Cybersecurity Software Services in Australia - Market Size, Industry Analysis, Trends and Forecasts (2024-2029)

Well-Connected: Increased Remote Working Arrangements Have Secured Greater Demand and Revenue

As technology has become more complex, the Cybersecurity Software Services industry has had many opportunities to expand its reach and performance. Businesses and consumers are relying more heavily on technology for their daily activities, which has fuelled demand for basic and advanced cybersecurity measures. Cloud storage and cloud computing uptake have generated an always-online culture for firms and consumers, which leaves their data and sensitive information more vulnerable to cyberattacks. As businesses have been investing more in measures to protect against cyberattacks, the industry has been expanding. Revenue has been climbing at an annualised 6.1% over the past five years and is expected to total $2.0 billion in 2022-23. This rise includes an estimated spike of 14.6% in the current year, as high-profile data breaches - like those involving Medibank and Optus - have encouraged more investment in cybersecurity solutions.

Cybersecurity software providers offer a variety of cybersecurity software solutions, like antivirus, virtual private networks and two-factor authentication. Cybersecurity consulting services, like procuring secure hardware and training personnel on cyber safety, are not included in the industry.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.