The size of Indian cybersecurity services industry is expected to grow from $4.3 billion in 2019-20 to $7.6 billion in 2022. Around 80% of this revenue will come from global markets, says India Cybersecurity Services Landscape report by Data Security Council of India (DSCI).
The report was released by Ajay Sawhney, Secretary, Ministry of Electronics & IT (MEITY). “Cyber Security holds the key as 95% of the IT industry workforce had to work from home during this unprecedented time," he said in a statement.
Cloud, Identity and Access Management, Big Data Analytics and Data Security have been getting most traction so far, but next generation of cybersecurity offerings will revolve around Blockchain, Quantum Cryptography and IoT , the reports finds.
Indian companies are also innovating in cybersecurity with 50-55% of them being involved in creation of IP (intellectual property) and 45% of them having R&D security labs. Around 50% of companies are taking advantage AI (Artificial Intelligence) to improve their cyber services.
Over 35% companies are re-skilling half of their security workforce, while 60% of them are giving more priority to the hiring of skilled talent for running security operations. As new roles and cross functions will emerge, cybersecurity employee base is expected to grow to up to 300,000 from the current 130,000, the report states.
“The Indian Services Industry is playing a seminal role in securing enterprises worldwide from the ever-increasing cyber threats amid the covid-19 crisis. The cybersecurity services companies are stepping up their competencies across the three facets of People, Process and Technology and this is making them a trusted partner of choice for global enterprises in their digitisation journey," Rama Vedashree, CEO, DSCI said in a statement.
Further, the global findings of the report shows that the cybersecurity services market is expected to reach $ 89 billion by 2022. US leads cybersecurity services spending riding on US government's decision to enhance cybersecurity posture with a $ 15 billion budget for it, while APAC region which includes India, China, Japan, Australia and ASEAN countries is the fastest growing region and has become the hub for major cybersecurity corporations.
The DSCI report is based on analysis of 70+ Indian cybersecurity services companies who were selected based on their revenue.