced threat detection and access management solutions. In manufacturing, the increasing adoption of cloud computing, the Internet of Things, artificial intelligence and automation are driving demand for operational technology cybersecurity solutions.
South Korea
One of the world’s most digitally advanced nations, Korea faces an escalating number of cyberthreats. In response, the Ministry of Science & ICT (MSIT) recently launched a ‘Strategy to Secure Global Competitiveness in the Information Security Industry.’ As part of this, the MSIT aims to grow its cybersecurity market to £6 billion by 2027. While it is keen to boost its domestic cybersecurity expertise, it is also seeking international collaboration and experience, particularly in the automotive, manufacturing and telecommunications sectors.
Taiwan
Given its pivotal role in the global semiconductor industry, cybersecurity is of critical importance to Taiwan and the market is expected to be worth £785 million by 2027. While it already boasts a strong domestic cybersecurity sector, UK expertise in threat intelligence, cybersecurity training and the development of advanced security systems is highly sought after by Taiwanese businesses.
Sam Leng, Senior Project Manager at Intralink and one of the report’s authors, says: “Japan, South Korea and Taiwan present significant opportunities for UK cybersecurity businesses. Each market requires UK expertise and its corporations are seeking commercial collaborations. However, entering these markets necessitates an approach that’s sensitive to local business cultures.
“Through the UK-APAC Tech Growth Programme, we can help UK businesses understand market differences and dynamics, ensuring they adopt the most effective entry strategies.”