Digital India, Increasing Online Transactions and Compliance Led Deployment of Security Solutions in SME Businesses to Boost Cyber Security Market in India: Ken Research
THE HANS INDIA |
May 07,2016 , 09:24 AM IST
The dominating cyber security vendors in the market are Symantec, McAfee, IBM, Wipro, Cisco, Trend Micro and others.
The domestic antivirus market players such as QuickHeal and K7 are ready to penetrate the enterprise segment and sustain their position in the home segment.
The Data Loss Protection market is expected to achieve a considerable growth over the next five years on account of compliance based implementations and a continuous stream of sophisticated attacks targeted towards critical infrastructure.
Ken Research announced its latest publication on “India Cyber Security Market Outlook to 2020 – Rising Online Transactions & Government’s Inclination Towards Heavy Digitization Of Data To Fuel Growth” which provides a comprehensive analysis of the cyber security market in India. The report covers aspects such as overall cyber security market, antivirus and antimalware market, segmentation of cyber security market by different security types, by solutions, by services, by major verticals, by major cities, by end users, by deployment models, by demand, by supply and by new and renewal orders. The report also covers role of consultants and system integrators along with Government’s role in India cyber security market. The publication extensively covers competitive landscape of major cyber security vendors with their detailed company profile. The decision making process before hiring a cyber security vendor and the tender process has been separately covered along with comprehensive value chain analysis with margins. The publication also covers two separate snapshots on India Antivirus and Antimalware market and India Data Loss Protection market that has extensive segmentations. The future analysis of overall cyber security market and key opportunities in future has also been discussed. Furthermore, the report also provides coverage on most common methods of cyber attacks and procedures to handle them. The report is useful for emerging and existing cyber security vendors, system integrators, cyber security consultancy firms and other stakeholders to align their market centric strategies according to ongoing and expected trends in the future.
The cyber security market in the country has been immensely driven by a substantial growth in the online and digital data that accompanies increased threats from attackers. Smart city initiative by the Indian government will push the Internet of Things (IoT) market and indirectly the cyber security space in India by leaps and bounds. The number of connected devices would increase to 2.7 billion in 2020 from around 200 million presently. The Indian government has been very strong towards practice of e-Governance to convey public services. The push from government and corporate alike will foresee the market climb at a CAGR of ~% over the period FY’2015-FY‘2020 to envisage a revenue figure of INR ~ billion. Cloud computing would surely take over the traditional space in the coming years but its rise would be decelerated due to compliance fulfillment issues in India. Additionally, data protection issues in India would also slow down the cloud security market. However, the cloud market would witness a full-fledged growth after FY’2018.
India will possess a lot of intellectual property by the end of 2018. With an exponential growth in FDI and MNCs eager to ride the digitization wave in India, there will be a lot to lose and therefore India will be a tempting target for cyber attacks. Cyber security vendors will have a bright future if they are able to leverage their understanding of the Indian market properly and accordingly market their product.
The increasing organized retail establishments in the country and the growing awareness about company data security has led to many brands foraying into the market. Companies have started allocating dedicated budget towards security installations. Mid size companies have dedicated IT security teams who are engaged in 24*7 monitoring of their networks. Another important factor that is expected to push the market is the growing mobility among Indian employees. Flexibility in work culture demands protection of the company data on mobile devices. Organizations have been witnessed to invest heavily towards ensuring security over mobile devices like phones and laptops.
“The security vendors will have to devote more into their R&Ds and develop innovative and unique products to cater to the new age threats that will come up with the operation of IoTs in the smart cities” according to the Research Analyst, Ken Research.