Enterprise spending on information security products and services in India is on pace to reach US$1.7 billion in 2018
Gartner analysts have found an increase of 12.5 percent from 2017. In 2019, the market is forecast to total US$1.9 billion.
“Continued focus on building detection and response capabilities are bolstering security spending in India,” said Siddharth Deshpande, research director at Gartner. “Highly publicized and high-impact security incidents in India — like the recent incident with Cosmos Bank — reinforce the need for organizations to treat security and risk management as a top business priority,” said Mr. Deshpande.
There are five key enterprise security product segments that will bolster growth in 2019:
- Integrated risk management software (26.6 percent growth)
- Data security (12.4 percent growth)
- Infrastructure protection (11.7percent growth)
- Identity and access management (10.9 percent growth)
- Network security equipment (10.3 percent growth)
The ongoing skills shortage is driving demand for security services, particularly security outsourcing, managed security services and security consulting. The security services market in India will grow from US$885 million in 2018 to US$1 billion in 2019, an increase of 13 percent year on year.
“CISOs are under increasing pressure to ensure their organizations do not become victims of external attackers, while simultaneously maintaining compliance with regulations,” said Mr. Deshpande. “Obtaining funding for security projects has become easier for CISOs today than in the past, due to increased awareness. The challenge is for them to spend the security budget judiciously and improve the security maturity of their organization over time.”
