According to the International Data Corporation Worldwide Security Spending Guide, July 2022, 74% of large enterprises in India embed IT security in the planning, initiation, and assessments of all new business. This is expected to boost the value of India’s security market, which is expected to grow to $2.51 billion in 2022, the report said.
Services, followed by software and hardware, accounted for most of the enterprise spending. Government, banking, financial services and insurance and healthcare are some of the sectors where a “considerable investment” was seen, the IDC report noted.
According to IDC’s report, Security Priorities, Challenges, and Investment Areas for Enterprises in India the overall security market is expected to reach $4.16 billion by 2026, growing at a CAGR of 13.8% during 2021-26.
Sakshi Grover, research manager, Future of Trust and Future of Work, IDC India said, “Investing in cyber resilience and threat intelligence solutions, along with incidental and log management products, will not only help organizations gain objective insights into their security architecture and data breaches when they occur, but also prepare them to effectively mitigate the situation with minimal downtime.”
