The newest analysis of the India Cybersecurity Solution Market Report 2023 by Report Ocean focuses on a number of market-related topics, such as its characteristics, size and growth, segmentation, regional and national breakdowns, competitive environment, market shares, trends, and strategies. It also contains the COVID-19 Outbreak Impact and echoes of the past occurrences. According to regions and market categories, the analysis presents a list of predicted prospects, sales, and revenues. In addition, it covers additional subjects like manufacturing cost analysis, industrial chains, etc. Ask for Free Sample Request
Key Market Features:
Significant factors including revenue, capacity, price, rate, production rate, gross production, capacity utilization, consumption, cost, CAGR, import/export, supply/demand, market share, and gross margin are all evaluated in the study. Additionally, it provides a complete analysis of the relevant market segments and sub-segments, as well as the most crucial market dynamics and their most recent changes.
The cybersecurity solution market in India is forecasted to expand at a compound annual growth rate (CAGR) of 16.14% to reach a value of INR 292.16 Billion by 2024, from INR 121.85 Billion in 2018.
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In India, where enterprises, IT and government sectors are transforming their traditional ways of operations, the demand for cybersecurity solutions has significantly increased. The rapid adoption of Cloud technology and the deployment of IoT devices in India have propelled the growth of the cybersecurity solution market in India.
Market insights
based on product category: the cybersecurity solution market in India is segmented into cybersecurity products and cybersecurity services. The cybersecurity products segment, which include network security, endpoint security, data security, identity and access management (IAM), and intelligence detection and response (IDR) products, is anticipated to grow rapidly and dominate during the forecast period.
The security IDR segment is expected to lead the market with the rising demand for automated incident response and early threat detection solutions. The demand for context-aware data security solutions to prevent phishing and malware attacks through online portals has picked up, fueling the growth of this product segment. Furthermore, large organizations are incorporating content filtering solutions to safeguard their network from malicious content.
based on end-user industry: the market is segmented into, IT/ITeS, government, telecom, healthcare, oil and gas, and other industries. BFSI is the leading end-user industry, owing to increasing fraudulent attacks in the banking sector. During the first half of FY 2020, debit and credit card transactions reached ~2.8 Bn, m-wallet transactions reached ~2.1 Bn, and UPI transactions reached ~1.5 Bn. Digital transactions of such a high amount are extremely vulnerable to cyber attacks.
The cybersecurity solution market in the IT/ITeS industry is expected to be the fastest-growing segment, expanding at a CAGR of ~19.04% during the 2019-2024 period. Global regulations such as General Data Protection Regulation (GDPR), Health Insurance Portability and Accountability Act (HIPAA), and Cyber Intelligence Sharing and Protection Act (CISPA), among others, which support the protection of personal and critical data, have pushed IT firms to incorporate cybersecurity products in their IT network.
With the increasing adoption of Cloud technology, wearable devices and connected devices, over the past few years, cyber-attacks in healthcare sector have increased considerably. Connected medical devices, which collect personal information, financial details and other crucial medical information of patients are being primarily targeted by hackers. Therefore, many incidents of security breach have been recorded in the healthcare industry, necessitating the adoption of cybersecurity solutions, which as a result, is propelling market growth.
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Competitive insights:
New entrants are facing tough competition from global cybersecurity providers such as Cisco, Symantec, IBM, and Quick Heal, among others. On the demand-side scenario as well, end-users are strongly inclined toward using cybersecurity solutions offered by global companies.
Companies covered
Quick Heal Technologies Ltd.
Check Point Software Technologies India Pvt. Ltd.
Cisco Systems (India) Pvt. Ltd.
Fortinet Technologies India Pvt. Ltd.
IBM India Pvt. Ltd.
Kaspersky Lab India Pvt. Ltd.
McAfee Software (India) Pvt. Ltd.
Sophos Technologies Pvt. Ltd.
Symantec Software India Pvt. Ltd.
Trend Micro India Pvt. Ltd.
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Our analysis distinguishes out in addition to the general estimates because it includes carefully considered factors such as the COVID-19 containment status, the recovery of the end-use market, and the recovery timescale for 2020/ 2021.
Geographical Breakdown:
The geographical portion of the study analyzes the market based on regional and national breakdowns, providing reliable information on past and future growth as well as size estimates. For every region, the impacts and anticipated course of COVID-19 recovery are mentioned. To help readers understand current trends and aid in decision-making, the research provides an outlook on emerging market trends and the factors driving the growth of the region.
Why to Choose Our Report?
- Our expertly written study provides succinct solutions and identifies the fantastic chances for investors to make new investments.
- Additionally, it provides superior market plan trajectories and a thorough examination of the infrastructures, possibilities, and constraints that currently face the industry.
- This study offers details regarding end-consumer target groups and their prospective operating volumes, together with the potential locations and sectors to target and the advantages and constraints of participating in the market, in order to assist businesses in developing better strategies.
- Any market’s strong growth is a result of its motivating factors, obstacles, key vendors, important industry trends, etc., all of which are in-depthly discussed in our analysis.
- Additionally, it leads readers through segmentation analysis based on several factors, like product type, application, end consumers, etc. A SWOT analysis of each player is also included in the study, along with information on their product lines, production, value, capacity, etc.
- The study includes information about import and export, significant players, production, and income based on regional markets in a separate part. The research includes details on significant manufacturers, significant market segments, the range of products, years taken into account, and study objectives.
- In addition, the study’s effective SWOT analysis can be used to determine the data’s accuracy.
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