End-user spending on security and risk management (SRM) in India is forecast to total $2.9 billion in 2024, an increase of 12.4 per cent from 2023, according to a new forecast from Gartner, Inc.
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Indian organisations will continue to increase their security spending through 2024 due to legacy IT modernisation using cloud technology, industry demand for digital platforms, updated regulatory environment, and continuous remote or hybrid work.
“In 2024, chief information and security officers (CISOs) in India will prioritise their spending on SRM to improve organisational resilience and compliance. With the introduction of stringent government measures mandating security breach reporting and digital data protection, CISOs are facing heightened responsibility in safeguarding critical assets against evolving cyber threats,” said Shailendra Upadhyay, Sr Principal at Gartner.
Cloud security
In 2024, cloud security spending in India is projected to record the highest growth. The adoption of cloud and multi-cloud presents security challenges, causing an increased focus on cloud security by Indian organisations.
Spending on infrastructure protection is projected to grow 20.4 per cent in 2024. This is fuelled by the expansion of both the endpoint protection platform (EPP) and security information and event management (SIEM) markets, which make up the majority of the infrastructure protection market. Local organisations are seeking a comprehensive SIEM system that can cater to their diverse security and business needs.
Furthermore, with the increasing prevalence of remote work, organisations are reconsidering their methods for implementing endpoint security, resulting in increased use of cloud based EPP solutions that incorporate endpoint detection and response (EDR) capabilities, said the report.