Report Overview

India Cyber Security Market- Industry Trends & Forecast Report 2027

India Cyber Security 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). A surge in malware and phishing threats among companies, increased demand for cloud-based cybersecurity solutions, and the necessity for strong authentication techniques across the country contribute to the cybersecurity market's growth.

Source: BlueWeave Consulting

India Cyber Security Market Overview

The practice of securing systems, networks, and programmes from digital threats is known as cybersecurity. These hacks usually try to obtain access to, change, or delete sensitive data, extort money from users, or disrupt normal business operations. As there are now more devices than people, and attackers are becoming more innovative, implementing effective cybersecurity measures is becoming increasingly difficult.

India Cyber Security  Market Trend

Growth Drivers

The Rise in Data-Breach Incidents has Propelled the Demand for the Market

The growing usage of a range of technologies in the retail, banking, telecom, and manufacturing sectors creates the need for vast amounts of sensitive data to be assimilated, processed, and stored. A breach of such sensitive information might result in significant financial losses for a company. For instance, BigBasket, a Bangalore-based online supermarket, suffered a data breach in November 2020. The personal information of over 2 crores (20 million) users, including email addresses, phone numbers, and order details and addresses, was leaked. Following high-profile data theft and data breaches, it becomes critical for a company to assess future dangers, mandating a redesigning of its cyber security measures.

Restraints

Shortage of Experts and Budget Constraints for SMEs to Restrict the Market Growth

The demand for advanced security solutions is increasing dramatically as the number of online security threats increases. Outdated network security solutions are incapable of protecting the organization from advanced network, cloud, and endpoint security threats. Key limiting factors include a lack of professionals and experts in developing and enhancing security solutions. The high expense of implementing and updating internet security solutions and services prevents small and medium businesses from using them (SMEs).

Impact of COVID-19

The COVID-19 pandemic has disrupted businesses, and with the emergence of remote working cyber crooks have been involved in exploiting vulnerabilities. The year 2020 witnessed one of the highest numbers of data breaches ever recorded, and the trend appears to continue.  When the country went into lockdown in March 2020, according to Kaspersky's telemetry, the total number of brute-force attacks against remote desktop protocol (RDP) jumped from 93.1 million in February to 277.4 million in March—a 197 percent increase. India's numbers grew from 1.3 million in February to 3.3 million in March 2020. Monthly attacks never fell below 300 million from April 2020 onward, reaching a new high of 409 million attacks in November 2020. India had the most number of attacks in July 2020, with 4.5 million. Hence, with the rise in brute-force attacks, the adoption of cyber security solutions has surged in the country.

India Cyber Security  Market: By Deployment Mode

Based on deployment mode, the India cyber security market is segmented into cloud, and on-premises. The cloud segment dominated the market in 2020. Cloud computing is being increasingly used by enterprises, which explains the growth. In addition to facilitating agility and scalability, cloud-based solutions also increase IT security for organizations of all sizes. As more applications are deployed in the cloud, cloud-based cybersecurity solutions are becoming more popular among SMEs and large companies.

Source: BlueWeave Consulting

India Cyber Security Market: By Organization Size

Based on organization size, the India cyber security market is segmented into Small & Medium-Sized Enterprises and Large Enterprises. The large enterprises have accounted for a significant market share in 2020 and are likely to dominate the segment during the forecast period. Several Indian companies have reorganized their security policies and architecture to include cyber-security and safeguard their sensitive assets. Large companies use cybersecurity to prevent unauthorized access and ransomware attacks on their networks, endpoints, data centers, devices, users, and apps.

India Cyber Security Market: Industry Vertical

Based on industry verticals, the India cyber security market is categorized into aerospace and defense, government, banking, financial services, & insurance, IT, healthcare, retail, manufacturing, & others. Among these, the healthcare segment has witnessed the highest CAGR during the forecast period. In recent years, healthcare has become a target for cybercriminals due to the exponential increase in cybercrime. Cybercriminals can disrupt patient care and compromise the integrity of systems by exploiting cybersecurity breaches, data theft, ransomware, advanced malware attack, and distributed denial of service attacks. Meanwhile, the use of fake websites and phishing attempts to gather sensitive information may increase cyber preparation spending. Furthermore, the widespread use of cloud applications, connected devices, digital solutions, and open-source data among healthcare providers, payers, and patients underscores the need for security solutions to minimize vulnerabilities.

Competitive Landscape

The India cyber security market is moderately fragmented due to the presence of limited domestic and international players. Additionally, the emergence of new players has resulted in healthier competition among long-established service providers in the industry. 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.

Recent Developments

• In October 2021, KPMG India and Forcepoint formed a partnership to provide information security services to Indian enterprises. KPMG's cyber security services will be combined with Forcepoint's cybersecurity technologies, allowing businesses and government agencies to protect their important data wherever it is accessible.
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Scope of the Report

• By Component
  • • • Hardware
      • Software
        • Advanced Persistent Threat
        • Threat Intelligence
        • Security and Information Event Management
        • Security and Vulnerability Management
        • Network Access Control
        • Antivirus/Antimalware
        • Others
      • Services
        • Professional Services
        • Managed Services
• By Security Type
  • • • Endpoint Security
      • Cloud Security
      • Network Security
      • Application Security
      • Infrastructure Protection
      • Data Security
      • Others
• By Deployment Mode
  • • • Cloud
      • On–Premises
• By Organization Size
  • • • Small and Medium–Sized Enterprises
      • Large Enterprises
• By Industry Vertical
  • • • Aerospace and Defense
      • Government
      • Banking, Financial Services, and Insurance
      • IT
      • Healthcare
      • Retail
      • Manufacturing
      • Others

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Research Methodology
   1. Qualitative Research
      1. Primary & Secondary Research
   2. Quantitative Research
   3. Market Breakdown & Data Triangulation
      1. Primary & Secondary Research Application
      2. Secondary Research
      3. Primary Research
   4. Breakdown of Primary Research Respondents, By Region
   5. Assumption & Limitation
3. Executive Summary
4. India Cyber Security Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
   3. Recent Development
   4. Technological Advancements
   5. Regulatory Framework
   6. Porter’s Five Forces Analysis
      1. Bargaining Application of Suppliers
      2. Bargaining Application of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
5. India Cyber Security Market Overview
   1. Market Size & Forecast by Value, 2017-2027
      1. By Value (USD Billion)        
   2. Market Share & Forecast
      1. By Component
         1. Hardware
         2. Software
            1. Advanced Persistent Threat
            2. Threat Intelligence
            3. Security and Information Event Management
            4. Security and Vulnerability Management
            5. Network Access Control
            6. Antivirus/Antimalware
            7. Others
         3. Services
            1. Professional Services
            2. Managed Services
      2. By Security Type
         1. Endpoint Security
         2. Cloud Security
         3. Network Security
         4. Application Security
         5. Infrastructure Protection
         6. Data Security
         7. Others
      3. By Deployment Mode
         1. Cloud
         2.  On–Premises
      4. By Organization Size
         1. Small and Medium–Sized Enterprises
         2. Large Enterprises
      5. By Industry Vertical
         1. Aerospace and Defense
         2. Government
         3. Banking, Financial Services, and Insurance
         4. IT
         5. Healthcare
         6. Retail
         7. Manufacturing
         8. Others
6. Competitive Landscape
   1. Company Market Share Analysis, 2020
   2. Competitive Benchmarking, By Product Offerings
   3. List of Key Players and their Offerings
7. Impact of COVID-19 across Industry
8. Company Profile (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) *
   1. WeSecureApp
   2. Hicube Infosec Pvt. Ltd
   3. Skylark Information Technologies Private Limited
   4. K7 Computing Pvt. Ltd
   5. Wi-Jungle
   6. Quick Heal Technologies Ltd.
   7. eSec Forte Technologies
   8. Other Prominent Players
9. Key Strategic Recommendations

*Financial details of unlisted companies will be available as per data availability in final deliverable

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable.

List of Figures

Fig 1: India Cyber Security Segmentation

Fig 2: India Cyber Security Market Value Chain Analysis

Fig 3: Company Market Share Analysis, 2020

Fig 4: India Cyber Security Market Size, By Value (USD Billion), 2017-2027

Fig 5: India Cyber Security Market Share, By Component, By Value, 2017-2027

Fig 6: India Cyber Security Market Share, By Security Type, By Value, 2017-2027

Fig 7: India Cyber Security Market Share, By Deployment Mode, By Value, 2017-2027

Fig 8: India Cyber Security Market Share, By Organization Size, By Value, 2017-2027

Fig 9: India Cyber Security Market Share, By Industry Vertical, By Value, 2017-2027

List of Tables

Table 1: India Cyber Security Market Size, By Component, By Value, 2017-2027

Table 2: India Cyber Security Market Size, By Security Type, By Value, 2017-2027

Table 3: India Cyber Security Market Size, By Deployment Mode, By Value, 2017-2027

Table 4: India Cyber Security Market Size, By Organization Size, By Value, 2017-2027

Table 5: India Cyber Security Market Size, By Industry Vertical, By Value, 2017-2027

Table 6: The India Security Network Business Overview

Table 7: The India Security Network Financial Analysis

Table 8: WeSecureApp Business Overview

Table 9: WeSecureApp Financial Analysis

Table 10: Hicube Infosec Pvt. Ltd Business Overview

Table 11: Hicube Infosec Pvt. Ltd Financial Analysis

Table 12: Skylark Information Technologies Private Limited Business Overview

Table 13: Skylark Information Technologies Private Limited Financial Analysis

Table 14: K7 Computing Pvt. Ltd Business Overview

Table 15: K7 Computing Pvt. Ltd Financial Analysis

Table 16: Wi-Jungle Business Overview

Table 17: Wi-Jungle Financial Analysis

Table 18: Quick Heal Technologies Ltd. Business Overview

Table 19: Quick Heal Technologies Ltd. Financial Analysis

Table 20: eSec Forte Technologies Business Overview

Table 21: eSec Forte Technologies Financial Analysis