In India, where enterprises, IT and government sectors are transforming their traditional ways of operations, the demand for cybersecurity solutions has significantly increased. The cybersecurity solution market in India is forecasted to expand at a compound annual growth rate (CAGR) of ~16.14% to reach a value of INR 292.16 Bn by 2024, from INR 121.85 Bn in 2018. The rapid adoption of Cloud technology and the deployment of IoT devices in India have propelled the growth of the cybersecurity solution market in India.
Market insights based on product category:
Based on product category, the cybersecurity solution market in India is segmented into cybersecurity products and cybersecurity services. The cybersecurity products segment, which include network security, endpoint security, data security, identity and access management (IAM), and intelligence detection and response (IDR) products, is anticipated to grow rapidly and dominate during the forecast period.
The security IDR segment is expected to lead the market with the rising demand for automated incident response and early threat detection solutions. The demand for context-aware data security solutions to prevent phishing and malware attacks through online portals has picked up, fueling the growth of this product segment. Furthermore, large organizations are incorporating content filtering solutions to safeguard their network from malicious content.
Market insights based on end-user industry:
Based on end-user industry, the market is segmented into, IT/ITeS, government, telecom, healthcare, oil and gas, and other industries. BFSI is the leading end-user industry, owing to increasing fraudulent attacks in the banking sector. During the first half of FY 2020, debit and credit card transactions reached ~2.8 Bn, m-wallet transactions reached ~2.1 Bn, and UPI transactions reached ~1.5 Bn. Digital transactions of such a high amount are extremely vulnerable to cyber attacks.
The cybersecurity solution market in the IT/ITeS industry is expected to be the fastest-growing segment, expanding at a CAGR of ~19.04% during the 2019-2024 period. Global regulations such as General Data Protection Regulation (GDPR), Health Insurance Portability and Accountability Act (HIPAA), and Cyber Intelligence Sharing and Protection Act (CISPA), among others, which support the protection of personal and critical data, have pushed IT firms to incorporate cybersecurity products in their IT network.
With the increasing adoption of Cloud technology, wearable devices and connected devices, over the past few years, cyber-attacks in healthcare sector have increased considerably. Connected medical devices, which collect personal information, financial details and other crucial medical information of patients are being primarily targeted by hackers. Therefore, many incidents of security breach have been recorded in the healthcare industry, necessitating the adoption of cybersecurity solutions, which as a result, is propelling market growth.
New entrants are facing tough competition from global cybersecurity providers such as Cisco, Symantec, IBM, and Quick Heal, among others. On the demand-side scenario as well, end-users are strongly inclined toward using cybersecurity solutions offered by global companies.
• Quick Heal Technologies Ltd.
• Check Point Software Technologies India Pvt. Ltd.
• Cisco Systems (India) Pvt. Ltd.
• Fortinet Technologies India Pvt. Ltd.
• IBM India Pvt. Ltd.
• Kaspersky Lab India Pvt. Ltd.
• McAfee Software (India) Pvt. Ltd.
• Sophos Technologies Pvt. Ltd.
• Symantec Software India Pvt. Ltd.
• Trend Micro India Pvt. Ltd.