Fang Xing and his team were honoured at the Beijing IT Security Conference of 2019
Cybersecurity is certainly not an easy area to deal with. Fang Xing knows this well, having decided to incubate three projects several times ago. Yet his commitment has paid off. Fang and his team Quanzhi Tech have in fact brought home the title of champion in the competition for start-ups during the Conference on computer security in Beijing in 2019.
“I am a computer security engineer and from what I did with my last two business projects, my experience and my projects have both shown my correct and far-sighted judgment,” Fang said.
Fang’s company aims to protect data security during the company’s flow
Fang’s company aims to protect data security during their flow, while its competitors focus on other fields such as the IoT and data privacy for supercomputing insurance and even IT security.
“Unlike my previous experience in starting an IT security business, this time I can feel the whole industry in the spotlight and something new emerges every day. Development is enormous, “Fang said.
The boom in the cybersecurity market is consistent with the global high-tech industry
Chinese cybersecurity market spending reached $ 7.35 billion in 2019 and experts estimate that the annual growth rate will be 25.1%, making it a leader in the global market. Furthermore, by 2023 the market volume will reach $ 17.9 billion, according to the latest IDC report.
The boom in the cybersecurity market is also consistent with the global high-tech industry in recent years. With a greater number of companies aiming high for cutting-edge technology and economic progress, the continuous investments in research and development and innovation also expand the horizon of cybersecurity actors. This is confirmed by Cai Jingjing, founder of Integrity Tech, a computer security company based in Beijing.
There is also a growing demand for better computer security products and services, as Chinese companies become more proactive in cyber defence. “The cybersecurity industry is set to take off and new startups that will gradually bring industry to safeguard national cybersecurity will increase,” said Fang.
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