India Cybersecurity Market Size (2024 - 2029)

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 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.