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India Cybersecurity Industry Grows Significantly Amid Pandemic

India’s cybersecurity industry nearly doubled in size amid the pandemic, with revenues from cybersecurity products and services growing from US$5.04 billion in 2019 to US$9.85 billion in 2021. According to data by the Data Security Council of India (DSCI), the growth was largely fueled by rapid digitalisation, increased regulatory attention on data and privacy, and growing boardroom awareness around cyber threats. Further, India’s cybersecurity workforce increased from 110,000 employees in 2019 to 218,000 in 2021.

DSCI is a data protection industry body set up by the National Association of Software and Service Companies (NASSCOM). DSCI noted that it is not just large suppliers that are driving the industry’s growth momentum. The country’s cybersecurity startup and product industry also saw robust growth, raking in revenues worth US$ 1.37 billion. As a stronghold for IT services, India’s cybersecurity market is dominated by security services where services companies are leveraging their global expertise and experience in offering transformational and platform-based services, a report stated. From consultation to implementation and the management of security controls and frameworks, services companies have imbibed security from DevOps, ensuring their clients and end-user data and privacy are protected. They have also expanded their international presence and set up security operations centres, cyber defence centres, and research and development centres across the globe, the report added.

DSCI said that global customers account for 80-85% of security services revenue with Europe and the US being the most lucrative markets, due to stringent regulation, higher security awareness levels, and bigger cybersecurity budgets. Additionally, the two markets have more legacy technology being revamped and upscaled, driving more spending primarily in banking, manufacturing, energy, travel, and transportation. An industry expert explained that there has been tremendous growth in the services industry in terms of people, process, and technology. The models of delivering services are advancing, creating platforms and assets that can automate certain portions of service delivery, which reduces the number of people required to engage in repetitive non-value-adding work.

India’s cybersecurity product companies are also quickly growing through a network of channel partners, with the emergence of cloud-based delivery models further boosting their business in international markets, DSCI noted. The Asia-Pacific region, including India, accounted for 58% of the overall revenue generated in cybersecurity products while the demand from North America was robust during the pandemic, almost doubling from 2020. Business continuity, remote working, growing awareness around the threat landscape, and maintaining brand image are some of the key drivers leading the rise in demand for India’s cybersecurity products.

A representative from NASSCOM said that cybersecurity is now a boardroom agenda and offers tremendous opportunities for India’s tech industry to build innovative solutions and services. With enabling policies, an expanding skilled talent pool, domain expertise, and a connected ecosystem with start-ups and academia, the country is rapidly expanding its cybersecurity capabilities and emerging as a hub for all things digital with security and trust as its foundation.

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