India Cybersecurity Market Experiencing a Wave of Optimism—Projected to Reach worth USD 5.6 Billion in 2027
Published | 29 October 2021
There has been a surge in cyber-attacks and data breaches in India, which has led to the growth of the country’s cyber security market. As the use of the internet increases in the country, cybersecurity solutions are expected to become more prevalent…
A study, recently conducted by the strategic consulting and market research firm BlueWeave Consulting, revealed that India cybersecurity market was worth USD 2.2 billion in 2020 and is further projected to reach USD 5.6 billion by 2027, at a CAGR of 14.5 % during the forecast period (2021-2027). Due to the increasing internet usage in the country, cybersecurity solutions have become more prevalent. In addition, the ever-increasing use of wireless networks for mobile devices has increased data risks, making cybersecurity a necessity for every business.
Favorable Government Strategies is Pushing the Market Growth
Growing digitization requires proactive cybersecurity measures in India, as it is the second-fastest digital adapter among the world's 17 most digital economies. In India, the National Security Council (NSC) is a three-tiered body that supervises all political, economic, energy, and security issues. National Cyber Security Coordinator Office of the National Security Council Secretariat has developed a National Cyber Security Strategy for 2020. Businesses have a lot of information and data stored on their systems. A cyberattack could lead to the loss of confidential information (such as patents or original work) and private information of employees and customers, thus causing the loss of public trust in the integrity of an organization. According to statistics reported to and monitored by the Indian Computer Emergency Response Team, 6.97 lakh cybersecurity incidents were reported in the first eight months of 2020, nearly equaling the preceding four years combined. The Chinese group Red Echo has increased its use of malware in order to target "a wide swath" of the power sector in India. Thus, an apex entity is needed to establish coordination among numerous agencies and ministries.
The Solutions Segment Dominates the India Cybersecurity Market
The India Cybersecurity market is categorized into hardware, software, and services based on componenets. Over the forecast period, the solution segment has accounted for a significant market share due to the increasing demand for monitoring external and internal risks in large and small & medium organizations. In addition, the solution segment offers easy, flexible, affordable, and scalable security features, including infrastructure security, identity, and access management, governance, risk & compliance, unified vulnerability management, data security, and others.
The Network Security Segment is Driving the India Cybersecurity Market
Based on security type, the India cybersecurity market is categorized into endpoint security, cloud security, network security, application security, infrastructure protection, data security, and others. The network security segment has accounted for the largest market share during the forecast period. Considering how rapidly network security threats are increasing, every network needs to be protected. As a result, network managers are now focusing on integrating new technologies and components. Network security refers to the technologies and systems used to prevent failure or exploitation and unauthorized access to a network. A growing number of hackers has attracted a lot of attention in recent years to network security.
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Impact of COVID-19 on India Cybersecurity Market
The COVID-19 has a significant impact on the Indian cybersecurity business, and demand for cybersecurity has been observed to increase during pandemic times. The country has taken preventive measures in response to the ongoing COVID-19 outbreak.
Although schools are closed, and residents are being encouraged to stay at home, many businesses are looking for a method to encourage their employees to work from home. As a result, there has been an increase in the use of video communication channels. In recent months, domain registrations for video communication channels such as Zoom have risen dramatically. According to Checkpoint Security, more than 1,700 new domains have been registered since January 2020, with 25% registered in the first week of March 2020.
India Cyber Security Market Competitive Landscape
The Indian cyber security market is moderately fragmented due to the presence of limited domestic and international players. Additionally, the emergence of new players has led to more healthy competition among long-established service providers. Some key players in the India cyber security market are WeSecureApp, Hicube Infosec Pvt. Ltd, Skylark Information Technologies Private Limited, K7 Computing Pvt. Ltd, Wi-Jungle, Quick Heal Technologies Ltd., eSec Forte Technologies, and other prominent players.
In October 2021, the Indian government announced the issuance of cybersecurity rules for the electricity sector to create a secure cyber ecosystem for the first time. The Central Electricity Authority (CEA) prepared practices for cybersecurity in the electricity industry under the guidance of Union Power and New & Renewable Energy Minister R K Singh.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the India cyber security market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the India cyber security market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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