Market Size of India Network Security And Cyber Risk Management Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 0.66 Billion |
| Market Size (2029) | USD 1.34 Billion |
| CAGR (2024 - 2029) | 15.10 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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India Network Security And Cyber Risk Management Market Analysis
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.
- 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.
