Gartner Forecasts $2.9 bn Spending on Security and Risk Management in India

End-user spending on security and risk management (SRM) in India for the year 2024 will grow 12.4 percent to $2.9 billion, Gartner said.
Cisco AI Assistant for SecurityThe increase in security spending among Indian organizations is attributed to several key factors driving digital transformation. Legacy IT modernization leveraging cloud technologies, increasing demand for digital platforms across industries, evolving regulatory frameworks, and the continued prevalence of remote and hybrid work setups are cited as primary contributors to this surge.

Shailendra Upadhyay, Senior Principal at Gartner, highlighted the strategic focus of Chief Information and Security Officers (CISOs) in India, emphasizing their intent to bolster organizational resilience and compliance through enhanced SRM investments. Upgraded regulatory measures mandating stringent security breach reporting and digital data protection have further underscored the imperative for robust cybersecurity measures.

Cloud security spending is projected to exhibit the highest growth trajectory, reflecting the heightened focus on securing cloud and multi-cloud environments amid their widespread adoption by Indian enterprises.

 

Segment

2023 Spending (in Million) 2023 Growth (%) 2024 Spending (in Million) 2024 Growth (%)
Application Security 49 9.3 56 15.1
Cloud Security 94 24.8 121 28.0
Consumer Security Software 103 0.2 106 2.6
Data Privacy 14 11.1 17 20.2
Data Security 35 13.8 40 12.9
Identity Access Management 203 8.8 224 10.5
Infrastructure Protection 370 17.4 446 20.4
Integrated Risk Management 140 21.2 175 24.8
Network Security Equipment 360 6.0 407 13.1
Security Services 1,151 4.8 1,245 8.1
Others 99 35.9 108 8.4
Total 2,620 9.4 2,944 12.4

Source: Gartner (February 2024)

Infrastructure protection spending is anticipated to see a substantial uptick, driven by expansions in both the endpoint protection platform (EPP) and security information and event management (SIEM) markets.

Local organizations are increasingly seeking comprehensive SIEM solutions tailored to their diverse security needs, while the rise in remote work arrangements has led to a reevaluation of endpoint security strategies, fueling the adoption of cloud-based EPP solutions incorporating endpoint detection and response (EDR) capabilities.

Amidst these developments, Gartner analysts have identified two pivotal cybersecurity trends that Indian CISOs must prioritize in 2024:

GenAI Transforming the Cybersecurity Market: The advent of generative AI (GenAI) presents novel challenges necessitating adjustments in application and data security practices. With Gartner predicting a surge in cybersecurity resource requirements by 2025 due to GenAI, organizations are urged to conduct proof of concepts and establish policies governing its integration to bolster security functions and organizational resilience.

Bridging the Communications Gap with Cybersecurity Outcome-Driven Metrics: Outcome-driven metrics (ODMs) are heralded as instrumental in formulating robust cybersecurity investment strategies. By providing a tangible expression of risk appetite, ODMs facilitate informed investment decisions beyond regulatory compliance mandates.

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