How big is Cyber security market in India?
IMARC Group, a leading market research company, has recently releases report titled “India Cybersecurity Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The India cybersecurity market is projected to exhibit a growth rate (CAGR) of 18.33% during 2023-2028.
What is Cybersecurity?
Cybersecurity refers to protecting networks, computer systems, and sensitive data from cyberattacks, unauthorized access, and data breaches. It comprises a range of technologies, processes, and practices that aim to ensure the confidentiality, integrity, and availability of digital assets. It plays a vital role in safeguarding businesses and organizations from digital threats and vulnerabilities. As it assists in maintaining the financial stability and reputation of a business by preventing misuse of sensitive data, the demand for cybersecurity is increasing in India.
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What are the growth prospects and trends in the India Cybersecurity Industry?
At present, the rising adoption of cloud computing solutions represents one of the major factors strengthening the market growth in India. Apart from this, the increasing awareness about data privacy and regulatory compliance in various sectors is bolstering the growth of the market. Moreover, the growing demand for advanced cybersecurity solutions that are reliable and beneficial in preventing financial losses in a firm is offering a positive market outlook in the country. In line with this, the emergence of artificial intelligence (AI) and machine learning (ML) in cybersecurity to enable proactive threat detection and mitigation is providing lucrative growth opportunities to industry players in India. Furthermore, the increasing adoption of cybersecurity due to the rising need for secure remote access and data protection is propelling the growth of the market.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Component:
- Solutions
- Identity and Access Management (IAM)
- Infrastructure Security
- Governance, Risk and Compliance
- Unified Vulnerability Management Service Offering
- Data Security and Privacy Service Offering
- Others
- Services
- Professional Services
- Managed Services
Breakup by Deployment Type:
- Cloud-based
- On-premises
Breakup by User Type:
- Large Enterprises
- Small and Medium Enterprises
Breakup by Industry Vertical:
- IT and Telecom
- Retail
- BFSI
- Healthcare
- Defense/Government
- Manufacturing
- Energy
- Others
Breakup by Region:
- South India
- North India
- West and Central India
- East India
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