Market Insights Technology Cybersecurity Cyber Solutions

Network Security - India

India

The Network Security market in India is expected to witness a significant increase in revenue, with projections indicating it will reach INR US$0.58bn by 2024.
This steady growth is expected to continue, with an estimated annual growth rate (CAGR 2024-2029) of 15.26%.
As a result, the market volume is projected to expand to INR US$1.18bn by 2029.
In terms of average Spend per Employee, the Network Security market in India is expected to reach INR US$1.07 in 2024.
This indicates the level of investment companies are making in network security measures to protect their digital infrastructure.
When compared globally, United States emerges as the frontrunner in terms of revenue generation in the Network Security market.
Projections indicate that United States will generate an impressive revenue of US$10,830.0m in 2024.
This highlights the strong presence and market dominance of the United States in the Network Security market industry.
India's network security market is experiencing rapid growth due to increased digitalization and the country's focus on cybersecurity measures.

Key regions: United States, Germany, Saudi Arabia, Brazil, Chile

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Methodology

Data coverage:

Data encompasses B2C, B2B and B2G enterprises. Figures are based on security spending excluding VAT and the number of cyberattacks.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial statements of the market-leading companies and industry associations, national statistical offices, and specific countries’ security organizations (e.g., German Cyber Security Council, Canadian Centre for Cyber Security). Furthermore, we use relevant key market indicators and data from country-specific associations, such as GDP and internet penetration. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. Possible techniques are, for example, exponential trend smoothing and the autoregressive integrated moving average (ARIMA) forecasting algorithm. The main drivers are GDP, internet users, level of digitization, and consumer attitude towards data and IT security.

Additional notes:

Data is modeled using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.