IANS | 30 Dec, 2023
The cybersecurity market in India has reached a milestone, reaching $6 billion in 2023. This growth represents a compound annual growth rate (CAGR) of over 30 per cent during the period of 2019-23, as revealed by a new report released on Friday.
One of the most significant findings in the report is that the cyber security products segment has experienced remarkable growth, expanding by more than 3.5 times to reach $3.7 billion in 2023 from $1 billion in 2019.
The report, conducted by the Data Security Council of India (DSCI), predicts that the Indian cybersecurity market will account for 5 per cent of the global market by 2028.
S. Krishnan, Secretary of MeitY, expressed his optimism about India’s emergence as a global cybersecurity hub, stating, “India is emerging as a global cybersecurity hub. The government’s commitment to digitization, supported by adequate and evolving policies, has fostered an environment conducive to a rise in cybersecurity investment in India.”
The report also highlights that approximately 90 per cent of organizations in the country recognize email as the primary pathway for cyberattacks, with 84 per cent acknowledging phishing as the predominant cyber threat they face.
Furthermore, the shortage of skilled professionals is a significant concern for nearly 75 per cent of surveyed organizations.
Vinayak Godse, CEO of DSCI, commented on the transformation of India’s cybersecurity market, stating, “India’s cybersecurity market has undergone a remarkable transformation, marked by substantial growth which underscores the escalating significance placed on fortifying digital defenses in the face of evolving threats.”
The BFSI and IT/ITeS sectors are leading spenders in cybersecurity, driven by stringent regulations and high cyber maturity.
The report also reveals that about 97 per cent of organizations in the country have invested in AI/ML, while 84 per cent have invested in Cloud.