India Data Protection Market to Register an Exceptional CAGR Through 2028F
Increasing unauthorized
access, ransomware and cyber-attacks are significant factors driving the growth
of the India Data Protection market during the forecast period 2024-2028.
According to TechSci
research report, “India Data
Protection Market – Industry Size, Share, Trends, Competition, Opportunity and
Forecast, 2018-2028F”,
the India Data Protection market is projected to expand in the coming years.
Rapid
technology adoption in various industries such as government and defence,
banking and finance, healthcare, information technology and telecommunications,
consumer goods and retail, education, media and entertainment, and others have resulted
in blockchain, machine learning, and AI, all of which have significant data
security flaws. Because of cyberattacks and thefts in the data protection
market, data protection is becoming increasingly important. Because of the
rapid transition to digitalized business operations, the adoption and use of
security solutions and services has skyrocketed. The implementation of
regulatory requirements and the reduction of the risk of data loss will slow
the rate of data protection growth. Another significant factor influencing
market growth is the increasing use of cloud-based security solutions.
System design must take a
comprehensive approach that combines a variety of legal, administrative, and
technical safeguards to ensure data security. To start, legal frameworks that
safeguard user rights, privacy, and personal data should be used to support ID
systems. India have enacted broad data protection and privacy legislation that
applies not only to the ID system but also to other government or
private-sector activities, involving the processing of personal data.
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Data Protection market can
be segmented by component, deployment mode, organization size, industry
vertical, and region
The market is further subdivided into
Government and Defense, BFSI, Healthcare, IT & Telecom, Consumer Goods and
Retail, Education, Media and Entertainment, and Others. The Banking, Financial
Services, and Insurance (BFSI) industry is expected to expand at a healthy CAGR
in the coming years. Data protection is required in banking due to financial
institutions' use of security services and products to prevent financial fraud
and reduce the likelihood of security breaches. Common security services and
products include antivirus, access control, encryption, firewalls, video
surveillance, identity and access management, risk and compliance management,
and intrusion and fire detection. BFSI security offers a dependable, secure,
and cost-effective platform that protects against the ever-present threat of
cyber security breaches. It also protects several functions, such as cash
deposits, loans, advances, overdrafts, credits, and bill discounting.
Depending on the size of the organization, the
Data Protection market is divided into two segments: Large Enterprises and
SMEs. The segment Large Enterprises had the highest market share. Because they
use a diverse set of business tools that are vulnerable to cyber-attacks, large
enterprises are early adopters of data protection systems. As cyber-attack
intelligence grows, so do incidents of data protection on enterprise cloud
apps.
Major companies operating in the India Data
Protection market are:
·
DEKRA India Private Limited
·
eSec Forte Technologies
Private Ltd
·
Dell Inc.- India
·
IBM Corporation- India
·
Hewlett Packard
Enterprise Development LP- India
·
Skylark Information
Technologies Private Limited
·
Kratikal Tech Pvt. Ltd
·
Quick Heal Technologies
Limited
·
TAC Security
·
WeSecureApp
Various companies operating in the market are
following strategies such as mergers & acquisitions, collaborations &
partnerships, among others, to stay competitive and have an edge over other
market players. Additionally, companies are developing kits, and treatments
using Data Protection. Some of the recent developments are:
·
In 2022, International Business Machines Corp.
(IBM) launched a cybersecurity hub in Bengaluru to address the concerns of its
clients across the Asia Pacific (APAC) region.
· In 2022, Dell Technologies India and CySecK have
partnered to improve cyber security in Karnataka. CySecK is the government of
Karnataka's centre of excellence (CoE) for cybersecurity and the nodal organization
for fostering a cyber-safe environment for industry collaboration. This
collaboration is aimed at creating a safe and secure digital environment for
students, startups, the state government, and other stakeholders.
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“The India
Data Protection Market benefit from the growing acceptance of cloud computing
services due to their cost effectiveness, high performance, and accessibility.
Moreover, supportive government initiatives is anticipated to act as a catalyst
in the growth of the India Data Protection Market. Highlighting the concept of
digital transformation and the many attributes that go together with it, the India’s
progression is towards a brand new and improved method of accelerating the
stages of development associated with Digital Transformation. Therefore, the
increasing dependence on Internet in India is anticipated to fuel the demand
for Data Protection in different sectors. Data Protection are anticipated to
propel the growth of the India data protection market till 2028.” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based Global management
consulting firm.
“India Data
Protection Market Segmented By Component (Solutions and Services), By
Deployment Mode (Cloud and On-Premise), By Organization Size (Large Organization
and Small & Medium Organization), By Industry Vertical (Government and
Defense, BFSI, Healthcare, IT & Telecom, Consumer Goods and Retail,
Education, Media and Entertainment & Others) By Region, Competition,
Forecast & Opportunity 2018-2028F”, has evaluated the future growth potential of India Data
Protection market and provides statistics & information on market size,
structure, and future market growth. The report intends to provide cutting-edge
market intelligence and help decision-makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the India Data Protection market.
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