The region consists of the worlds fastest-growing economies such as China, India, and Japan. Moreover, technology penetration in the region is high. Though the region is adopting high security technologies, it is targeted by several cyberattacks. In 2018, APAC witnessed rising threats; for instance, the computer systems of two banks in Thailand were compromised, which affected the personal and corporate data of more than 120,000 customers, according Yahoo Finance.
According to a survey by Fair Isaac Corporation (FICO) cited by Yahoo Finance, 74% of APAC banks surveyed believe that cases of fraud in their country will increase significantly in 2019. As per Global Cybersecurity Index (GCI) 2017 by International Telecommunication Union (ITU), Singapore and Malaysia are among the top five countries globally that have shown commitment toward building national policies for protection against cybercrimes.
This has led to increased adoption of IDaaS solutions in the region.
Overall, the IDaaS market is projected to grow from USD 2.5 billion in 2019 to USD 6.5 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 21.1% during the forecast period.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.