Cybersecurity market size India 2019-2023
The Indian cybersecurity market was valued at over six billion U.S. dollars in 2023. The market has steadily grown over the past five years, sustained largely by the cybersecurity products segment. Given the increasing number of cyber attacks in India, cybersecurity has been prioritized by both the government and the private sector.
Segments within cyber security
Services and products within the cyber security market both had almost equal shares in the country in 2019. Among security products, security IDR accounted for the largest share that year. In the service segment, security operations made up the highest share with about 39 percent that same year.
The need for cyber security
Along with being one of the largest markets for internet usage in the world, India reported the largest share of users who experienced any cyber crime, nearly 30 percent higher than the global average. The onset of the coronavirus (COVID-19) pandemic, in addition to other disruptions, has attributed to a surge in online crime due to the exposure of working from home. This was especially significant in financial frauds, online gaming, and stalking. The primary reason, a study claimed, was a lack of awareness and education among netizens in the country.
