Network Security and Cyber Risk Management Market in India - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Network Security and Cyber Risk Management Market in India - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The network security and cyber risk management market in India is expected to register a CAGR of 11%, during the forecast period 2021 - 2026. 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 towards digitizing Indian industries is expected to be the major driving factor for the market. Government schemes such as ‘Make in India’, ‘Start-Up India’ and ‘Digital India’ supplements the growth of Cyber Security market in India and is a linking pin towards Public-Private Partnership (PPP) models.
• In India, Critical infrastructure is owned by both Public Sector and Private sector, both operating with their own 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 in the private sphere.

Key Market TrendsIntrusion 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.
• According to Insider Threat 2018 report, most insider exploits are detected through IDPS. This indicates the popularity of IDPS and why majority of the vendors are offering this service.

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.
• Since its launch in August 2016, Jio added 200+ million users, representing 18% of the mobile subscribers market in India. Jio helped establish 4G in India making it affordable for people of all financial backgrounds.
• As 2G users decrease with every passing month, 3G and 4G will lead the mobile internet path till 5G is launched.
• 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.

Competitive Landscape

The market is fragmented due to 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 growing need for cyber risk management.

• May 2019 - Instasafe partnered with ESDS to provide its powerful SDP Security for ease of hybrid cloud adoption. InstaSafe provides a secure platform to adopt cloud computing that increases the productivity of organizations with its ability to connect remote users, vendors & contractors to work securely from any device or location.
• October 2018 - Indian cybersecurity firm Lucideus said that it has raised USD 5 million (over Rs 36 crore) in funding, led by Cisco Chairman Emeritus John Chambers. The funds were used to expand the company's further reach in India.
• June 2018 - Telangana Government partnered with Data Security Council of India to set up a Cybersecurity - Center of Excellence in order to accelerate the state's cybersecurity momentum and position it as one of the leading Indian cybersecurity hubs in next 5 years.

Additional Benefits:

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

Companies Mentioned

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
Rackspace Inc.
CenturyLink, Inc.
LightEdge Solutions, Inc

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