Cyber Security Services Market to Grow by Leaps and Bounds

CIOReviewIndia Team | Thursday, 21 May 2020, 13:06 IST

                                        

According to a report by Data Security Council of India, the cyber security services market size is expected to swell up three-fold and become worth more than $13 billion by 2025 compared to its current size of over $4 billion. The report estimates that the market will grow at a rate of 20-22 per cent annually. It forecasts the market size to touch $9.3 billion by the end of financial year 2023. The report attempts to bring to light innovation and strategy of cyber security services companies. In an effort to cover the lengths and breadths of the ecosystem, it offers a blend of data, insights, cases-studies, expert quotes, success stories, and tries to provide insights to various stakeholders in the ecosystem. The report was released through a video-conference on Friday, providing data points on the growth of the cyber security market in the country.       

It says, “From statistical standpoint, the industry generated a cumulative revenue of USD 4.3 Bn in the year 2019 and with major revenue coming from system integrators. The industry is estimated to register an overall CAGR of 21 percent by 2025. Also 50-55 percent companies have been involved in creation of platform/IP for as a part of their innovative strategy. The Cyber security organizations and customers are actively collaborating for co-innovation and creation of effective solutions.”   

Ajay Sawhney, Secretary, Union Ministry of Electronics and IT, stressed on the fact that cyber security will be the key going forward as the IT industry has allowed 95 per cent of its employees to work from home. “Vulnerabilities creep in when you move faster than you are supposed to move. Issues related to cyber security will increase significantly,” he said. “The current employee base of the cyber security services companies is put at 1.10 lakh. This is going to be scaled up in the next few years,” the report said.   

Expressing her concerns regarding cyber security as a challenge, Debjani Ghosh, President of Nasscom said, “As the IT industry allowed 95 per cent of its employees to work from home, there are no issues with regard to productivity and satisfaction of clients. It is cyber security that will pose a major challenge.”   

 

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