Case Studies

India market report

by Mark Rowe

The COVID-19 pandemic, which has disrupted the traditional business landscape, has forced enterprises to adopt a proactive rather than a reactive approach to address potential security threats. As a result, security offerings’ revenue in India is estimated to grow at a compound annual growth rate (CAGR) of 3pc during 2019-2024 to reach US$4bn in 2024, says GlobalData, a data analytics company.

Rohit Sharma, Senior Technology Analyst at GlobalData, says: “Key drivers for the security offerings’ revenue growth in India include the increased proliferation of Internet services and mobile broadband penetration, digitalization initiatives across enterprises and evolving security landscape.”

The banking, financial services and insurance (BFSI) vertical will continue to account for the largest share of security revenue, with more requirements for security such as anti-malware and multi-factor authentication. For instance, in October 2019, State Bank of India (SBI) announced migration of its 30 application systems to CROC’s hybrid cloud for big data management besides security.

More digitalization in manufacturing continues to make it prone to cyber threats, as security of the IT assets has traditionally been a secondary priority of these companies. As a result, the companies have started to establish processes and frameworks to monitor and secure their assets, the market researchers say. For instance, Tata Steel in 2019 announced increase in cybersecurity spending from 8pc to 15pc within two years and plans to increase it further. JSW Group also continues to re-evaluate its approach towards cyber-security by focusing on information security rather than securing the physical elements containing the information.

The pandemic reshaped the demand for cybersecurity solutions, as hackers shifted their attention to tactics like phishing, attacking employee accounts with emails and social media posts. India has formulated a draft for a National Cyber Security Strategy 2020 to create a secure cyberspace. Remote working, sharing of enterprise resources with connected devices and smart cities plans will fuel security spending in India.

Mr Sharma adds: “The challenges being confronted by enterprises owing to the pandemic and the evolving regulatory landscape will result in the emergence of innovative security offerings and their adoption amongst enterprises.”

Meanwhile the market research firm says that more spend by emerging economies on security infrastructure is expected to boost the messaging security market in the Asia-Pacific (APAC) region to US$1.5bn in 2024. That market’s revenue is estimated to see a compound annual growth rate (CAGR) of 7.1pc during the forecast period 2019 to 2024.

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