India Cybersecurity Solution Market Research Report 2023 offers a comprehensive analysis of the market, including business opportunities, growth, and trend analysis for various applications, types, and regions such as North America, Europe, Asia-Pacific, South America, Middle East, and Africa. The report delves into important producers, market developments, opportunities, challenges, and threats to the market as a whole. It is a 100+ page report that provides a detailed examination of growth statistics, opportunities, trends and the competitive landscape in the industry.
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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 Bn by 2024, from INR 121.85 Bn in 2018.
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: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.
Market insights
based on end-user industry: 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 most recent research report showcases the thriving expansion of the India Cybersecurity Solution Market and offers in-depth insights into the projected market size, share, and revenue until 2030.
The report addresses the following key questions regarding the India Cybersecurity Solution market:
- What is the expected growth rate of the market in the upcoming years and what factors are driving this growth?
- How do consumers perceive and adopt different types of India Cybersecurity Solution in the market?
- How are regulatory policies and government initiatives impacting the growth of the India Cybersecurity Solution market?
- What is the market share of the top 5 players in the India Cybersecurity Solution market and how is it likely to change in the future?
- What are the latest technologies and innovations in the India Cybersecurity Solution market and how are they shaping the industry landscape?
- How do macroeconomic factors such as inflation, GDP, and exchange rates affect the India Cybersecurity Solution market?
- What are the challenges related to the supply chain and logistics that India Cybersecurity Solution market players face and how are they addressing them?
- How is the changing consumer behavior and preferences influencing the dynamics of the India Cybersecurity Solution market?
- What are the potential risks and uncertainties associated with investing in the India Cybersecurity Solution market, and how can they be mitigated?
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of India Cybersecurity Solution market revenues on a global, regional, and country level, projecting trends until 2030. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the India Cybersecurity Solution market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the India Cybersecurity Solution market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate India Cybersecurity Solution business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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