Press Release

Cybersecurity Market in India Continues to be Dominated by BFSI Sector

National digitization initiative ‘Digital India’, rapid cloud adoption and emerging BYOD & mobility trends to drive India cybersecurity market through 2023

According to TechSci Research report, India Cybersecurity Market By Security Type, By Solution, By End User Sector, Competition Forecast & Opportunities, 2013 – 2023, cybersecurity market in India is projected to grow at a CAGR of more than 19% during 2018 - 2023. Key factors expected to drive the market are rapidly increasing digitization under Digital India program, emergence of SMACT technologies, surging demand for BYOD & mobility, and growing adoption of networking trends such as Software Defined Networking (SDN) and Network Function Virtualization (NFV). Alarming increase in incidences of ransomware attacks, which hamper the credibility and CAPEX/OPEX of organizations, is anticipated to have a huge positive impact on the cybersecurity market in India over the coming years.

 

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Network security segment accounts for the largest share in the market, as it offers next-gen technology infused with advanced security features. However, in the coming years, cloud security is anticipated to grow at the fastest rate in India cybersecurity market, owing to rising adoption of cloud computing services, and continuing growth in enterprise mobility & bring your own device trend in the country. BFSI sector is the largest demand generating sector in the country’s cybersecurity market, as it is the biggest target of cyberthreats and attacks from hackers. Backed by rising promotion of mobile and e-governance activities initiated by the government, in addition to growing border management and national security concerns, adoption of cybersecurity in the government sector is also likely to witness robust growth during forecast period.

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“With increasing number of organized and advanced cyberattacks, demand for cybersecurity solutions such as those based on advanced technologies like deception technology, artificial intelligence, etc., is growing across diverse sectors in India. Moreover, owing to growing number of SMART projects in the country, network and technological complexities are also increasing, which in turn, is resulting in rising investments in R&D by both government and private enterprises, thereby driving innovation in cybersecurity technologies and solutions.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“India Cybersecurity Market By Security Type, By Solution, By End User Sector, Competition Forecast & Opportunities, 2013 – 2023has analyzed the potential of cybersecurity market across India, and provides statistics and information on market size, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by the industry.

About TechSci Research

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Relevant Reports

India Cyber Security Market By Security Type (Network Security, Content Security, Endpoint Security, Application Security, Cloud Security & Others), By Solution, By End User Sector, Competition Forecast & Opportunities, 2013 – 2023

ICT | May, 2018

National digitization initiative ‘Digital India’, rapid cloud adoption and emerging BYOD & mobility trends to drive India cybersecurity market through 2023

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