ndia’s cybersecurity business nearly quadrupled during the epidemic, expanding from US $5.04 billion in 2019 to US $9.85 billion in 2021. According to the Data Security Council of India (DSCI), the growth was spurred in large part by rapid digitisation, increased regulatory attention on data and privacy, and growing boardroom awareness of cyber dangers. Additionally, India’s cybersecurity employment is expected to grow from 110,000 in 2019 to 218,000 in 2021.
DSCI is an industry association for data protection founded by the National Association of Software and Service Companies (NASSCOM). DSCI stated that the industry’s increasing momentum is not driven solely by large suppliers. The country’s cybersecurity start-up and product industry also overgrew, generating US $1.37 billion in revenue. According to the report, as a stronghold for IT services, India’s cybersecurity industry is dominated by security services. Service providers leverage their worldwide skills and experience to deliver transformative and platform-based services. From consulting to implementation and monitoring of security controls and frameworks, service providers have ingested security through DevOps, ensuring the protection of their clients and end users’ data and privacy. Additionally, according to the report, they have increased their international footprint by establishing security operations centres, cyber defence centres, and research and development centres worldwide.
According to DSCI, global customers account for 80 to 85 per cent of security services revenue, with Europe and the United States being the most profitable regions due to stringent regulation, increased security awareness, and higher cybersecurity expenditures. Additionally, the two markets have seen an increase in the amount of legacy technology being remodelled and upgraded, which has resulted in increased investment in banking, manufacturing, energy, travel, and transportation. According to an industry analyst, the services business has experienced remarkable people, processes, and technology growth. Service delivery models are evolving, resulting in the development of platforms and assets capable of automating certain aspects of service delivery, thereby reducing the number of people necessary to perform repetitive, non-value-adding work.
India’s cybersecurity product firms are also rapidly expanding through a network of channel partners, DSCI stated, with the introduction of cloud-based delivery methods boosting their international business even more. Asia-Pacific, including India, accounted for 58% of total revenue earned in cybersecurity products. At the same time, North America’s demand nearly doubled from 2020 levels during the pandemic. Business continuity, remote working, increasing awareness of the threat landscape, and protecting brand image are just a few of the essential drivers of India’s cybersecurity product demand.
According to a NASSCOM spokesman, cybersecurity has become a boardroom priority. It presents a significant opportunity for India’s technology industry to develop innovative solutions and services. With enabling regulations, a growing pool of qualified talent, domain expertise, and a connected ecosystem of start-ups and academia, the country is rapidly increasing its cybersecurity capabilities and establishing itself as a hub for all things digital built based on security and trust.
Simultaneously, India’s cyber security workforce increased from 110,000 in 2019 to 218,000 in 2021, despite persistent talent shortages.
As a bastion for IT services, India’s cyber security market is dominated by security services. Service providers leverage their global skills and experience to offer transformative and platform-based services.
The growth was primarily fuelled by rapid digitalisation, increased regulatory focus on data and privacy, and growing boardroom awareness of cyber threats, among other factors.