The Singapore Cybersecurity Market Report Segments the Industry Into by Offering (Solutions, and Services), Deployment Mode (Cloud, and On-Premise), End-User Vertical (BFSI, Healthcare, IT and Telecom, Industrial and Defense, Manufacturing, Retail and E-Commerce, Energy and Utilities, Others), and End-User Enterprise Size (Small and Medium Enterprises (SMEs), and Large Enterprises

The Singapore cybersecurity market size reached USD 1,296.9 Million in 2024. Looking forward, IMARC Group expects the market to reach USD 4,533.9 Million by 2033, exhibiting a growth rate (CAGR) of 14.92% during 2025-2033​. The market is robust, driven by increasing digitalization and stringent regulations, deployment of check point software technologies by key players, growing threats, heightened cyberattacks on critical infrastructure, increased investments in advanced security measures, and the rising need for comprehensive threat management solutions fuel demand for solutions.

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for ​2025-2033. Our report has categorized the market based on component, deployment type, user type, and industry vertical.

According to the Technology Market Outlook, the cybersecurity market in Singapore grew by **** percent in 2023. The revenue growth in the cybersecurity market was forecast to decrease between 2024 and 2029.

Singapore cybersecurity market valued at USD 1.3 billion, driven by rising cyber threats, digitalization, and government initiatives. Expected growth fueled by AI, ML, and cloud security adoption.

In 2023, the average spend per employee in the cybersecurity market in Singapore reached about *** U.S. dollars, slightly up from the previous year. The Statista Technology Market Outlook estimates that the average spend per employee in the cybersecurity market will further increase to around *** U.S. dollars in 2029.

The statistic displays forecast values of the cyber security market in Singapore from 2015 to 2020. According to forecasts, the market value of cyber security services in Singapore will be worth about *** million Singapore dollars.

The cybersecurity industry in Singapore is poised for significant growth, driven by increasing digitalization, rising cyber threats, and stringent regulations. The market size was valued at USD 2.28 million in 2025 and is projected to reach USD 8.32 million by 2033, exhibiting a CAGR of 16.14% during the forecast period. Key market drivers include growing adoption of cloud computing, rising use of IoT and connected devices, and increased government focus on cybersecurity. The market is segmented into product types (solutions and services), deployment (on-cloud and on-premise), and end-user industries (aerospace and defense, banking, healthcare, retail, IT and telecommunication, among others). The solutions segment holds a dominant share due to the rising demand for security solutions such as application security, cloud security, and data security. The on-cloud deployment segment is expected to witness rapid growth as organizations shift towards cloud-based infrastructure. The banking, financial services, and insurance (BFSI) industry is the largest end-user industry, driven by the need to protect sensitive customer data and comply with regulations. Recent developments include: March 2022: Microsoft announced security solutions and guidance to reduce complexity and make it easier for Singapore SMEs to address certification requirements of the Cyber Essentials mark by CSA. Microsoft aims to help Singapore companies implement good cyber hygiene practices to protect their operations, data, and customers against common cyber-attacks in an increasingly challenging cyber threat landscape., February 2022: Singapore's Quantum Engineering Programme (QEP) initiated conducting nationwide trials of quantum-safe communication technologies that promise robust network security for critical infrastructure for companies handling sensitive data. Project is supported by Singapore National Research Foundation (NRF) and has over 15 private and government collaborators on board.. Key drivers for this market are: Rapidly Increasing Cybersecurity Incidents and Regulations Requiring Their Reporting, Growing M2M/IoT Connections Demanding Strengthened Cybersecurity in Enterprises. Potential restraints include: Stiff Competition in the Market. Notable trends are: Cloud Deployment Drives the Market Growth.

The Singapore cyber security market reached around USD 1.50 Billion in 2024. The market is projected to grow at a CAGR of 7.10% between 2025 and 2034 to reach nearly USD 2.98 Billion by 2034.

The Singapore Cyber Liability Insurance Market is Segmented by End-User (Personal, Smes, and Corporates) and by Industry (Financial Services, Government Bodies/Agencies, Healthcare, Professional Services, and Other Industries). The Report Offers the Market Sizes and Forecast Values (USD) for all the Above Segments.

The Singapore data center physical security market is experiencing robust growth, projected to reach a market size of $28.55 million in 2025, exhibiting a Compound Annual Growth Rate (CAGR) of 17.52% from 2019 to 2033. This significant expansion is driven by several key factors. The increasing reliance on data centers across various sectors, including IT & Telecommunications, BFSI (Banking, Financial Services, and Insurance), and Government, necessitates robust security measures to protect sensitive data and critical infrastructure. Furthermore, the rising adoption of advanced technologies like video surveillance and access control solutions, along with a growing demand for comprehensive consulting and professional services, are fueling market growth. The market is segmented by solution type (video surveillance, access control, and others), service type (consulting, professional, and system integration), and end-user (IT & Telecom, BFSI, Government, Healthcare, and others). The competitive landscape is characterized by a mix of established international players and local vendors, each vying for market share through innovation and strategic partnerships. While specific regional data for Singapore beyond the overall market size is unavailable, the high CAGR strongly suggests a substantial market presence for Singapore within the overall data center physical security sector. The market's continued growth trajectory is projected to be influenced by several factors. Stringent government regulations mandating enhanced data security will likely push adoption. The ongoing digital transformation across industries, with more organizations migrating sensitive data to cloud and colocation facilities, will further propel demand for sophisticated security solutions. However, potential restraints could include the initial high investment costs associated with implementing advanced security systems and the ongoing need for skilled professionals to manage and maintain these complex systems. Despite these challenges, the long-term outlook for the Singapore data center physical security market remains positive, driven by the fundamental need to secure critical data infrastructure in an increasingly interconnected world. Recent developments include: February 2024: In the latest release of the Axis operating system, AXIS OS, Axis Communications AB announced that more than 200 network devices, including cameras, intercoms, and 11.8 audio speakers are supported by the IEEE MAC 802.1sec security standard. Demonstrating the company's continued commitment to device and data security, Axis has become the first manufacturer of physical safety products supporting MACsec Media Access Control Security., April 2023: Schneider Electric launched EcoCare for Modular Data Centers services membership. Members of this innovative service plan benefit from specialized expertise to maximize modular data centers' uptime with 24/7 proactive remote monitoring and condition-based maintenance. Members also benefit from support provided in the form of a dedicated customer success management team, who become their coach, planning on-site and remote services teams and monitoring maintenance and infrastructure needs at a system level rather than an ad hoc approach for each asset only when problems arise.. Key drivers for this market are: Increasing Data Traffic and Need for Secured Connectivity is Promoting the Growth of the Data Center Physical Security Market, Rise in Cyber Threats is Driving the Data Center Physical Security Market. Potential restraints include: Increasing Data Traffic and Need for Secured Connectivity is Promoting the Growth of the Data Center Physical Security Market, Rise in Cyber Threats is Driving the Data Center Physical Security Market. Notable trends are: Video Surveillance Segment Holds Significant Share.

The ASEAN cybersecurity market, characterized by a robust Compound Annual Growth Rate (CAGR) of 18.50%, presents a significant growth opportunity. Driven by increasing digitalization, rising cyber threats targeting critical infrastructure and businesses, and stringent government regulations aimed at data protection and privacy (like the PDPA in Singapore and similar initiatives in other ASEAN countries), the market is experiencing rapid expansion. The demand for comprehensive cybersecurity solutions across various sectors is fueling this growth. Key segments, such as cloud security, data security, and identity access management, are witnessing particularly strong adoption. The increasing prevalence of sophisticated cyberattacks, including ransomware and phishing campaigns, is pushing organizations to invest heavily in advanced security technologies and services, driving demand for both on-premise and cloud-based solutions. Furthermore, the expanding adoption of IoT devices and the rise of big data are contributing to the complexity of the cybersecurity landscape, further boosting market growth. While the lack of cybersecurity awareness and skilled professionals in some areas presents a challenge, substantial investments in cybersecurity education and training programs are mitigating this constraint. The regional distribution of the market within ASEAN shows varying levels of maturity and adoption across countries. Singapore, Malaysia, and Thailand are currently leading the market in terms of investment and technological advancement. However, significant growth potential exists in other ASEAN nations as digital transformation initiatives accelerate. The presence of established multinational corporations alongside local players fosters competition and innovation. This competitive landscape ensures a diverse range of solutions and services to meet the specific needs of different organizations. The future trajectory of the ASEAN cybersecurity market remains positive, with projections indicating continued robust growth driven by the factors mentioned above. Specific sectors like BFSI (Banking, Financial Services, and Insurance) and Healthcare, given their sensitive data, are expected to witness particularly high spending on cybersecurity measures. Recent developments include: March 2022 - Thailand's dtac launched new Cloud-based Cyber Security Service, for dtac subscribers that provides security against increasingly widespread cyber threats in the booming digital era. It offers cloud-based security against a wide range of cyber threats, including malware, viruses, phishing, ransomware, botnets, and command & control attacks on compromised servers., February 2022 - Singapore's Quantum Engineering Programme (QEP) started conducting nationwide trials of quantum-safe communication technologies that promise robust network security for critical infrastructure and companies handling sensitive data. The project is supported by Singapore National Research Foundation (NRF), and has over 15 private and government collaborators on board.. Key drivers for this market are: Increasing Demand for Digitalization and Scalable IT Infrastructure, Need to tackle risks from various trends such as third-party vendor risks, the evolution of MSSPs, and adoption of cloud-first strategy. Potential restraints include: Increasing Demand for Digitalization and Scalable IT Infrastructure, Need to tackle risks from various trends such as third-party vendor risks, the evolution of MSSPs, and adoption of cloud-first strategy. Notable trends are: Cloud Expected to Witness Significant Market Share.

The size of the Singapore Data Center Physical Security market was valued at USD XXX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 17.52% during the forecast period.This defines data center physical security, meaning the practice of protecting a data center and critical infrastructure from physical threats that are related to unauthorized access and theft, natural disasters, and cyberattacks. They ensure data integrity, availability, and confidentiality while ensuring the continuance of business.Data center physical security measures usually involve an integration of security technologies and practices. All devices around the perimeter, including fences, gates, and cameras, work to deny entry to unauthorized individuals. They include access control systems; in most cases, it's biometric authentication and card readers that make it possible to restrict entry only to authorized people. Environmental controls comprise systems like fire suppression and extinguishing systems, temperature control systems, humidification systems, and backup power systems.The increasing importance of data centers in Singapore is attributed to its strong digital economies and the increasing government regulations. Besides this, Singapore's strategic location, robust infrastructure, and strong legal framework make it an extremely attractive destination for data center operators. To meet the rising demand for secure and reliable data center services, the operators in Singapore are investing highly in advanced physical security solutions. Recent developments include: February 2024: In the latest release of the Axis operating system, AXIS OS, Axis Communications AB announced that more than 200 network devices, including cameras, intercoms, and 11.8 audio speakers are supported by the IEEE MAC 802.1sec security standard. Demonstrating the company's continued commitment to device and data security, Axis has become the first manufacturer of physical safety products supporting MACsec Media Access Control Security., April 2023: Schneider Electric launched EcoCare for Modular Data Centers services membership. Members of this innovative service plan benefit from specialized expertise to maximize modular data centers' uptime with 24/7 proactive remote monitoring and condition-based maintenance. Members also benefit from support provided in the form of a dedicated customer success management team, who become their coach, planning on-site and remote services teams and monitoring maintenance and infrastructure needs at a system level rather than an ad hoc approach for each asset only when problems arise.. Key drivers for this market are: Increasing Data Traffic and Need for Secured Connectivity is Promoting the Growth of the Data Center Physical Security Market, Rise in Cyber Threats is Driving the Data Center Physical Security Market. Potential restraints include: Limited IT Budgets, Availability of Low-Cost Substitutes, and Piracy are Discouraging the Potential Growth of the Market. Notable trends are: Video Surveillance Segment Holds Significant Share.

The Singapore Data Center Physical Security Market Report is Segmented by Solution Type (Video Surveillance and Access Control Solutions), Service Type (Consulting Services and Professional Services), and End User (IT & Telecommunication, BFSI, Government, Media & Entertainment, and Other End Users). The Market Sizes and Forecasts are Provided in Terms of Value (USD) for all the Above Segments.

The size of the Cyber Security Insurance Market in Singapore market was valued at USD 108.04 Million in 2023 and is projected to reach USD 208.54 Million by 2032, with an expected CAGR of 9.85% during the forecast period. The market is driven by rising cybercrime incidents, increasing awareness of cyber risks, and government initiatives to promote cyber security. Hybrid seeds offer numerous benefits, including increased yield, better resistance to pests and diseases, and improved adaptability to changing climate conditions. Government initiatives, rising food security concerns, and technological advancements are also contributing to the growth of the hybrid seed market. Major players involved in the development and distribution of hybrid seeds include Syngenta, Bayer, and Dupont Pioneer. Recent developments include: April 2023: Asian insurance company FWD Singapore announced the expansion of its home insurance coverage by protecting homeowners from cyber fraud through its complimentary FWD cyber insurance. FWD Cyber insurance provides coverage for some of the most common scams, up to USD 3739.50 in coverage for financial loss arising directly from an online marketplace fraud, and up to USD 3739.50 in coverage for financial loss to customers' bank accounts or digital wallets arising directly from a cyber event., March 2022: Chubb acquired renewal rights of DUAL Asia's Financial Lines portfolios in Hong Kong SAR and Singapore. Chubb purchased the business assets, including the intellectual property and underwriting models. The parties took over DUAL's client portfolio renewal rights, effective from 18 June 2022.. Key drivers for this market are: Embedded Insurance is Driving the Market. Potential restraints include: Inflation is Restraining the Property and Casualty Insurance Market of Singapore. Notable trends are: Data Breaches and Loss of Confidential Information is Driving the Market.

The Singaporean cybersecurity insurance market, valued at approximately $108.04 million in 2025, is experiencing robust growth, projected to expand at a Compound Annual Growth Rate (CAGR) of 9.85% from 2025 to 2033. This surge is driven by several factors. Increasingly sophisticated cyberattacks targeting businesses of all sizes, from personal users to large corporations, necessitate robust insurance coverage. Government initiatives promoting cybersecurity awareness and regulations mandating data protection further fuel market demand. The financial services, government, and healthcare sectors are key contributors, owing to their high reliance on sensitive data and vulnerability to cyber breaches. Growth is also fueled by the rising adoption of cloud technologies and the expanding digital economy, which increase both the attack surface and potential financial losses from cyber incidents. While challenges remain, such as the complexity of assessing cyber risks and the limited awareness of insurance solutions amongst SMEs, the market's positive trajectory is expected to continue, driven by technological advancements and a proactive regulatory environment. The competitive landscape comprises both international giants like AXA, Chubb, AIG, and Tokio Marine, alongside regional players. These companies are strategically investing in innovative product offerings and expanding their partnerships to cater to the evolving needs of businesses and individuals. Future growth hinges on insurers' ability to develop sophisticated risk assessment models, offer tailored solutions, and leverage technological advancements such as AI and machine learning to improve detection, response, and prevention capabilities. The expansion into underserved segments, particularly SMEs, presents a significant opportunity for market expansion. Given the projected CAGR, strategic partnerships, and technological innovation will play a pivotal role in shaping the market's future landscape. Recent developments include: April 2023: Asian insurance company FWD Singapore announced the expansion of its home insurance coverage by protecting homeowners from cyber fraud through its complimentary FWD cyber insurance. FWD Cyber insurance provides coverage for some of the most common scams, up to USD 3739.50 in coverage for financial loss arising directly from an online marketplace fraud, and up to USD 3739.50 in coverage for financial loss to customers' bank accounts or digital wallets arising directly from a cyber event., March 2022: Chubb acquired renewal rights of DUAL Asia's Financial Lines portfolios in Hong Kong SAR and Singapore. Chubb purchased the business assets, including the intellectual property and underwriting models. The parties took over DUAL's client portfolio renewal rights, effective from 18 June 2022.. Notable trends are: Data Breaches and Loss of Confidential Information is Driving the Market.

Singapore Data Center Physical Security Market size was valued at USD 182.3 Million in 2024 and is expected to reach USD 398.7 Million by 2032, growing at a CAGR of 10.3% from 2026 to 2032.Key Market Drivers:Growing Data Center Infrastructure Investment: Singapore's strategic position as a digital hub in the Asia-Pacific region is driving substantial investment in data center infrastructure, necessitating advanced physical security solutions. According to the Singapore Economic Development Board (EDB), Singapore's data center market was valued at approximately USD 8.5 billion in 2023.Stringent Regulatory Compliance Requirements: Singapore's comprehensive data protection framework and cybersecurity regulations are compelling organizations to enhance physical security measures. The Personal Data Protection Commission (PDPC) reported a 48% increase in data breach investigations between 2021 and 2023.

The size of the Taiwan Cybersecurity Market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 11.10% during the forecast period.Cybersecurity is defined as the safe-guarding of computer systems and networks from various digital attacks aimed at stealing, damaging, or disrupting sensitive information, along with critical infrastructure. Now that technology is on the rise in Taiwan, cybersecurity remains one of the main concerns for businesses, government agencies, and individuals. Several drivers are there for the Taiwan cybersecurity market. There exists a strong technology industry in Taiwan that includes manufacturing of semiconductors and software development. It is no surprise that cybercrime actors, in search of weaknesses in the country's critical infrastructure to exploit, would venture there and take advantage of them. Remote work and digital transformation have higher vulnerabilities for cyberattacks. General regional trends of increased geopolitical tensions heightened the risk of state-sponsored cyberattacks on critical systemsTaiwanese governments know that cybersecurity is an essential aspect, and efforts have been given to build up their defense. NICST coordinates public and private sector efforts in terms of cybersecurity. On the part of the government, several regulations and standards are also established to uplift the security posture of organizations in cybersecurity. With all this government effort, Taiwan's private sector also invests heavily in cybersecurity solutions. Most of the Taiwanese companies today are installing all the latest cybersecurity technologies such as AI, machine learning, and blockchain for breaking their security walls. The country hosts an increasing number of cybersecurity startups nowadays to prove innovative solutions for current threats. Overall, Taiwan cybersecurity in the year 2023 would, therefore be an expansion since the nation seeks to protect its digital assets for continued dominance in the global technology field. Recent developments include: September 2021: Proofpoint Inc., a leading cybersecurity and compliance company announced it had completed an official review of its partner ecosystem across the Asia Pacific region with the appointment of authorized distributors Ingram Micro(Singapore, Malaysia, Australia, and New Zealand), M.Tech (Singapore, Hong Kong, Vietnam, Indonesia, India, Malaysia, Taiwan, and Australia) and ITSDI (Philippines)., July 2022 - Lanner Electronics company has established a partnership with 6WIND. Through this partnership, the company aims to integrate Lanner's uCPE appliance with 6WIND's Virtual Service Router (VSR) software and provide network service providers a routing and security solution with superior deployment flexibility, carrier-grade performance, and high availability for enabling quick deployment and operationalization of a powerful IPsec VPN feature in both cloud and hybrid environments.. Key drivers for this market are: Rapidly Increasing Cybersecurity Incidents and Regulations Requiring Their Reporting, Increasing Investments and Government Support. Potential restraints include: Regulation Compliance Associated with Laser Usage. Notable trends are: Cloud Deployment Drives the Market Growth.

The Asia-Pacific (APAC) cybersecurity market presents a significant growth opportunity, driven by increasing digitalization, rising cyber threats, and stringent government regulations. The region's diverse economies, from rapidly developing nations like India and China to established markets like Japan and South Korea, contribute to a complex landscape of cybersecurity needs. The market's expansion is fueled by the adoption of cloud-based solutions, the proliferation of IoT devices, and the increasing sophistication of cyberattacks targeting critical infrastructure and businesses. While the on-premises security solutions segment holds a considerable share currently, the rapid adoption of cloud services across various sectors is leading to a substantial shift towards cloud-based cybersecurity solutions. This trend is particularly pronounced in the banking, financial services, and insurance (BFSI) sectors and the rapidly expanding IT and telecommunication industries, demanding robust security measures to protect sensitive customer data and critical financial operations. Government initiatives promoting cybersecurity awareness and investments in infrastructure further bolster market growth. However, challenges remain, including a shortage of skilled cybersecurity professionals, varying levels of cybersecurity awareness across different sectors, and the high costs associated with advanced security solutions, particularly for smaller businesses and enterprises. The market's growth will continue to be influenced by these factors, with a likely focus on integrated security solutions that address the evolving threat landscape. Despite the challenges, the APAC cybersecurity market is projected to maintain a robust growth trajectory over the forecast period. The increasing adoption of advanced security technologies, including Artificial Intelligence (AI) and Machine Learning (ML) for threat detection and response, will be a key driver. The focus on proactive security measures and preventative strategies rather than reactive incident response is another significant trend. Furthermore, the rising adoption of blockchain technology for enhanced security and data privacy will contribute to market growth. The high CAGR of 13.70% for the global cybersecurity market suggests that the APAC region, a key growth engine, could experience similar or even higher growth rates given its rapid digital transformation. Specific growth within the APAC region will vary by country based on factors such as technological advancement, regulatory frameworks, and the maturity of their respective cybersecurity ecosystems. This requires a nuanced understanding of each national market for effective strategic planning and investment. Recent developments include: April 2024 - Monetary Authority of Singapore (MAS) and Mastercard inked a Memorandum of Understanding (MoU) to bolster cybersecurity cooperation. Their primary goal is to fortify cyber resilience within Singapore's financial services sector. This strategic alliance seeks to solidify the existing collaboration between MAS and Mastercard. It will involve bilateral information sharing on cyber threat intelligence, aimed at enhancing cyber situational awareness in the financial realm. Additionally, the partnership will entail joint analysis of prevalent cyber threats affecting financial services, leading to actionable insights and recommendations on potential countermeasures., February 2024 - Google.org, the philanthropic arm of Google, has allocated USD 15 million to The Asia Foundation for the APAC Cybersecurity Fund. This initiative, in collaboration with the CyberPeace Institute and the Global Cyber Alliance, aims to enhance the cyber capabilities of 300,000 underserved micro and small businesses, nonprofits, and social enterprises across 13 locations in the Asia-Pacific region.. Key drivers for this market are: Rapidly Increasing Cybersecurity Incidents and Regulations Requiring Their Reporting, Growing M2M/IoT Connections Demanding Strengthened Cybersecurity in Enterprises. Potential restraints include: Rapidly Increasing Cybersecurity Incidents and Regulations Requiring Their Reporting, Growing M2M/IoT Connections Demanding Strengthened Cybersecurity in Enterprises. Notable trends are: Cloud Deployment Drives Market Growth.

In 2023, the revenue of the cyber solutions industry in Singapore reached about 250 million U.S. dollars, slightly up from the previous year. The Statista Technology Market Outlook estimates that the revenue of the cyber solutions industry will further increase to around 469 million U.S. dollars in 2029.

The ASEAN cybersecurity industry is poised for substantial growth, with a market size projected to reach XX million by 2033, expanding at a CAGR of 18.50% from 2025 to 2033. This expansion is driven by an increasing demand for cybersecurity solutions to protect against rising cyber threats, including data breaches, malware attacks, and ransomware. Government regulations and initiatives to enhance cybersecurity measures, along with the adoption of cloud computing and IoT devices, are also fueling market growth. Key trends shaping the ASEAN cybersecurity industry include the increasing popularity of cloud-based security solutions, the growing adoption of AI and machine learning for threat detection and response, and the emergence of managed security services. However, the industry faces challenges such as a shortage of skilled cybersecurity professionals and the complexity of regulatory compliance. Nevertheless, the strong demand for cybersecurity solutions and the growing awareness of cyber threats are expected to drive sustained growth in the ASEAN cybersecurity market over the forecast period. Recent developments include: March 2022 - Thailand's dtac launched new Cloud-based Cyber Security Service, for dtac subscribers that provides security against increasingly widespread cyber threats in the booming digital era. It offers cloud-based security against a wide range of cyber threats, including malware, viruses, phishing, ransomware, botnets, and command & control attacks on compromised servers., February 2022 - Singapore's Quantum Engineering Programme (QEP) started conducting nationwide trials of quantum-safe communication technologies that promise robust network security for critical infrastructure and companies handling sensitive data. The project is supported by Singapore National Research Foundation (NRF), and has over 15 private and government collaborators on board.. Key drivers for this market are: Increasing Demand for Digitalization and Scalable IT Infrastructure, Need to tackle risks from various trends such as third-party vendor risks, the evolution of MSSPs, and adoption of cloud-first strategy. Potential restraints include: Lack of Cybersecurity Professionals, High Reliance on Traditional Authentication Methods and Low Preparedness. Notable trends are: Cloud Expected to Witness Significant Market Share.