Cybersecurity - India

India

The Cybersecurity market in India is expected to witness a significant growth in the coming years.
By 2024, the revenue in this market is projected to reach ₹US$2.87bn.
Among the various segments, Cyber Solutions dominate the market, with a projected market volume of ₹US$1.45bn in 2024.
Looking ahead, the Cybersecurity market is anticipated to maintain a steady growth rate.
The annual growth rate (CAGR 2024-2029) is estimated to be 13.01%, resulting in a market volume of ₹US$5.29bn by 2029.
In terms of spending, the average Spend per Employee in the Cybersecurity market is projected to reach ₹US$5.26 in 2024.
This indicates the importance placed on ensuring robust security measures in an increasingly digital world.
When comparing the global market, it is worth noting that United States is expected to generate the highest revenue in the Cybersecurity market, reaching approximately US$81,370.0m in 2024.
This highlights the strong presence and investment in cybersecurity solutions United States.
Overall, the Cybersecurity market in India is poised for growth, with increasing revenue, market volume, and focus on enhancing security measures to protect against evolving threats.
India is emerging as a global hub for cybersecurity, attracting investments and fostering innovation in the sector.

Key regions: United States, Canada, Brazil, India, Belgium

Market

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Region comparison

Currency

Analyst Opinion

Cybersecurity is a topic practically every company must tackle in order to ensure and enhance the success of the digital transformation of their operational activities (e.g., automated processes, cloud-based tools, or software support). Driven by the increasing awareness of data risks and threats, the global Cybersecurity market has witnessed robust growth over the last few years with revenue increasing from US$83.32 billion in 2016 to approximately US$166 billion in 2023.

Furthermore, the adoption of cybersecurity is expected to grow with the increasing internet penetration among developing and developed countries. Whilst it was common to dismiss cybersecurity as a task for the IT department, it is now increasingly becoming the dominant part of top-level strategic planning.

The COVID-19 crisis led to many organizations facing more cyberattacks due to the security vulnerability of remote work as well as the shift to virtualized IT environments, such as the infrastructure, data, and network of cloud computing. The market is expected to continue showing strong growth, with North America as the dominant region in this market. Cloud Security is the fastest-developing market.

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.