What's Driving India's Digital Security Growth?
The increasingly complex nature of threats is driving security providers in India to change the way they address to customers’ security challenges. Likewise, enterprises in India that traditionally did not focus on, or invest in, a lot of security technologies are now beginning to realize the implications that a weak security and risk posture can have on their business. In light of these developments, the digital security market is likely to see a tremendous growth in the coming years, says research firm Gartner.
The research firm predicts that vendor revenue (hardware, software and services) in India will grow from $882 million in 2013 to $953 million in 2014. Security spending will continue to grow to in 2015 when revenue is projected to reach $1.06 billion. Security services revenue accounted for more than 55 percent of this total revenue in 2013 and this trend will continue into the foreseeable future, it says
According to Sid Deshpande, principal research analyst at Gartner, vertical markets, such as banking and financial services, that have had a strong focus on security are now preparing themselves for the next wave of digitalization by investing in technology approaches that can enable them to grow their business securely while embracing digital business models. “Though this heightened awareness is creating increased budget allocations for security, there is still a skills deficit in the security space in India, consequently driving up the market opportunity for security consulting, implementation and managed security services,” he says.
According to Gartner, organizations are today increasingly more aware of security considerations in India, driven by factors such as highly visible security incidents in in the recent years, increasing financially and politically motivated advanced targeted attacks as well as renewed regulatory focus on security and privacy. Their overall IT spending growth have added to the woes.
While security awareness is increasing steadily among enterprise buying centers, the consumer security sub-segment will display modest growth, says the research firm adding that the importance of data privacy and security is not well understood by consumers in India and this situation is likely to continue to affect market growth in the consumer security space.
Leading security adopters from mature technology buying segments, such as banking, financial services and insurance (BFSI), telecom, oil and gas, and utilities, are looking to enhance their deployment of preventative security controls with continued focus on security operations and incident response, with a view towards protecting against advanced targeted attacks.
Moreover, over the past two years, there have been a slew of merger and acquisition activity in the security space globally. The increasingly complex nature of threats is driving security providers to fundamentally change the way they address their customers’ security challenges and communicate their message effectively. With more competition among vendors in this space, the IT security market will continue to enjoy a relatively steady growth and become more competitive in the coming years, says the research firm.
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