Shaping the Future: Malaysia Cybersecurity Market Trends and Forecasts for 2030

Malaysia Cybersecurity Market Overview:

According to MarkNtel Advisors study the Malaysia Cybersecurity Market was valued at around USD 1.05 billion in 2023 and is projected to reach around USD 2.17 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 11.4% during the forecast period, i.e., 2024-30. The market growth is attributed to soaring foreign direct investments in the service sector due to favorable government initiatives and the absence of robust cybersecurity systems for routine work. This gap in the optimum cybersecurity infrastructure and the increasing establishment of service sector companies in the country has also resulted in rising cyber threats. According to the Malaysian Investment Development Authority, in 2023, more than 50% of the FDI received was for the service sector in the country. The growing establishment of organizations is demanding suitable cybersecurity services to shield their information, virtual structures, and ordinary operational tactics from unnecessary cyber threats and, in some instances, serious cyber assaults.

Key Findings of the Study: Malaysia Cybersecurity market

Malaysia Cybersecurity Market Challenge:

Shortage of Skilled Experts to Hinder Market Growth & Expansion – Cybersecurity is considered a highly technical industry that requires highly skilled professionals who can grow and apply their expertise to the ever-rising critical cyber threats and cyber-attacks. However, in Malaysia, there has been an issue with the low presence of a highly skilled workforce which limits the market growth. According to the Malaysia Communication & Digital Ministry in 2023, there are around 15,248 identified cybersecurity workers in the country, which falls short of the recommended 27,000 by 2025. The gap of nearly 12,000 experts has been a complex obstacle for the market to overcome. This gap creates hindrances in the overall cybersecurity operational process such as application of solutions and services, periodic testing and maintenance, etc. Protection from thousands of cyberattacks per day on all industries which might lead to confidential data breach or loss, ransomware, malware, and others significantly requires round-the-clock checks. Therefore, with the scarcity of workforce in the cybersecurity industry, market growth is impeded considerably.

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Scope of the Malaysia Cybersecurity Market Report Segmentation

-By Security Type

-By Solution

-By Deployment mode

-By Organization size

-By End User

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Geographical analysis:

-By Region

Malaysia Cybersecurity Industry Recent Development:

Current Landscape of Malaysia Cybersecurity Market

The report delineates key market participants and thoroughly assesses their strategic approaches, trends, innovations, and manufacturing infrastructure, enabling a forecast of their market impact over the next five years. The meticulously researched data presented holds the potential to distinguish even nascent market entrants in the long term. Armed with pertinent data and actionable insights, our research report delivers a comprehensive overview of the market, empowering investors and stakeholders to establish a robust presence in the Malaysia Cybersecurity market. The research report profiles major players, including

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