Market size of cyber security in India 2018-2023

The cyber security market in India was worth nearly 10 billion U.S. dollars in 2021, reflecting a CAGR of nearly 40 percent over the last two years. With the growth in digital adoption, leading to increased attacks online, the market was further estimated to gross over 15 billion dollars by 2023.

Segments within cyber security

  Services and products within the cyber security market both had almost equal shares in the country in 2019. Among security products, security IDR accounted for the largest share that year. In the service segment, security operations made up the highest share with about 39 percent that same year.

The need for cyber security 

  Along with being one of the largest markets for internet usage in the world, India reported the largest share of users who experienced any cyber crime, nearly 30 percent higher than the global average. The onset of the coronavirus (COVID-19) pandemic, in addition to other disruptions, has attributed to a surge in online crime due to the exposure of working from home. This was especially significant in financial frauds, online gaming, and stalking. The primary reason, a study claimed, was a lack of awareness and education among netizens in the country.