Thursday, July 31, 2014

India’s security market to hit $1.06 billion by 2015

Security market in India is expected to touch $ 1.06 billion by 2015 as an increasing number of enterprises invest in these solutions to protect their business especially in the digital world, research firm Gartner today said.

According to Gartner, security vendor revenue (hardware, software and services) in India will grow from $ 882 million in 2013 to $ 953 million in 2014. This is forecast to reach USD 1.06 billion in 2015, it added.

“Organisations are today increasingly more aware of security considerations in India, driven by factors like highly visible security incidents, increasing financially (corporate espionage, underground economy) and politically (hacktivists and nation states) motivated advanced targeted attacks and renewed regulatory focus on security and privacy,” Gartner said.

Of the total market, security services (consulting, implementation, support and managed security services) accounted for more than 55 per cent and this trend is expected to continue into the foreseeable future.

“Enterprises in India that traditionally did not focus on, or invest in, a lot of security technologies are now beginning to realise the implications that a weak security and risk posture can have on their business,” Gartner Principal Research Analyst Sid Deshpande said.

Verticals like banking and financial services, that have had a strong focus on security, are now preparing themselves for IT digitalisation.

They are investing in technology approaches that can enable them to grow their business securely while embracing digital business models, he said.

Though this heightened awareness is creating increased budget allocations for security, there is a skills deficit in the security space in India (relative to the demand), which is a challenge.

Gartner said though security awareness is increasing steadily among enterprises, consumer security sub-segment will display modest growth.

“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,” Gartner said.


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