Market Insights Technology Cybersecurity

Security Services - India

India

The Security Services market in India is expected to witness significant growth in the coming years.
According to projections, the market's revenue is estimated to reach INR US$1.42bn by 2024.
This growth is expected to continue at an annual rate of 9.93% between 2024 and 2029, resulting in a market volume of INR US$2.28bn by the end of 2029.
When it comes to the average Spend per Employee in the Security Services market, it is projected to reach INR US$2.60 in 2024.
This indicates the increasing investment and focus on security measures within the industry.
In terms of global comparison, United States is expected to generate the highest revenue in the Security Services market.
In 2024 alone, United States is projected to generate a revenue of US$44,700.0m.
This signifies the dominant position of the United States in the global security services industry.
Overall, the Security Services market in India is poised for growth, with increasing revenue, average spend per employee, and a positive market outlook.
India's security services market is experiencing a surge in demand due to the country's growing economy and increasing focus on national security.

Key regions: Brazil, Canada, Germany, India, Belgium

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Analyst Opinion

Driven by the development of digital technologies such as the Internet of Things, data pooling, and AI, company processes were automated, and more of their infrastructures were reliant on IT systems. As more processes were done digitally, hackers had more opportunities to steal company information. Especially during the COVID-19 pandemic, when many industries rushed to find solutions for their employees to work remotely, data vulnerabilities were exposed that led to malicious activities in the form of phishing, malware, and ransomware.

In addition, there are different types of cyberattacks, and to prevent them from damaging company operations, core businesses, and employees, each security service requires a different approach. This complexity has sped up the development of cybersecurity services, which include overarching processes, such as design and integration, consulting, implementation, risk, and threat assessment, as well as professional training and education. By providing a comprehensive security strategy, these services help to protect companies against common cybercrimes.

The Security Services market is the largest part of the Cybersecurity industry in 2023, with US$88 billion, and is expected to reach US$114.7 billion by 2028.

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.