The whitepaper from AustCyber – Australia’s Cyber Security Sector Competitiveness Plan – shows that while Australia’s cyber security sector is still developing, it is poised to capture a significant share of the growing global cyber security market.
Australia has the second-highest “cyber maturity” in the Indo-Pacific regions and strengths in core skill areas such as quantum computation, wireless technology and high-value niche hardware, making it the ideal growth environment for cyber security businesses.
“The aim of the Cyber Security Sector Competitiveness Plan is to provide the economic evidence base for the cyber security industry across business, research and consumer segments to drive growth in the ecosystem, increase exports of Australian solutions, and support Australia to become the leading global centre for cyber security education,” said AustCyber CEO Michelle Price.
“The 2019 update indicates strong growth against the data outlined in the first iteration, released in April 2017, reflecting the rapid evolution of this dynamic sector.”
Cyber security as a business activity, as well as an economic pursuit, cuts across all industries. It includes providers of cyber security and the organisations that employ them. Cyber security products and services assist to protect and enable infrastructure, supply chains and value chains of the digital aspect of the global economy.
“The measurement of fundamental economic metrics such as the size of the sector and its value added to the economy can serve as a foundation to more sophisticated analysis, such as the broader impacts of cyber innovation across the economy, including its role as an enabler of growth and its contribution to overall prosperity,” Ms Price said.
Globally, the cyber market is set to increase to US$270 billion in 20206. In 2018, Australia’s external spending on cyber security services and products grew by 8 per cent to $3.9 billion.
“A clear view of the maturity and size of Australia’s cyber security sector is essential for strategic growth,” Ms Price said.
“Good policy and future investments are contingent upon policymakers, entrepreneurs and investors having a strong picture of the sector on which to make informed decisions.”