Australian cyber companies have advantage in US
AustCyber has released a new report targeted at Australian cybersecurity companies seeking to scale and expand into the US.
The report finds that Australian security companies have a competitive advantage in the US market due to the Australia–US Free Trade Agreement (AUSFTA) established in 2005.
Under the agreement, Australian companies pay no tariffs or import duties and have no quota restrictions in several product areas.
Additionally, Australian companies have access to streamlined customs procedures and a number of market access opportunities only open to them.
The AUSFTA also provides access to the federal government procurement market in the US, which alone is valued at US$535 billion ($717.58 billion), as well as the government procurement markets of 31 US states.
The US is expected to generate a large portion of demand for the global cybersecurity market, which is on track to grow at a CAGR of 15.6% to reach US$270 billion by 2026, the report adds. This is both due to the size of the domestic market and the fact that many global organisations locate cybersecurity decision-making in the US.
According to the report, sectors of focus for security spending in the market — driven by broader federal government requirements and current expenditure — include transport, critical infrastructure, health care, financial services, managed security services and cyber insurance.
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