Value of cyber security products and services market India 2019-2022
In 2019, the cyber security market in India was valued at almost two billion U.S. dollars. It was estimated that the overall market would grow at a compound annual rate of around 15.6 percent to be worth over three billion dollars by 2022. This was almost one and a half times the global growth rate, showing a growing demand for cyber security products and services in India. Within the market, the value of the cyber security products amounted to a little over a billion dollars, while the cyber security services market was worth almost 950 million dollars in 2019.
Product segmentation
With a wide choice for cyber security products in India, the cyber security incident detection and response (IDR) products had the highest market value worth over 330 million U.S. dollars as of 2019. However, in terms of growth, the data security products were expected to see the highest growth rate in the Indian market at around 22 percent between 2019 and 2022. In comparison, the cyber security IDR products were estimated to grow at just about 15 percent between 2019 and 2022.
Cyber security expenditure by sector
India’s banking and financial services sectors have been on the radar as the most targeted sector for cyber crimes in recent years. In fact, in 2017, over two thousand cases of online banking fraud were reported across the country. Unsurprisingly, the banking sector had the highest expenditure on cyber security, amounting to over 500 million U.S. dollars in 2019. The information technology and services sector came second with expenses worth over 430 million dollars that same year.
Product segmentation
With a wide choice for cyber security products in India, the cyber security incident detection and response (IDR) products had the highest market value worth over 330 million U.S. dollars as of 2019. However, in terms of growth, the data security products were expected to see the highest growth rate in the Indian market at around 22 percent between 2019 and 2022. In comparison, the cyber security IDR products were estimated to grow at just about 15 percent between 2019 and 2022.
Cyber security expenditure by sector
India’s banking and financial services sectors have been on the radar as the most targeted sector for cyber crimes in recent years. In fact, in 2017, over two thousand cases of online banking fraud were reported across the country. Unsurprisingly, the banking sector had the highest expenditure on cyber security, amounting to over 500 million U.S. dollars in 2019. The information technology and services sector came second with expenses worth over 430 million dollars that same year.
