Over the last four years, the cybersecurity landscape in India has undergone remarkable expansion. In line with our strategic efforts to position India as a prominent global hub for cybersecurity, DSCI has initiated a comprehensive study. This study is designed to analyze trends in cybersecurity spending, provide an overview of the cybersecurity products and services market, and identify key drivers and challenges within India. The findings underscore the escalating demand and critical importance of cybersecurity solutions in the evolving digital landscape.

Key Findings:

• Cybersecurity market in India reached ~USD 6 billion in 2023, growing at a CAGR growth of over 30% during 2019-23.
• Products segment grew by more than 3.5X to reach ~USD 3.7 billion in 2023 from ~USD 1 billion in 2019.
• India cybersecurity market is expected to account for 5% of the global market by 2028.
• Over 60% of the respondents, have invested or plan to invest in cybersecurity offerings such as ZTNA, CNAPP, CASBs, XDR, MFA, VAPT, Security Audits and Assessments, and Threat Intelligence Services.
• ~90% analyzed organizations recognized email as the foremost and most critical pathway for cyber attacks, and 84% acknowledged phishing as the predominant cyber threat confronting their industry.
• ~ 75% of surveyed organizations highlighted the shortage of skilled professionals as a significant concern.
• BFSI and IT/ITeS sectors are the leading spenders on cybersecurity, driven by stringent and granular regulation and high cyber maturity.
• ~97% of the organizations have invested in AI/ML and ~84 have invested in Cloud.