India Cybersecurity Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 4.70 Billion |
| Market Size (2029) | USD 10.90 Billion |
| CAGR (2024 - 2029) | 18.33 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
India Cybersecurity Market Analysis
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.
- Also, enterprises are facing a surge in malware and phishing threats, driven by the growing adoption of IoT and the BYOD trend. Furthermore, the rising demand for cloud-based cybersecurity solutions is bolstering market growth. As businesses increasingly embrace mobile applications, robust authentication methods become paramount. Additionally, the evolution of the traditional antivirus software sector is set to unlock lucrative opportunities for market expansion in the coming years.
- The Indian government has elevated cyber security to a critical position in its national policy. It has set up task teams and engaged in discussions with the USG to bolster collaboration, share information, and enhance its cyber defense capabilities. A significant bilateral collaboration in cyber security is underway between India and the United States. It's worth noting that both the Indian government and businesses are poised to prioritize digitalization and IT across all sectors.
- The demand for Security Information and Event Management (SIEM) technology and services has increased due to the rise in cyberattacks and data breaches across the country. SIEM technology and services gather real-time security events from various data sources and events to identify threats and produce responses to security incidents. Large corporations used to focus their efforts on risk avoidance.
- A consequence of the nationwide lockdown in India is a boom in remote working, which has been predominantly supported by cloud computing technologies that enable people to operate effectively anywhere. With the help of cloud services, businesses and governments can easily handle huge amounts of data.
- Small businesses are facing a challenge their cybersecurity needs are outpacing their budgets. To fortify their networks against cyber threats, they require both increased financial resources and specialized IT knowledge. However, constrained by limited capital, many small and medium-sized enterprises find it difficult to fully adopt robust cybersecurity measures.
India Cybersecurity Market Trends
Rising frequency of target-based cyber attacks
- The increasing sophistication of cyber attacks can be attributed to the market's growth. The frequency and severity of cyber scams and crimes have increased over the last decade, resulting in massive business losses nationwide. According to the Data Security Council of India (DSCI) report in 2023, 49 million behavior-based detections constituted 12.5% of the total detections in collaboration with enterprise cybersecurity solutions.
- The primary goal of targeted attacks is to infiltrate the networks of targeted companies or organizations and steal critical information. As a result of these targeted attacks, organizations' business-critical operations suffer from business disruptions, intellectual property loss, financial loss, and the loss of critical and sensitive customer information.
- In recent years, targeted attacks have surged in popularity. These attacks, while maintaining anonymity, penetrate the network infrastructure of their targets. Typically, attackers focus on endpoints, networks, on-premises devices, cloud applications, and other IT assets. Additionally, they pilfer personally identifiable information (PII) such as names, phone numbers, addresses, driver's license numbers, and social security numbers, heightening the risks of security breaches and identity theft.
- Further, in recent years, the Indian government has significantly increased its budget allocation to prevent cyber attacks. As per the report by TV18, the government of India allocated INR 6.25 billion (USD 74 million) in 2023, out of which INR 4 billion (USD 48 million) was allocated to Cybersecurity projects and INR 2.25 billion (USD 27 million) was allocated to Indian Computer Emergency Response Team (CERT-In).
- This decision reflects the growing importance of cybersecurity in safeguarding the nation’s digital infrastructure and protecting sensitive information. The move comes in response to the escalating frequency and sophistication of cyber threats, which pose substantial risks to national security, economic stability, and public safety.
Robust growth to be Witnessed in Cloud Security
- The exponential rise of IoT solutions is witnessing increasing popularity in the information security sector. Meanwhile, the rapid adoption of emerging technologies like big data and cloud computing in cyber security is currently one of the key market trends. Due to its powerful and flexible infrastructure, the cloud computing model is widely used. Many organizations are shifting toward cloud solutions to simplify data storage and provide remote server access via the Internet, allowing access to unlimited computing power. As per the report published by FICCI, the leading reason for cloud adoption in India is the modernized data infrastructure, which contributes 49% of the total cost.
- Moreover, by adopting cloud solutions, organizations can integrate advanced infrastructure technologies like software-defined perimeters, bolstering security measures. Additionally, the imposition of stringent regulations by numerous governments to enhance cloud security is propelling the growth of the cybersecurity market.
- Cloud security operations boast speed, scalability, interoperability, automation, and cooperation. Key enterprises, advanced in their cloud security adoption, leverage automated solutions six times more than their nascent counterparts. Notably, these advanced enterprises exhibit twice the effectiveness in addressing threats throughout their lifecycle.
- Due to its powerful and flexible infrastructure, the cloud computing model is widely used. Many organizations are shifting their preference toward cloud solutions to simplify data storage and provide remote server access via the internet, allowing access to unlimited computing power. This increasing demand for data drives the adoption of cloud security in India.
- Cloud implementation can enable organizations to combine supplementary infrastructure technologies, such as software-defined perimeters, to create robust and highly secure platforms. Many governments issue special guidelines and regulations for cloud platform security, which drives the cyber security market's growth.
- Cloud-based cybersecurity architecture allows cloud applications to implement single sign-on (SSO) and multi-factor authentication (MFA), tailoring access for each user to designated applications and data. With SMEs increasingly turning to the cloud to bolster data security, the market for cloud-based cybersecurity solutions is poised for growth.
India Cybersecurity Industry Overview
The India cybersecurity market is semi-concentrated and dominated by a few major players, such as Palo Alto Networks (India) Private Limited, Juniper Networks India Private Limited, IBM India Private Limited, Norton LifeLock India Private Limited, and Quick Heal Technologies Limited. With a prominent market share, these major players focus on expanding their customer base across the country.
India Cybersecurity Market Leaders
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Palo Alto Networks (India) Private Limited
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Juniper Networks India Private Limited
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Quick Heal Technologies Limited
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NortonLifeLock India Private Limited
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Juniper Networks India Private Limited
*Disclaimer: Major Players sorted in no particular order
India Cybersecurity Market News
- May 2024: Hinduja Global Solutions (HGS) launched an extensive range of advanced cybersecurity solutions in India. With this launch, the company is leveraging Artificial Intelligence (AI) and Machine Learning (ML) to enhance system security. This move is strategic, as legitimate businesses and cyber threats increasingly rely on AI and ML technologies.
- March 2024: IBM Corporation announced that it expanded its Technology Expert Labs capacity in India. With this expansion, the company will offer AI, Hybrid Cloud, and Cybersecurity solutions to keep the client's businesses strong in a highly competitive landscape. These newly launched Expert Labs are located in Bengaluru and Kochi in India.
India Cybersecurity Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness-Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers/Consumers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
4.3 Industry Value Chain Analysis
4.4 Assessment of the Impact of COVID-19 on the Industry
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increasing Demand for Digitalization and Scalable IT Infrastructure
5.1.2 Rising Frequency of Target-Based Cyber Attacks
5.2 Market Restraints
5.2.1 Lack of Cybersecurity Professionals and Budget Related Concerns
5.3 Trends Analysis
5.3.1 Exponential Growth to be Witnessed in Cloud Security
6. MARKET SEGMENTATION
6.1 By Offering
6.1.1 Security Type
6.1.2 Services
6.2 By Deployment
6.2.1 Cloud
6.2.2 On-premise
6.3 By End User
6.3.1 BFSI
6.3.2 Healthcare
6.3.3 Manufacturing
6.3.4 Government & Defense
6.3.5 IT and Telecommunication
6.3.6 Other End Users
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Mcafee Software (India) Private Limited
7.1.2 Palo Alto Networks (India) Private Limited
7.1.3 Quick Heal Technologies Limited
7.1.4 NortonLifeLock India Private Limited
7.1.5 Juniper Networks India Private Limited
7.1.6 Sonicwall Technology Systems India Private Limited
7.1.7 IBM India Private Limited
7.1.8 Crowdstrike India Private Limited
7.1.9 Cyberops Infosec LLP
7.1.10 eSec Forte Technologies
7.1.11 SecurityHQ.
7.1.12 Hicube Infosec Pvt. Ltd.
- *List Not Exhaustive
8. Investment Analysis
9. Future Outlook of the Market
India Cybersecurity Industry Segmentation
Cybersecurity solutions are required to safeguard a company's digital operations and platforms from potential cyber-attacks and threats. A company faces several threats, such as ransomware, spyware, data breaches, etc., that might adversely impact its operations. Hence, cybersecurity services and products offered by solution providers help protect the company.
The India cybersecurity market is segmented by offering (security type and services), deployment (cloud and on-premise), and end-user (BFSI, healthcare, manufacturing, government and defense, IT and telecommunication, and other end-users). The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.
| By Offering | |
| Security Type | |
| Services |
| By Deployment | |
| Cloud | |
| On-premise |
| By End User | |
| BFSI | |
| Healthcare | |
| Manufacturing | |
| Government & Defense | |
| IT and Telecommunication | |
| Other End Users |
India Cybersecurity Market Research Faqs
How big is the India Cybersecurity Market?
The India Cybersecurity Market size is expected to reach USD 4.70 billion in 2024 and grow at a CAGR of 18.33% to reach USD 10.90 billion by 2029.
What is the current India Cybersecurity Market size?
In 2024, the India Cybersecurity Market size is expected to reach USD 4.70 billion.
Who are the key players in India Cybersecurity Market?
Palo Alto Networks (India) Private Limited, Juniper Networks India Private Limited, Quick Heal Technologies Limited, NortonLifeLock India Private Limited and Juniper Networks India Private Limited are the major companies operating in the India Cybersecurity Market.
What years does this India Cybersecurity Market cover, and what was the market size in 2023?
In 2023, the India Cybersecurity Market size was estimated at USD 3.84 billion. The report covers the India Cybersecurity Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the India Cybersecurity Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
India Cybersecurity Industry Report
The India cybersecurity market is experiencing significant market growth due to an increase in digital activities and the urgent need to protect sensitive data and business information from cyber threats. The advent of cloud computing and the popularity of online shopping have driven the demand for stringent cybersecurity measures. This market, segmented by market value, market segmentation, and market data, serves various sectors such as BFSI, healthcare, manufacturing, government & defense, IT, and telecommunications.
Government initiatives aimed at strengthening cybersecurity protocols and the growing awareness among individuals and businesses are significantly contributing to the industry growth. The industry outlook is positive, with market leaders playing a crucial role in ensuring the security of networks, data, and applications against unauthorized access. The market forecast indicates a continued rise in the adoption of cybersecurity solutions, essential for operational continuity and reducing the impact of cyber incidents.
Industry reports and industry research highlight the diverse segmentation across components, deployment types, user types, and industry verticals. The market overview shows a broad spectrum of sectors benefiting from these solutions. Market predictions and market review suggest that the cybersecurity market will continue to expand, driven by the need for comprehensive security measures.
The report pdf provided by Mordor Intelligence™ offers a detailed analysis, including market share, market size, and growth rate forecasts. Industry analysis and industry information are crucial for understanding the current trends and future prospects. The industry statistics and industry trends indicate a robust growth trajectory, supported by a strong market outlook.
In conclusion, the cybersecurity market in India is poised for significant growth, with industry sales and industry size expected to increase. The report example and research companies provide valuable insights into the market structure and dynamics, helping stakeholders make informed decisions.
India Cybersecurity Market Report Snapshots
