Increasing Cyber Security Budgets
The startup ecosystem in the APAC region is poised to capitalize on the digital transformation revolution, leveraging the right technology at an opportune moment. According to a report by Meticulous Research, the global Digital Transformation Market, valued at $695.5 billion in 2023, is projected to reach $3,144.9 billion by 2030, with a compound annual growth rate (CAGR) of 24.1% from 2024 to 2030. However, this promising opportunity is accompanied by significant challenges, particularly in cybersecurity. The average annual cost of cybercrime is anticipated to rise from $8.4 trillion in 2022 to over $23 trillion by 2027.
Bangladesh is going through tough times after civil unrest in the country caused its Prime Minister, Sheikh Hasina, to resign and flee the country. The corporate segment is expected to be exposed to some tough times ahead. The cyber attackers will be looking forward to exploiting the vulnerable political climate in the country. Earlier this year, Bangladesh had accused Ukraine and Germany of waging a cyberattack to crash an app used in the national election in Bangladesh.
As phishing or social engineering attacks, ransomware, and DDoS attacks continue to pose more significant threats to businesses, SMEs must aggressively watch the segment's dynamic trends to stay ahead. From Extended Detection and Response (XDR) to Security Process Automation, Secure Access Service Edge (SASE), Zero-Trust Network Access (ZTNA), and Cyber Insurance, the solutions providers have a number of trends that drive the market. The IDC predicts that global security spending will grow from $219 billion this year to almost $300 billion in 2026.
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