IANS | 30 Dec, 2023
Cybersecurity market in India reached $6 billion in 2023, growing at
a compound annual growth rate (CAGR) of over 30 per cent during
2019-23, a new report showed on Friday.
Cyber security products segment grew by more than 3.5 times to reach $3.7 billion in 2023 from $1 billion in 2019.
India
cybersecurity market is expected to account for 5 per cent of the
global market by 2028, according to the report by the Data Security
Council of India (DSCI).
“India is emerging as a global
cybersecurity hub. The government’s commitment to digitization,
supported by adequate and evolving policies, has fostered an environment
conducive to a rise in cybersecurity investment in India,” said S.
Krishnan, Secretary, MeitY.
About 90 per cent of organisations in
the country recognise email as the foremost and most critical pathway
for cyberattacks, and 84 per cent acknowledge phishing as the
predominant cyber threat confronting their industry.
Nearly 75 per cent of surveyed organisations highlighted the shortage of skilled professionals as a significant concern.
“India's
cybersecurity market has undergone a remarkable transformation, marked
by substantial growth which underscores the escalating significance
placed on fortifying digital defenses in the face of evolving threats,”
said Vinayak Godse, CEO, DSCI.
BFSI and IT/ITeS sectors are the
leading spenders of cybersecurity, driven by stringent and granular
regulation and high cyber maturity.
About 97 per cent of the
organisations in the country have invested in AI/ML and 84 per cent have
invested in Cloud, said the report.
