India Cyber Security Market

 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.

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 Outdated network security solutions are incapable of protecting the organization from advanced network, cloud, and endpoint security threats.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 Model

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.

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.

Sample Copy of the Report: https://www.blueweaveconsulting.com/report/india-cyber-security-market/report-sample

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.

About Us

BlueWeave Consulting (BWC) provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost up the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.

Contact Us:

BlueWeave Consulting & Research Pvt. Ltd

+1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662

info@blueweaveconsulting.com