India Network Security And Cyber Risk Management - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029

India Network Security And Cyber Risk Management - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029

The India Network Security And Cyber Risk Management Market size is estimated at USD 0.66 billion in 2024, and is expected to reach USD 1.34 billion by 2029, growing at a CAGR of 15.10% during the forecast period (2024-2029).

In the past, India has been targeted through cyber-attacks primarily for political reasons, and trends show that this landscape seems to only gain prominence with the availability of more sophisticated technology and more complex transactions increasing the vulnerability of systems.

Key Highlights

• Government initiatives aimed at digitizing Indian industries are expected to be the major driving factor for the market. Government schemes such as 'Make in India,' 'Start-Up India,' and 'Digital India' supplement the growth of Cyber Security market in India and are a linking pin towards Public-Private Partnership (PPP) models.
• In India, Critical infrastructure is owned by both Public Sector and Private sector, operating with their norms and protocols for protecting their infrastructure from cyber-attacks. But there is no national security architecture that unifies the efforts taking place in the public sphere and the private sphere.
• As the trend of remote working is driving into a borderless network arrangement, cloud adoption has become a critical investment goal internationally. This fast digitization has resulted in a greater regulatory focus on data and privacy, integration of new technology stacks into company IT, and cloud and remote collaboration technologies.
• These changes and increased board are driving global cybersecurity demand and spending. Indian IT services, with their worldwide knowledge and experience, and the creative Indian cybersecurity product ecosystem have been the twin growth engines ensuring customers' global digital transformative journeys.
• Moreover, COVID-19 accelerated the country's digital transformation path. Initially, the emphasis was on business continuity, but there is now a noticeable shift in the dynamics of digitalization. As organizations adjust to the new reality, they are developing digitally led organizational strategies, which has increased the risk of cyber attacks.

India Network Security And Cyber Risk Management Market Trends

Intrusion Detection and Prevention System to Dominate the Market

• An Intrusion Detection and Prevention Software (IDPS) monitors network traffic for signs of a possible attack. When it detects potentially dangerous activity, it takes action to stop the attack. Often this takes the form of dropping malicious packets, blocking network traffic or resetting connections. The IDPS also usually sends an alert to security administrators about the potential malicious activity.
• The two main contributors to the successful deployment and operation of an IDS or IPS are the deployed signatures and the network traffic that flows through it.
• The market is expanding as a result of rising R&D expenditures by both public and commercial organisations to provide novel and affordable secured low-power intrusion detection and prevention solutions. The market size is increased by rising awareness of home and commercial safety and security.
• Moreover, government initiatives like 'Make in India', which aims to promote the development, manufacture, and assembly of products made in India by incentivizing dedicated investments into manufacturing, and government campaigns like 'Digital India,' which was launched to ensure increased Internet connectivity and make the nation digitally empowered in terms of technology, have been influencing the growth of the IDP system in the country.

Growth in Mobile Phones to Significantly Drive the Market Growth

• India has seen a tremendous growth in tech savvy population, with mobile phones being the first digital medium. In India, there are 1.2 billion mobile customers, 750 million of whom use smartphones. In the coming five years, the nation is anticipated to be the second-largest smartphone manufacturer.
• With the growing number of smart phones in India the demand of intdernet is continiously growing in the country. According to the report published by IAMAI (The Internet and Mobile Association of India) there are currently 692 million active internet users in the country and the number is estimated to hit 900 million by 2025, led by growth in rural areas.
• At the same time, there has been substantial growth in IT spending in India and scaling up in the use of technologies such as Internet of Things (IoT), Cloud Computing, Artificial Intelligence (AI) and Block Chain.

India Network Security And Cyber Risk Management Industry Overview

The market is fragmented due to the rise in users who consume data in vernacular languages, growth in travel transactions or e-commerce transactions, and new users from rural areas. This is causing internet users to grow, thus, a growing need for cyber risk management.

In February 2023, Raghnall Insurance Broking, a supplier of insurance and risk management services in India, announced the launch of Business Cyber Shield for companies of all sizes. This technology is intended to offer complete cybersecurity solutions. With the introduction of Business Cyber Shield, Raghnall demonstrates its dedication to giving its clients access to the most up-to-date digital solutions for identifying, minimizing, and managing the risks connected with the rising danger of cyber-attacks.

In December 2022, Indian Cyber Security Solutions (ICSS) announced the launch of an enterprise security assessment tool to quantify cyber threats and provide mitigation measures to top-level management. This tool could measure cyber risk, manage vulnerabilities, offer a 360-degree picture of all important assets, and was a one-stop platform for forecasting and resolving future breaches using AI and ML.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support