New Delhi: The National Association of Software and Services Companies (Nasscom) Data Security Council of India (DSCI) launched the Growing Cyber Security Industry, Roadmap for India report on Wednesday.
The report defines a roadmap for the next 10 years that will grow the cybersecurity market in India. Nasscom envisages the Indian IT industry to achieve a size of $350-400 billion by 2025. Given the existing status and the possibility of rapid growth, India should aspire to build a cybersecurity product and services industry of $35 billion by 2025, and generate a skilled workforce of one million in the security sector, to cater to the rise in global demand, the report said.
According to the study, the global cybersecurity market is expected to reach approximately $190 billion by 2025 from $85 billion, and will be driven primarily by the increasing digitization wave and smartphone penetration, leading to newer attack surfaces & ever increasing number & sophistication of cyber threats.
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With cybersecurity products constituting a $38 billion market in 2015, network security will emerge as the most attractive product segment by size, while security and vulnerability management has the highest growth prospects across various geographic regions. India being a primary hub for growing smartphone penetration and digitization it is imperative to build robust cybersecurity products and services industry in the country.
The report highlights an in-depth demand side assessment of all key global geographies, and attendant critical sectors of the cybersecurity industry. An evaluation of cybersecurity clusters reveals that policy and financing incentives along with opportunities for skill development emerge as pivotal factors. These clusters have contributed immensely to the development of the cybersecurity industry in the respective countries. Clusters are also important to promote the growth of cybersecurity start-ups, SMEs and large players through numerous funding and financing initiatives, tax breaks, incubators and accelerators and provisions to promote R&D. The growth is supported by the availability of niche cybersecurity skills in clusters, which are developed through a close collaboration between the industry and academia.
Speaking at the launch of the report, R. Chandrashekhar, president, Nasscom, said, “For India to become a global cybersecurity hub, a list of 16 initiatives has been formulated by NASSCOM-DSCI. These initiatives vary in terms of priority and should be pursued within the next five years. Effective program roll-out and strategic vision realization will require disciplined management of the 16 key initiatives suggested by the report. In short, a substantial trajectory change is required by Indian cybersecurity industry to achieve its growth vision.”