Cyber Security India Market

Published: December 04, 2019

Cyber security breaches across organizations have become commonplace, regularly grabbing headlines that alarm both consumers and leaders. As our reliance on data and interconnectivity swells, developing strong resilience to withstand cyberattacks has never been more important.

According to the report study estimates, the cyber security market in India is expected to grow from USD 1.97 billion in 2019 to USD 3.05 billion by 2022, at a compound annual growth rate (CAGR) of 15.6%—almost one and a half times the global rate.

While many factors are contributing to this high growth rate, three factors are significantly driving the cyber security demand market in India—digital growth, increase in cyberattacks and stringent regulatory mandates.

As part of the survey, we looked at the following sectors, viz. BFSI, IT and ITeS, Government and others.

  • With 26% expenditure, BFSI has the largest share in cyber security expenditure.
  • IT/ITeS sector is growing the fastest at a CAGR of 18%
  • Significant security spending in the government sector will revolve around investments in defensive measures to counter threats by state actors to critical infrastructure.
  • The cyber security spend in other sectors is expected to grow from USD 630 million in 2019 to USD 949 million by 2022, at a CAGR of 14.6%. The major sectors under this ambit include energy, healthcare and automotive

Cyber Security Products:

  • The study estimates that the market for cyber security products in India will grow at a higher rate than that for services.
  • In products segment, data protection and endpoint security tools will grow at a CAGR of 22.2% and 19.1% respectively over 3 years, as compared to the overall category growth rate of 16.9%.
  • Security IDR will continue to be the most dominant product category, occupying 32% of the product mix characterized by advanced analytics in detection and response capabilities.

Cyber Security Services:

  • In services category, incident response and security testing services slated to be the core engines, fueling demand.
  • Security testing and incident response continue to grow at a higher rate than rest of the services—at a CAGR of 17.4% and 16.3% respectively over 3 years, as compared to the overall category growth rate of 14.2%.
  • Security operations will continue to be the most dominant category, occupying 38% of the service mix driven by prescriptive regulations and the need to strengthen resilience capabilities.

This joint study gives detailed insights into how the domestic demand for cyber security in India is going to evolve in the next few years and, in effect, shape adoption and implementation of cyber security products and services.

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