Security offerings’ revenue in India is estimated to grow at a compound annual growth rate (CAGR) of 3 percent during 2019-2024 to reach $4 billion in 2024, says GlobalData report.
Rohit Sharma, senior technology analyst at GlobalData, said: “Key drivers for the security offerings’ revenue growth in India include the increased proliferation of Internet services and mobile broadband penetration, digitalization initiatives across enterprises and evolving security landscape.”
Banking, financial services and insurance (BFSI) vertical will continue to account for the largest share in the security revenue, with increased requirements for security mechanisms like anti-malware and multi-factor authentication.
State Bank of India (SBI) in October 2019 announced migration of its 30 application systems to CROC’s hybrid cloud for big data management, system fault tolerance improvisation, reliability and security.
Increased digitalization in the manufacturing industry continues to make it prone to cyber threats, as security of the IT assets has traditionally been a secondary priority of these companies. As a result, the companies have started to establish processes/framework to monitor and secure their assets.
Tata Steel in 2019 announced increase in cybersecurity spending from 8 percent to 15 percent within two years and plans to increase it further.
JSW Group continues to re-evaluate its approach towards cyber-security by focusing on information security rather than securing the physical elements containing the information.
The COVID-19 pandemic reshaped the security offerings’ demand for potential cybersecurity solutions, as hackers shifted their attention to tactics like phishing, attacking individual employee accounts with emails and social media posts.
India has formulated a draft for the National Cyber Security Strategy 2020 to create a secure cyberspace. Remote working, sharing of enterprise resources with connected devices and smart cities plans will fuel security spending in India.
Worldwide cybersecurity spending is forecast to grow between 2.5-5.6 percent in 2020 as threats and vulnerabilities persist for organisations, research firm Canalys said recently.
Cybersecurity spending could grow by 2.5 percent to $41.9 billion in the worst-case scenario if IT budgets come under serious pressure assuming the maximum level of negative economic impact and duration of the COVID-19 pandemic, Canalys said.