India's cybersecurity services and product industry is poised for revenue of USD 9.85 billion in 2021 and grew at a compound annual growth rate of about 40 percent in the last two years, a report by the Data Security Council of India noted. The key drivers of the Indian cybersecurity industry are adoption of cloud-first strategy; business-led innovation; growing threat landscape and awareness around threats; and global and domestic regulations around compliance and data privacy.
North America and Europe continue to be the leading geographies for services and products revenue with combined 58 percent revenue contribution, it added. Asia, Middle East and Africa are the fastest growing geographies. The report further said that the Indian cybersecurity services industry grew from USD 4.3 billion in 2019 to about USD 8.5 billion in 2021. The Indian cybersecurity products grew from USD 740 million in 2019 to reach USD 1.37 billion this year.
As the industry is moving towards a platform-based approach to offer holistic solutions and simplify security integration and deployment, there is a huge demand for cybersecurity talent with service companies having a cybersecurity workforce of 2.18 lakh and product companies having about 27,000 workforce in 2021.
Every crisis has a silver lining and for the pandemic, it has been the accelerated adoption of digital solutions across enterprises and government. Decades worth of digital transformation has taken place in the last two years and India’s technology industry has emerged as the preferred digital solutions partner with cybersecurity as a key growth vertical.
The Indian cybersecurity industry is constantly expanding its global footprint with a presence in the US, Canada, UK, France, Australia, Singapore, and the UAE. India’s cybersecurity industry was at the forefront supporting the Government and all critical sectors to manage the heightened cyber security risk in the last two years through the pandemic. With this, cybersecurity is now a boardroom agenda and offers tremendous opportunities for India’s tech industry to build innovative solutions and services.
Experts comment that the Indian cybersecurity product and services industry have been demonstrating tremendous growth while fostering a partnership mindset. The collaboration between ecosystem stakeholders such as academia, government, services majors, startups is creating a conducive ecosystem.
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