IT Security Market to Thrive Further

by CXOtoday Staff    Jan 02, 2009

An increasing demand for IT security solutions in the SMB and BPO will continue to drive strong growth in the Indian IT security industry, said a recently released research report on global IT security market by RNCOS E-Services.

Being the two biggest consumers of security solutions in India, IT and BPO sectors will continue to boost growth in the country’s IT security industry, said the report.

The BPO boom coupled with a strong emphasis on compliance with IS guidelines and regulations such as HIPAA and the Sarbanes-Oxley Act by Western clients are the key factors supporting growth in the Indian security software solutions market.

The emerging SMB segment, which has seen robust growth in the last couple of years, will also be an important factor in this growth. The SMB segment is projected to spend around 44-48% of the total IT spending in the country and SMBs will increasingly ask for IT security solutions to develop their IT infrastructure as well.

The Indian IT security market in 2006-2007 was totaled at US$ 46.8 Million( Approx. Rs. 210 Crore), and by 2010 end, it is forecasted to surge to US$ 464.4 Million (Approx. Rs. 1,958 Crore) on account of increasing demand from business sector and continuous IT development in infrastructure. The growth momentum is likely to remain inclined towards the service side, where most of the solution providers will target managed services.