Enterprise spending on information security products and services in India will grow at 12.5 percent to $1.7 billion in 2018 and reach $1.9 billion in 2019, Gartner said.
Security incidents in India like the recent incident with Cosmos Bank reinforce the need for organizations to treat security and risk management as a top business priority.
“Security breaches reinforce the need for chief information officers (CIOs) and chief information security officers (CISOs) to view sensitive data and IT systems as critical infrastructure and prevent, detect and respond to incidents appropriately,” said Siddharth Deshpande, research director at Gartner.
Five enterprise security products will bolster growth in 2019
# Integrated risk management software (26.6 percent growth)
# Data security (12.4 percent growth)
# Infrastructure protection (11.7 percent growth)
# Identity and access management (10.9 percent growth)
# Network security equipment (10.3 percent growth)
Skills shortages are driving demand for security services, particularly security outsourcing, managed security services and security consulting. The security services market in India will grow at 13 percent from $885 million in 2018 to $1 billion in 2019, Gartner forecast said.
Gartner said CISOs are concerned about the quality of security services currently available, creating an opportunity for new security services providers that can offer higher quality services.
Existing global data privacy regulations like the General Data Protection Regulation (GDPR), as well as upcoming national-level regulations like India’s proposed personal data protection bill, are raising awareness of security and risk management issues.
