Increasing cloud services, rising Internet of Things (IoT), and increasing security concerns to drive the growth of the India cybersecurity market through FY2027.
According to TechSci Research report, “India Cybersecurity Market was valued at USD2200.23 million in FY2021 and is expected to grow at a CAGR of 8.05% during the forecast period owing to increasing cloud services, rising Internet of Things (IoT) and increasing security concerns across the globe. Technological advancements with rising demand for Big Data Analytics, AI enabled cybersecurity are further propelling the market. However, concerns related to lack of awareness, availability of resources and regulations related to the deployment of the cybersecurity in organizations are expected to hamper the market growth during the forecast period.
India Cybersecurity market can be segmented into security type, solution type, deployment mode, end use industry and region. Based on security type, the market can be segmented into Network Security, Endpoint Security, Application Security, Cloud Security, Content Security, Others. The network security dominated the market in FY2021 with a share of 24.36% and is expected to grow at a CAGR of 7.16%. In terms of solution type, the market can be bifurcated into Firewall, Antivirus & Anti-Malware, Risk & Compliance Management, Identity & Access Management, Data Loss Prevention, Intrusion Detection/Prevention System, Encryption & Decryption, Secure Web Gateways, Email Filtering & Others. In FY2021, the Firewall segment is estimated to grow with a CAGR of 7.96% in the forecast period as it monitors network traffic and helps in reducing the increasing risk of cyberattacks. Based on end use industry, the market is segmented into BFSI, IT & Telecom, Defense, Energy & Power, Retail & E-Commerce, Healthcare and Others. BFSI sector dominated the market in FY2021 with a market share of 20.97% in FY2021. Based on deployment mode, the market is segmented into On-Premise and Cloud. Cloud segment is leading the market in FY2021 with 51.54% market share and is forecast to grow with a CAGR of 8.78% due to increasing cloud adoption in every industry.
Juniper Networks India Private Limited, International Business Machines Corporation, Mcafee Software (India) Private Limited, Cisco Systems (India) Private Limited, Nortonlifelock India Private Limited, Quick Heal Technologies Limited etc. are among the leading players operating in the India cybersecurity market. Companies operating in the market are using organic strategies, partnerships, and collaborations to boost their shares in the India cybersecurity market. Significant players in the market are concentrating on accomplishing ideal operational expenses, upgrading the system efficiency, enhancing precision in responses, boosting productivity with high funding in R&D, and merging with small players to support the competitive India cybersecurity market.
“The increasing use of digital platforms and shift towards the cloud services have given rise to increasing number Cybersecurity threats. To ensure security from malicious attacks there is a rise in demand of cybersecurity. The COVID-19 pandemic forced organizations to shift their workforces to remote work and is being continued post pandemic as well and working from home poses new cybersecurity risks as decentralization of the data is increasing. To keep the operation up and running there is need of higher level of data protection as well as good cybersecurity infrastructure. Another factor which has boosted the growth in cybersecurity market is rising regulatory norms by the government authorities such as Securities and Exchange Board of India’s (SEBI’s) cyber resilience framework directives 11, which provides cybersecurity guidelines.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.