Indian cybersecurity services expected to grow to $7.6 bn by 2022: DSCI

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Data Security Council of India released the ‘India Cybersecurity Services Landscape – A Global Hub in the Making’ report. The report Ajay Sawhney, Secretary, Ministry of Electronics & Information Technology in the presence of Rajendra S Pawar, Chairman, DSCI and Debjani Ghosh, President, NASSCOM. The Indian Cybersecurity Services Industry is expected to grow from USD ~4.3 to USD ~7.6 Billion in 2022 and register an overall CAGR of ~21% by 2025 and grow to ~13.6 Billion. The report has been commissioned through an extensive primary and secondary research of cybersecurity services companies in India and provides Services Market projections from FY 2019 to 2025 putting the spotlight on capabilities, talent, innovation and business strategies.

Due to COVID-19 pandemic, Cyber Security is gaining an even higher attention from the Boards and Governments alike. Global cybersecurity services market is expected to reach USD ~89 billion by 2022, with an overall CAGR of ~10%. Managed Security Services and System Integration are the most attractive service lines. Identity and Access Management, Big Data Analytics and Cloud Security are expected to garner high demand.

Releasing the report, Ajay Sawhney, Secretary, Ministry of Electronics & IT said, “Cyber Security holds the key as 95% of the IT industry workforce had to work from home during this unprecedented time. NASSCOM and DSCI have been working relentlessly putting ahead the issues of the IT Industry to the government and forging a vital partnership to mitigate the COVID impact and ensure business continuity. The report provides a good insight into the Cybersecurity services landscape and solutions coming up from India, to serve the world.”

Rajendra S Pawar, Chairman DSCI & Chairman & Co-Founder, NIIT Group said, “Products and Services ecosystem are the twin pillars of our Cyber Security Industry. The Indian Cybersecurity Services Industry is growing twice as fast as the global market. All challenges come with opportunities, so while COVID is a challenge, it is also a huge opportunity for accelerating the already existing high-level growth in Cyber Security.

Debjani Ghosh, President, NASSCOM said, “As cyber risks have gone up significantly, one thing that will make a business difference today is Cyber Security. While companies too have increased investments in Cyber Security significantly, it will be the key success imperative and define how successful we are in shaping the new norms. Cyber Security is going to be the foundation on which the post COVID IT Industry will be built. The Government is working closely with the Industry & Academia, and we need to leverage this opportunity and focus all our efforts to make India a global hub for Cybersecurity.”

Rama Vedashree, CEO, DSCI, said, “The Indian Services Industry is playing a seminal role in securing enterprises worldwide from the ever-increasing cyber threats amid the COVID-19 crisis. The cybersecurity services companies are stepping up their competencies across the three facets of People, Process and Technology and this is making them a trusted partner of choice for global enterprises in their digitization journey.”

Report Link: https://www.dsci.in/content/India-Cybersecurity-Services-Landscape


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