The Indian cybersecurity market was estimated to grow to a value of nearly four billion U.S. dollars in 2023. This growth trend was expected to flourish over the following five years at a compound annual growth rate of more than 18 percent. Given the increasing number of cyber attacks that occurred in India as of 2022, cybersecurity has been prioritized by both the government as well as the private sector.
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.
Estimated value of cyber security market in India in 2023, with a projection for 2028
(in billion U.S. dollars)
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Value in billion U.S. dollars
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Mordor Intelligence. (January 5, 2023). Estimated value of cyber security market in India in 2023, with a projection for 2028 (in billion U.S. dollars) [Graph]. In Statista. Retrieved August 24, 2024, from https://www.statista.com/statistics/1197074/india-estimated-cybersecurity-market-size/
Mordor Intelligence. "Estimated value of cyber security market in India in 2023, with a projection for 2028 (in billion U.S. dollars)." Chart. January 5, 2023. Statista. Accessed August 24, 2024. https://www.statista.com/statistics/1197074/india-estimated-cybersecurity-market-size/
Mordor Intelligence. (2023). Estimated value of cyber security market in India in 2023, with a projection for 2028 (in billion U.S. dollars). Statista. Statista Inc.. Accessed: August 24, 2024. https://www.statista.com/statistics/1197074/india-estimated-cybersecurity-market-size/
Mordor Intelligence. "Estimated Value of Cyber Security Market in India in 2023, with a Projection for 2028 (in Billion U.S. Dollars)." Statista, Statista Inc., 5 Jan 2023, https://www.statista.com/statistics/1197074/india-estimated-cybersecurity-market-size/
Mordor Intelligence, Estimated value of cyber security market in India in 2023, with a projection for 2028 (in billion U.S. dollars) Statista, https://www.statista.com/statistics/1197074/india-estimated-cybersecurity-market-size/ (last visited August 24, 2024)
Estimated value of cyber security market in India in 2023, with a projection for 2028 (in billion U.S. dollars) [Graph], Mordor Intelligence, January 5, 2023. [Online]. Available: https://www.statista.com/statistics/1197074/india-estimated-cybersecurity-market-size/