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The report – Australia’s Cyber Security Sector Competitiveness Blueprint – shows that while Australia’s cyber security sector is still developing, the sector looks set to capture a significant share of the growing global cyber security market.
Australia has the second highest “cyber maturity” in the Indo-Pacific region and strengths in core skills areas such as quantum computing, wireless technology and high-end niche hardware, making it the ideal growth environment for cyber security businesses.
“The aim of the Cyber Security Sector Competitiveness Plan is to provide an economic evidence base for the cyber security industry across business, research and consumer segments to drive ecosystem growth, increase the export of Australian solutions and support Australia to become a global leader company’s cyber security training center,” said AustCyber CEO Michelle Price.
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"The 2019 Update shows strong growth over the data outlined in the first iteration published in April 2017, reflecting the rapid development of this dynamic sector.”
Cybersecurity as a business activity as well as an economic objective spans all industries. It 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 facet of the global economy.
"Measuring fundamental economic indicators such as the size of the sector and its added value to the economy can serve as a basis for more complex analysis such as the wider impacts of cyber innovation on the economy, including its role as a growth factor and its contribution to overall prosperity," Ms Price said.
Globally, the cyber market is expected to grow to US$270 billion in 20206. In 2018 Australia's external spending on cyber security services and products rose 8 percent 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 investment depend on policymakers, entrepreneurs and investors having a clear view of the sector to make informed decisions."
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