India Cybersecurity Market
The Indian cybersecurity market provides enormous opportunities for U.S. companies due to India’s fast-growing digital economy and the significant role played by IT services and the financial sector. India is one of the fastest growing digital economies in the world, with a projected $1 trillion digital economy and a $5 trillion overall GDP in the near future. The digital-first approach adopted by the Indian government as well as businesses has powered an increase in the amount of customer data being collected and stored. Indian corporations are moving to adopt cloud-based solutions and perceive an escalated the risk of theft of data in the cloud. This concern is supported by the recent increase in data breaches which have proved costly for the affected organizations. Against this backdrop, the significance of cybersecurity as a vertical sector is poised to grow. U.S. firms have opportunities to introduce cybersecurity products and services to the rapidly expanding Indian Market.
The Indian Computer Emergency Response Team (CERT-In), which is mandated to track and monitor cybersecurity incidents in India, reported just over 1.4 million cybersecurity incidents for 2021. Cyber Crimes in India witnessed a 572% increase in the last three years. CERT-In issued 618 security alerts, 52 advisories, and 390 vulnerability notes during the same period. India was among the top 3 Asian countries impacted by cyber threat events. Server access attacks (20%), ransomware (11%), and data theft (10%) were the top attack types observed in the region in 2021.
One in four Indian organizations suffered a ransomware attack in 2021. Indian organizations witnessed a 218% increase in ransomware, higher than the global average of 21%. The most targeted sectors were software and services (26%), capital goods (14%) and the public sector (9%). Leading industry sectors driving cybersecurity growth are banking, healthcare, insurance, capital markets, and critical information infrastructures such as energy, oil and gas, defense, transportation, and telecommunication
With a score of 97.5/100, India ranked as the tenth best country in the world in the International Telecommunication Union’s (ITU) Global Cybersecurity Index 2020. India’s total enterprise information security and risk management spending increased by 10 percent to $2.08 billion in 2021 from $1.9 billion in 2020 according to the Data Security Council of India (DSCI). India’s cybersecurity services and product industry revenue has grown 40 percent annually to $9.85 billion in 2021 as the country’s digital economy and critical infrastructure sectors expand. Industry sources project industry revenues touching $35 billion by 2025.
India is one of the most vulnerable nations in the world when it comes to cyber-attacks. Cybersecurity is now an Indian boardroom agenda and offers tremendous opportunities for American tech industry to provide innovative solutions and services in the Indian market.
The U.S. Department of Commerce will be organizing a Cybersecurity Trade Mission to India to help U.S. companies tap into opportunities in India.