TechWizard Feature: India Cybersecurity Domestic Market 2023 Report
India’s Cyber Growth Trajectory and Emerging Cyber Global Hub
In a recent report launched by the Data Security Council of India (DSCI), the India Cybersecurity Domestic Market Report 2023 captures the cybersecurity spending trends, products, and services market overview, and significant drivers and challenges in India. The report was launched by prominent figures in the cybersecurity industry, showcasing the potential of India’s cybersecurity market and its emergence as a global hub for innovation and cybersecurity.
Key Findings from the Report
The report reveals that the cybersecurity market in India reached approximately USD 6 billion in 2023, with a staggering CAGR growth of over 30% during 2019-23. The Cyber Security Products segment saw a remarkable growth of more than 3.5X, reaching around USD 3.7 billion in 2023 from approximately USD 1 billion in 2019. It is projected that India’s cybersecurity market will account for 5% of the global market by 2028.
Furthermore, the report highlights that a significant number of organizations recognized email as the foremost and most critical pathway for cyberattacks, with phishing being the predominant cyber threat. Additionally, the shortage of skilled cybersecurity professionals is a major concern for about 75% of surveyed organizations.
Industry Insights and Recommendations
The report also delves into sectoral spending analysis, talent and regulatory landscape, and advancements in technology adoption. It showcases the practical strategies organizations employ to enhance cyber resilience and provides recommendations for improving cybersecurity practices.
Government and Industry Response
Notably, 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. The Government’s commitment to digitization, supported by evolving policies, has fostered an environment conducive to a rise in cybersecurity investment in India.
Conclusion
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. This transformation reflects the evolving landscape where cybersecurity has become a pivotal and integral component of organizational leadership and boardroom discussions.
We hope that this research report gives a better understanding of India’s cybersecurity market and supports a robust and resilient cyber ecosystem to drive digital transformation securely and confidently.
