Indian Cyber Security market is growing at a CAGR of around 16.4% during the forecast period. Increasing adoption of cloud storage is estimated to be one of the major factors that are driving the growth of the market in the country. Most of the organizations such as banking, manufacturing, education, healthcare, retail, and so forth have shifted their on-premise applications to cloud-based platforms due to numerous benefits such as scalability and elasticity. Moreover, government initiatives such as “Digital India” in the country are expanding e-governance and are focusing on digital transformation such as cashless transactions. Additionally, increasing Internet penetration and the growing adoption of smartphones in the country are driving the growth of the cyber security market.
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Moreover, increasing the trend of smart phone users along with social media growth is augmenting the Indian Cyber Security market growth. This high penetration rate of Internet and smartphones has been acting as a lucrative segment to the attackers. Large number of cyber-attacks associated with these devices motivated them to adopt different cyber security solutions.
Strict cyber laws and regulations in the country are the major motivators of the cyber security market. Cyber laws in India are contained in the Information Technology Act, 2000 often preferred smartphone as the IT Act, this came into existence on October 17, 2000. IT Act is a legislation regulating the use of computer systems and networks and data & information in the electronic format. It has impacted some aspects pertaining to cybercrimes electronic authentication, digital signatures, and liability of network service providers. The original IT Act contained 94 sections, divided into 13 chapters and 4 schedules. As a result, these rules and regulations act as a major motivator of the Indian cyber security market.
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Indian Cyber Security Market Segmentation
By Type
- Network Security
- Application Security
- Mobile Security
- Wireless Security
- Cloud Security
- Others
By Solutions
- Risk and Compliance Management
- Identity and Access Management
- Data Loss Protection
- Firewall
- Unified Threat Management
- Encryption
- Antimalware and Antivirus
- DDOS mitigation
- Others (Security and Vulnerability Management, and Disaster Recovery)
By Vertical
- Government
- Aerospace & Defence
- BFSI
- Telecommunication
- Healthcare
- Retail
- Others (Manufacturing, and Transportation)
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
