The report – Australia’s Cyber Security Sector Competitiveness Plan – shows that although Australia’s cybersecurity sector is still developing, it appears poised to capture a significant share of the growing global cybersecurity market.
Australia has the second highest “cybersecurity maturity” in the Indo-Pacific regions and has strengths in core competency areas such as quantum computing, wireless technology and high-value niche hardware , making it the ideal growth environment for cybersecurity companies.
“The objective of the Cybersecurity Sector Competitiveness Plan is to provide an economic database to the cybersecurity sector in the business, research and consumer segments in order to stimulate the growth of the ecosystem, increase exports of Australian solutions and help Australia become the world leader. cybersecurity education hub,” said Michelle Price, CEO of AustCyber.
“The 2019 update shows strong growth compared to the data presented in the first iteration, released in April 2017, reflecting the rapid evolution of this dynamic sector. »
Cybersecurity, as a business and economic activity, affects all sectors. This includes cybersecurity providers and the organizations that employ them. Cybersecurity products and services help protect and enable the infrastructure, supply chains and value chains of the digital side of the global economy.
“Measuring fundamental economic parameters such as the size of the sector and its value added to the economy can provide the basis for more sophisticated analysis, such as the broader impacts of cyber innovation across the economy , including its role as a catalyst for growth and its contribution to overall prosperity,” Ms Price said.
Globally, the cybersecurity market is expected to reach $270 billion in 2020.6 In 2018, Australia’s external spending on cybersecurity services and products increased by 8% to $3.9 billion. .
“A clear view of the maturity and size of the Australian cybersecurity sector is critical to strategic growth,” Ms Price said.
“Good policy and future investments depend on the ability of policymakers, entrepreneurs and investors to have a clear vision of the sector on which to make informed decisions. »
