Security

Rising online transactions and government inclination towards heavy digitisation of data is likely to fuel growth in future

Enterprise information security spending in India is on pace to total US$1.86 billion in 2019, an increase of 12.4% from 2018, according to the latest forecast from Gartner. “Local CISOs and security leaders are investing in advanced threat detection programs and capabilities like endpoint detection and response (EDR) and user and entity behavior analytics ( UEBA) to help detect attacks and breaches in their IT infrastructure,” said Prateek Bhajanka, principal research analyst at Gartner.

Security services will attract the most spending from CISOs and security leaders in 2019 as local organizations are emphasizing on threat detection, compliance and security hygiene. In 2019, security services will represent 51.5% of the total enterprise information security spending in India.

The Indian enterprise information security spending by segment, 20172020 was worth US$ 1,662 million. It comprised $72 million for application security, $1 million for cloud security, $77 million for data security, $163 million in identity access management, $18 million for infrastructure protection, $65 million for integrated risk management, $209 million for network security equipment, 24 for other information security software, and $867 million for security services.

The Indian cybersecurity market is forecast to grow at a CAGR of over 19% during 2018-2023. Growth in the market is expected to be driven by rising number of government initiatives towards digitizing government sector entities and processes, healthcare, BFSI, education and other vital sectors of the country.

Rapid adoption of Social, Mobile, Analytics, Cloud & IoT (SMACT) technologies, in addition to emerging networking trends such as Software Defined Networking and Network Function Virtualization are resulting in growing complexities pertaining to data security, network infrastructure, and security regulation & compliance, thereby boosting demand for cybersecurity solutions and services across the country. Rising online transactions and government inclination towards heavy digitisation of data is likely to fuel growth in future.