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.
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