India is Expected to Increase Its Spending on Cybersecurity by 18% Between 2020 and 2025 Due to India and the US's combined contribution of 16% of the world's talent pool for cybersecurity trained resources, the India-US corridor is the mainstay for international cybersecurity outsourcing services.
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The cybersecurity market in the Americas is the largest, accounting for 41% of global spending in 2020, while the market in APAC will expand the quickest, with a CAGR of 13.6% from 2020 to 2025.
According to a report by Avendus Capital, India has the fastest growth rate, with a CAGR of 18% from 2020 to 2025E. Identity and access management, network security, and email security are high potential cybersecurity categories. In order to coordinate cybersecurity activities across the nation, the Indian central government established Cyber Surakshit Bharat and the National Critical Information Infrastructure Protection Centre.
Due to India and the US's combined contribution of 16% of the world's talent pool for cybersecurity trained resources, the India-US corridor is the mainstay for international cybersecurity outsourcing services.
As per the report, the managed security services (MSS) market for security services would expand more quickly than the market for professional security services.
The report also stated that 75% of devices used globally by 2030 will be IoT-based. Due to the complexity and frequency of attacks carried out by well-funded and technologically advanced threat actors, the cost of a data breach has increased to USD 4.4 million per breach in 2022.
The report noted the shift in services towards cloud-based solutions and the use of Zero Trust Architecture for data protection. By focusing on specific initiatives and forming strategic partnerships with technology partners, IT services providers and MSSPs are advancing cybersecurity innovation.
The research claimed that between 2018 and 2021, there has been a five-fold increase in M&A and fundraising activities in the cybersecurity business. Large IT services and consulting buyers like Accenture, Deloitte, Capgemini, and KPMG as well as private equity firms and portfolio companies backed by PE actively participate in the market for cybersecurity services.
Strategies of Indian companies for cyber security:
For its 2,000 employees worldwide, Infosys has teamed up with Purdue to provide cybersecurity education and training programmes.
'HackQuest' is an annual event hosted by TCS Cyber Security Practise Unit. It provides new hires with an introductory learning programme on its Fresco platform. On the platform, about 200,000 users have received new training.
NeuralHack, which Virtusa launched in 2017, attracted over 10,000 students to participate in 2018 and assisted the company in employing 24 students. In Virginia, Wipro will open an engineering and innovation hub where it will focus on full-stack engineering solutions, customer experience, and cybersecurity accelerators.
According to the report, the market for cybersecurity services is anticipated to reach USD 191 billion in size by 2028, with global cybersecurity spending set to double between 2021 and 2028.
