The India Cybersecurity Market to reach $10.90bn

The India Cybersecurity Market size is estimated at USD 4.70 billion in 2024, and is expected to reach USD 10.90 billion by 2029, growing at a CAGR of 18.33% during the forecast period (2024-2029).

The increasing demand for digitalization and scalable IT infrastructure and the ongoing need to tackle risks from various trends, such as third-party vendor risks, the evolution of MSSPs, and the adoption of a cloud-first strategy, lead to the rising demand for the market.

The rise in malware and phishing threats among enterprises, the increased adoption of IoT, and the BYOD trend propelled the cyber security market forward. Also, the increased demand for cloud-based cybersecurity solutions positively impacts market growth.

Increased adoption of mobile device applications and platforms, the need for strong authentication methods, and transformation in the traditional antivirus software industry are expected to provide lucrative opportunities for market expansion during the forecast period.

The Indian government has made cyber security a top priority for national policy, establishing task teams and communicating with the USG to discuss collaboration, information sharing, and enhancing their cyber defense capacity. In the area of cyber security, a bilateral collaboration between India and the United States is progressing favourably.

The demand for Security Information and Event Management technology and services has increased due to the rise in cyberattacks and data breaches across the country.

Cybersecurity requirements are growing faster than the budgets allocated to meet them. Most small businesses need more money and IT security expertise to implement enhanced cybersecurity solutions to protect their networks and IT infrastructures from various cyber-attacks. Limited capital funding can impede some small and medium-sized businesses from embracing the cybersecurity model.

Remote working increased the risk of various cyber-attacks, such as intrusions, man-in-the-middle (MITM) attacks, and spear phishing, hence leading to a rising demand for cyber hygiene practices to ensure robust security policies and practices .

S Mohini Ratna, Editor, VARINDIA