TECH SUPPLIER Feb 2023 - Market Presentation - Doc # AP48914122
State of Security Market in India, 2022
This IDC Market Presentation details the state of security market in India and provides the current security spending and spending forecast until 2026. It also includes the current and forecast security spend across security software and hardware segments, a 1H22 industry and market overview, competitive landscape, buyers' perspective, investments, priorities, and focus areas for the next 12 to 18 months. Additionally, the document also covers the ransomware scenario in India.
The security market in India, including hardware, software, and services, is projected to be valued at US$2.51 billion in 2022, with the highest market share coming from services, followed by software and hardware, according to IDC's Worldwide Security Spending Guide, July 2022. India's overall security market is expected to reach US$4.16 billion by 2026, growing at a compound annual growth rate (CAGR) of 13.8% from 2021 to 2026. "Despite headwinds such as looming global recession, geopolitical conflicts, and rising inflation, investments in hardware, software, and services related to security are expected increase. The growth rate in 2021 is higher as compared with that in the trailing years. This is because with the initiation of pandemic in 2020, the security spending did not increase in that year itself. However, with the increase in remote working models, digital transformation (DX) strategies, IT modernization efforts, and the need for hyperconnectivity, it was observed that enterprises in order to be more proactive and protected, increased their security investments in 2021. Since 2022, it is observed that the spending has normalized, and we are looking at a relatively flatter year-over-year (YoY) projection," says Sakshi Grover, research manager, Future of Trust and Work, IDC India.
"Security spending is observed more in banking, financial services (BFS) and manufacturing verticals in relation to other verticals because enterprises became more conscious about protecting critical and sensitive data and preventing their operational technology (OT) architecture along with IT architecture from complex attack vectors," she adds.
Rise in digital transformations, hybrid work environment, scarcity of qualified cybersecurity professionals, sophistication of cybermiscreants and attack vectors, proliferation of security solutions and platformization, evolving regulatory and compliance landscape and introduction of 5G, and SD-WAN and network transformations mark the key drivers toward security landscape in India.
This document additionally covers the government regulations in 2022 that will have an impact on how enterprises pursue security procedures and practices in India. Further, it captures the survey findings on how the security services market in India is evolving and what do Indian enterprises look for in a security services provider.
India Digital Business Strategies
Application delivery, Data security, Digital transformation, Endpoint security, Firewall, Future of trust, Global IT and economic markets, Governance, risk and compliance infrastructure, Identity and access management, Intrusion detection system, Network security, Regulatory compliance, Security information and event management, Unified threat management, Virtual private network
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