By Li Panpan

(JW Insights) Aug 9 -- China's cyber security software market achieved 12.5 percent year-on-year growth in 2022, reaching RMB28.27 billion ($3.92 billion), according to IDC's latest report on August 4.

Under the severe pressure of the epidemic and economic downturn challenges in 2022, Chinese cyber security software companies actively sought changes to ensure stable development in the revenue of cyber security software products, said IDC.

The major players in the sector mainly include some comprehensive cyber security software vendors and cloud service providers such as QI-ANXIN Technology, Alibaba Group, Asiainfo Security Technologies, Tencent Holdings, and Hangzhou Anheng Information Technology, with market shares of 8.9 percent, 8.4 percent, 4.8 percent, 4.5 percent, and 3.7 percent, respectively.

The cyber environment in which these enterprises operate is constantly changing with the advance of digital transformation, and the importance, complexity, and openness of digital assets are continuously improving; These facts have brought tremendous challenges to corporate cyber security.

Zhao Weijing, research manager of IDC China's cyber security market, said that China's cyber security market in 2022 bore the negative impacts of the epidemic, supply chain, geopolitics, and other aspects. The overall growth was not as expected, with significantly declined corporate profits.

IDC believes that cyber security software is an essential part of the overall cyber security market and will maintain a rapid development trend in the future, and will consequently increase its share in the overall security market.