Global Market Research Company US India Cybersecurity Market Forecast and Opportunit | Page 8

INDUSTRY BRIEF
Cybersecurity Market in India Continues to be Dominated by BFSI Sector
According to TechSci Research report, “India Cybersecurity Market By Security Type, By Solution, By End User Sector,
Competition Forecast & Opportunities, 2013 – 2023”, cybersecurity market in India is projected to grow at a CAGR of
more than 19% during 2018 - 2023. Key factors expected to drive the market are rapidly increasing digitization under
Digital India program, emergence of SMACT technologies, surging demand for BYOD & mobility, and growing adoption
of networking trends such as Software Defined Networking (SDN) and Network Function Virtualization (NFV). Alarming
increase in incidences of ransomware attacks, which hamper the credibility and CAPEX/OPEX of organizations, is
anticipated to have a huge positive impact on the cybersecurity market in India over the coming years.
Network security segment accounts for the largest share in the market, as it offers next-gen technology infused with
advanced security features. However, in the coming years, cloud security is anticipated to grow at the fastest rate in
India cybersecurity market, owing to rising adoption of cloud computing services, and continuing growth in enterprise
mobility & bring your own device trend in the country. BFSI sector is the largest demand generating sector in the
country’s cybersecurity market, as it is the biggest target of cyberthreats and attacks from hackers. Backed by rising
promotion of mobile and e-governance activities initiated by the government, in addition to growing border
management and national security concerns, adoption of cybersecurity in the government sector is also likely to
witness robust growth during forecast period.
“With increasing number of organized and advanced cyberattacks, demand for cybersecurity solutions such as those
based on advanced technologies like deception technology, artificial intelligence, etc., is growing across diverse sectors
in India. Moreover, owing to growing number of SMART projects in the country, network and technological
complexities are also increasing, which in turn, is resulting in rising investments in R&D by both government and
private enterprises, thereby driving innovation in cybersecurity technologies and solutions.”, said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management consulting firm.
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