India’s security market — including hardware, software, and services — is expected to reach $4.16 billion by 2026, growing at a CAGR of 13.8 percent during 2021-26, according to IDC.
The security market in India is projected to be valued at $2.51 billion in 2022, with the highest market share coming from services, followed by software and hardware.
74 percent of large enterprises in India embed IT security in the planning, initiation, and assessments of all new business initiatives.
An upsurge in security investments during the project onset has been observed across industries, especially in the manufacturing, retail & wholesale, and healthcare sectors.
These investments are targeted toward security solutions such as data security, workload security, threat management, endpoint security, and security analytics, followed by identity and access management.
The major challenge enterprises are facing these days when it comes to IT security is managing multiple dashboards and spending more time on generating the insights, rather than real investigations. Consolidation and a single source of truth is the new way forward.
“Enterprise must think about progressing towards a unified security suite of solutions within their security architecture that can protect their web, email, network, and endpoints on top of which they can build threat intelligence, incidental log management, and user entity and behavior solutions,” Sakshi Grover, Research Manager, Future of Trust and Future of Work, IDC India, said.
The IDC report said more than 77 percent of enterprises in the BFSI vertical have invested in cyber resilience solutions, identity security, and data security while manufacturing vertical the focus lies more on data and network security solutions.