The Indian cybersecurity market is expected to account for five per cent of the global market by 2028, said a report on Friday, adding that the market in India reached around $6 billion in 2023, growing at a compound annual growth rate (CAGR) of over 30 per cent during 2019-23.
Cyber security products segment grew by more than 3.5X to reach around $3.7 billion in 2023 from around $1 billion in 2019, said Data Security Council of India (DSCI) on Friday. DSCI is a not-for-profit industry body on data protection in India.
According to Gartner, the global spending on Information Security and Risk Management is expected to reach $188 billion in 2023 from $169 billion in 2022, growing at 11.3 per cent, the report mentioned.
The report titled ‘India Cybersecurity Domestic Report 2023’ said that Banking, Financial Services and Insurance (BFSI) and Information Technology /ITeS sectors are the leading spenders on cybersecurity, driven by stringent and granular regulation and high cyber maturity. Around 97 per cent of the organisations have invested in artificial intelligence and machine learning (AI/ML) and around 84 have invested in Cloud, it said.
“The Indian cybersecurity industry has been at the forefront, supporting the government and other critical sectors, facilitating the adoption of emerging technologies, including AI/ML and cloud, and mitigating evolving cybersecurity risks. India is emerging as a global cybersecurity hub,” S Krishnan, Secretary, Ministry of Electronics & IT (MeitY), said in the report.
The government’s commitment to digitisation, supported by adequate and evolving policies, has fostered an environment conducive to a rise in cybersecurity investment in India, he said.
“The ‘India Cybersecurity Domestic Report 2023 ’ showcases the current cybersecurity spending and adoption trends, evolving cybersecurity priorities, preparedness, and best practices,” Krishnan added.
The report also highlighted that regulatory requirements, digital transformation and use of emerging technologies also led to the formation and adoption of cybersecurity and risk management policies, frameworks, and security leaders directly reporting to the board.
Government with 5G, smart city projects, Digital India, Digital inclusion, API Setu, India Stack Global, and Global Digital Public Infrastructure Repository, is also emerging as high potential market, it said.
“Healthcare is witnessing robust growth as cybersecurity has emerged as a boardroom agenda amid rising technology adoption, cloud migration and rising cyberattacks,” it added.