Securing the Digital India: A Cybersecurity Market Analysis

Market Overview:

Market research on IT sector is vital for entering this industry and attain success in the limited period possible. The cyber security market of India reached over USD 6.06 billion in 2023, growing at a staggering pace of CAGR 32%, as per the data by NASSCOM. BFSI enterprises comprise the highest market share in the cyber security business, close to ~ 28%. This was followed by IT/ ITeS, which comprised 24.5% of the overall market .

The rising demand for cyber security products is rooted in multiple factors. Pocybeerst pandemic organizations across industries are adopting fast digitization, implementing product automation and spending heavily on latest technologies such as AI/ML, Clouds, etc. You can hire us for Feasibility study for tech start-ups and all related information.

As per a NASSCOM study, 97% organizations around the world have implemented AI/ML, while 84% has invested in cloud technologies. Consequently, the volume of cyber threats and attacks are increasing, which is necessitating the need for counter solutions. Growth is digitization has further led to new regulatory frameworks, which is also fuelling demand for cyber security solutions. In addition, GOI has taken various steps to promote cyber security with initiatives like Digital India and National cybersecurity strategy.

Cybersecurity Market of India – Growth Drivers

According to NASSCOM the computer security market of India is projected to reach at USD 26.57 billion by 2029. The market will grow at a CAGR of 34.4% for the forecast period. Multiple growth drivers will fuel the uptrend. You can invest in Market research on Indian cyber security industry to get more information and all insights.

Market Growth Drivers:

• There has been recent increase in cyber-attacks on Indian business enterprises and government agencies. India reported about 1.39 million cyber-attacks in 2022. (source: Computer Emergency Response Team (CERT-In)).

• Digital transformation has turned out to be one of the key growth driver for cyber security market in India. With the rising competitiveness among businesses, companies are increasingly embracing digital solutions. This has led to demand for cyber security solutions to safeguard the assets and necessary measures for business operations.

• The growing employment of cybersecurity as it helps maintain operations during and after cyber incidents, minimizing downtime, is offering a positive market outlook in India.

• Initiatives launched by GOI such as the national cyber security policy (NCSP) and the adoption of National Data Protection laws has been a driving force to build a robust cyber infrastructure. The NCSP includes laws such as the General Data Protection Regulation (GDPR) and the Information Technology (IT) Act guide organizations to implement strong security practices to protect customer information.

• Sectors such as BFSI and IT./ ITeS are some of the major industry contributors towards growth. India Watch performs the feasibility study for cyber security start up that can actually help in many ways.

Major Companies in the Segment:

• Broadcom: Broadcom's cybersecurity vertical furnishes security to the organizations against any sort of malicious activity perpetrated over the internet. Their services include protection of network, endpoints, cloud, and applications. With these solutions, Broadcom's clients protect their sensitive information, networks, applications, mitigate business risks and remain compliant with the very dynamic industry regulations.

• IBM: IBM offers a wide range of business assets protection from various online threats. Their offerings encompass threat intelligence, risk assessment, vulnerability management and tracking, incident response, security operations center support. IBM leverages advanced technologies like AI and automation to deliver efficient cybersecurity solutions.

• Microsoft: The company offers security solutions for organizations of all sizes. Their solutions include cloud security, endpoint protection, identity and access management, threat protection, and compliance solutions. By combining a rich experience in IT with Microsoft Azure cloud services, organizations can conduct business online without worrying about security issues.

• Cisco: Cisco’s cybersecurity vertical provides a pack of security solutions to organizations to safeguard them from cyberattacks. Their services include network security, endpoint security and threat intelligence. They provide a comprehensive toolkit to protect critical data and infrastructure in today's increasingly complex digital landscape.

Market Trends in the Domain:

• Security Information and Event Management (SIEM) is an emerging trend in India. Given the increasing volume of security-related information in organizations, such events can only be properly managed through SIEM solutions. It is an efficient tool for collecting, analysing, and correlating events to detect threats effectively. This is becoming part and parcel of Indian cybersecurity strategies.

• Due to an expanding remote workforce, there were new challenges on how to ensure the safety of an organization’s data and networks. This transition brought about the greater need for security controls like remote access solutions, virtual private networks and endpoint protection systems.

• AI and ML are coming out as potential market trends in cyber security in India. It allows automated threat detection, anomaly detection, and predictive analytics which improves the security level and the efficiency. AI-based solutions are becoming a “must have” for organizations.

Cybersecurity for Internet of Things (IoT) is an ongoing trend in the sector. With the hike in IoT devices, securing them and their associated networks will be extremely crucial. Therefore, Solutions like IoT security platforms and firmware updates are essential measures to safeguard IoT ecosystems from threats.

Exact Potential vs Current Market:

India’s cybersecurity market has undergone significant growth and various technological advancements has been made over the last decade. Major areas which contributed to the growth were network security, endpoint security and cloud security. Despite the ongoing surge across the domain, there remains significant untapped potential. Key areas like providing services for SMEs, IoT solutions, Artificial Intelligence (AI) and Machine Learning (ML) still has tremendous untapped potential. To exactly fill this gap a multi-faceted approach is necessary. Enhanced education, skill development, focus on affordable solutions, partnerships & collaborations etc are the key strategies to be looked upon.

Challenges in the Cybersecurity Market of India:

• Shortage of capable cybersecurity specialists are hindering the momentum. The total demand in the market is far more than available skilled service providers, creating a shortage of talent.

• Lack of proper infrastructure like out-of-date technology and weak connectivity can undermine effective implementation of cybersecurity measures.

• More can be understood by doing the best in class Market Research on Indian IT industry that explains that cost is also a limiting factor in the deployment of cybersecurity investments by most organizations, especially for SMEs.

• While the nature of cyber-attacks is dynamic, organizations face difficulty in predicting the future risks and such changing trends.

• Even though there has been a rise in awareness and orientation, it is still clear that many organizations lack a more thorough and appropriate approach towards understanding cyber risks and the need for appropriate security levels.

How The India Watch can Help

The India Watch is an India-centric market research, business intelligence, and feasibility study advisory. If you are looking for tailormade market intelligence, insights, and perspectives on Indian cyber security and other ancillary business segment, we can help. With our detailed research we can offer valuable perspectives on Indian markets and enable you decipher key themes such as market size, growth drivers, competitive landscape, emergent technological trends, risks, value chain, etc.

Likewise, can also render actionable insights and perspectives on customer demand, segmentation, positioning, growth drivers, success factors, etc. Start-ups and business owners, who are planning to enter the lucrative space can also take our services in preparing comprehensive feasibility study reports. For any further assistance on Feasibility study services for start-ups in India, pls drop us a mail at info@theindiawatch.com

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