Information security software vendors booked USD 949 million in aggregate revenue in China in 2018, up nearly 24% year-on-year, market research company IDC revealed on Wednesday.
They gained USD 531 million in the second half of last year, up 21.51% year-on-year.
The market involves three sub-sectors. These include security software for devices such as smartphones and computers; digital identification systems; and AIRO software, which stands for analyzing loopholes, collecting intelligence, responding to attacks, and orchestrating (coordinating) security.
Beijing-based Qi’anxin, which was spun off from 360 Securities recently, took the largest market share in security software with 50.7%, followed by US-based Symantec with a market share of 22.9%.
NSFocus, another Beijing-based firm, took the largest market share of AIRO market with 47.2%, while Venustech, which is also headquartered in Beijing, ranked second with a market share of 21.2%. IBM’s business accounted for 16% market share.
IDC predicts that the Chinese market for digital security will rise to USD 2.3 billion in 2023, representing a 19.3% year-on-year growth rate on average from 2019 onward. The firm identified the growth of China’s digital economy and enterprises’ rising awareness of digital security as key factors.
Contact the writer at jingli@kr-asia.com
