India Cyber Security Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2024-2032)

India Cyber Security Market Growth

In 2024-25, Indian organisations are expected to bolster their cybersecurity measures to secure themselves against cloud-related threats (52%), hack-and-leak operations (36%), attacks targeted on connected devices (45%), and software supply-chain compromise (35%). Nearly 16% of all organisations are expected to increase their cybersecurity budget by at least 15%, while 33% of them are likely to raise their budgets by 11%-14%.

Merely 24% of all Indian organisations have the necessary capabilities and resources to tackle cybersecurity challenges effectively. Over 30% of them are getting started with the initial steps of their cybersecurity plan. The average demand for cybersecurity personnel in India exceeds the world average by 9%, and nearly 49% of all organisations hiring talented cybersecurity professionals face various issues, with hiring time taking as long as 6 months. Hence, increased skill development initiatives and rising cybersecurity awareness are expected to promote the market growth in the forecast period.

The number of state-sponsored cyber assaults against India grew by nearly 278% between 2021 and September 2023. The number of cyberattacks aimed at government institutions also increased by 460%. Small and medium enterprises witnessed a growth of 508% in the number of cyberattacks. India has emerged as a prime target for cyberattacks worldwide and accounts for 13.7% of all such incidents worldwide. This is expected to accelerate the demand for sophisticated cybersecurity solutions in the coming years.

Key Trends and Developments

Rapid digitisation; evolving cyber security landscape; rising demand for cloud-based cyber security tools; and technological advancements are aiding the India cyber security market expansion

August 2024

KPMG in India announced a strategic alliance with Zscaler to provide Zero Trust principle-aligned data security services, including cloud-delivered protection of cloud workloads, endpoints, data, and identity, to customers in India. Such services are expected to boost advancements in the security infrastructure of an organisation.

August 2024

SEBI launched a new cyber security framework to strengthen the security and enhance the resilience of regulated entities. The organisation also announced the introduction of a Cyber Capability Index (CCI) to regularly assess and monitor the cyber security resilience and maturity of such entities.

August 2024

Kyndryl announced that it had launched a Security Operations Center (SOC) in Bengaluru, India, to provide advanced protection capabilities and support for the overall cyber threat cycle by using integrated automation systems, artificial intelligence, and machine learning.

May 2024

Hinduja Global Solutions (HGS) announced the launch of a comprehensive suite of advanced CyberSecurity solutions to provide organisations with protection against evolving cyber threats. The HGS CyberSecurity solutions utilise advanced technologies like machine learning and artificial intelligence to future-proof the operations of enterprises.

Rapid Digitisation in India

Rapid digitisation in India, buoyed by initiatives like Digital India Programmes and e-governance projects, is surging incidences of cyber attacks and threats in the country. This is driving the demand for cyber security solutions that can provide protection against data breaches and sophisticated cyberattacks.

Evolving Cyber Security Landscape

With the evolving cyber security landscape and increasing complexity and sophistication of threats among organisations, the adoption of advanced and preventative security measures to proactively respond and detect sophisticated threats and identify emerging threats is rising.

Rising Demand for Cloud-Based Cyber Security Solutions

There is a rising demand for cloud-based cyber security solutions among businesses as they ensure the integrity and confidentiality of data, offer flexibility and scalability, eliminate the requirement for upfront capital expenditure, meet compliance, and protect financial and personal data.

Advancements in Cyber Security Technologies

There is a growing implementation of advanced technologies such as blockchain and artificial intelligence in cyber security tools and solutions to provide enhanced protection, swiftly identify dangers, reduce assault damage, and create safe digital spaces for individuals and organisations.

India Cyber Security Market Trends

In 2023, the DSCI report revealed that over 400 million cyber threats were detected across 8.5 million endpoints among Indian respondents, averaging 761 detections per minute. A study also concluded that organisations in the country lost USD 2.18 million in revenue due to data breaches and cyberattacks.

There is a growing deployment of artificial intelligence (AI) in cybersecurity to detect anomalies, analyse vast amounts of data, and predict emerging threats with precision. AI-based cybersecurity tools also boost response time, enhance efficiency, and strengthen cyber security resilience.

India Cyber Security Industry Segmentation

India Cyber Security Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Offering

• Solutions
  • Identity and Access Management
  • Antivirus/Antimalware
  • Encryption and Tokenisation
  • Compliance and Policy Management
  • Firewall
  • Others
• Services

Market Breakup by Deployment Mode

• On-Premises
• Cloud

Market Breakup by Organisation Size

• Large Enterprises
• Small and Medium Enterprise (SMEs)

Market Breakup by Security

• Network Security
• Cloud Security
• End Point and IOT Security
• Application Security

Market Breakup by Industry Vertical

• BFSI
• Government
• Healthcare and Life Sciences
• Aerospace and Defence
• Manufacturing
• Others

Market Breakup by Region

• North India
• East and Central India
• West India
• South India

India Cyber Security Market Share

Based on region, the market is segmented into North India, East and Central India, West India, and South India. North India represented 31% of the overall market share in 2023. Over the forecast period of 2024-2032, West India is projected to grow at a CAGR of 12.8% as the demand for cloud-computing solutions increases and economic digitalisation gains momentum.

Leading Companies in the India Cyber Security Market

China accounts for almost 89% of all cyberattacks aimed against India. Besides, India accounts for 8% of all ransomware detections worldwide and is the third most vulnerable country to cyber risk. The increasing risk of cyberattacks faced by most of the BPO and information technology (IT) companies is expected to drive the adoption of critical cybersecurity solutions.

• IBM Corporation
• Microsoft Corp.
• Cisco Systems Inc.
• Amazon Web Services, Inc.
• Oracle Corporation
• Fujitsu Ltd.
• Dell Inc.
• Fortinet Inc.
• McAfee LLC
• Palo Alto Networks Inc.
• Others

The comprehensive report looks into the macro and micro aspects of the market. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.