The cybersecurity services and product industry have combined revenue of USD 9.85 Bn in 2021 and grew at a CAGR of 40% in the last two years, stated ?India Cybersecurity Industry Report ? Services & Product Growth Story? report released by Data Security Council of India.
?India’s Cyber Security Industry was at the forefront supporting Government and all critical sectors to manage the heightened cyber security risk in the last two years through the pandemic. The report showcases the capabilities of the Indian cybersecurity Services and Start-ups and the continuous innovation in products and services to serve customers in India and globally. Ministry of Electronics & IT is committed to partnering with DSCI to scale up our innovation in emerging areas like 5G, Hardware, IoT Security, and through our flagship ISEA and Future Skills Programmes meet the talent demand of the industry,? said Ajay Sawhney, Secretary, MeitY.
The services industry grew from USD 4.3 Bn in 2019 to USD 8.48 Bn in 2021 at a CAGR of 40.33%. The product industry grew from USD 740 Mn in 2019 to reach USD 1.37 Bn in 2021 at a CAGR of 36.49%.
“Every crisis has a silver lining and for the pandemic, it has been the accelerated adoption of digital solutions across enterprises and government. Decade?s worth of digital transformation has taken place in the last two years and India?s technology industry has emerged as the preferred digital solutions partner with cybersecurity as a key growth vertical. Cybersecurity is now a boardroom agenda and offers tremendous opportunities for India?s tech industry to build innovative solutions and services,” added Debjani Ghosh, President, NASSCOM
The industry is moving towards a platform-based approach to offer holistic solutions and simplify security integration and deployment. 78% & 76% of the analyzed services and product companies respectively offer platform-based services and products wherein 74% leverage AL/ML to enhance their offerings. There is a huge demand for cybersecurity talent with services companies having a cybersecurity workforce of 2.18 lakhs and product companies having ~27K workforce, in 2021. The Indian cybersecurity industry is constantly expanding its global footprint with a presence in the US, Canada, UK, France, Australia, Singapore, and UAE.
?Globally the pandemic has fast tracked digitization and Cyber has now become a predominant risk at a company and country level. It is heartening to note that in line with our vision to make India a Global Hub for Cyber Security, the Product and Services Industry has scaled up to meet the rising demand. While the services industry is expanding its footprint globally through platform-led offerings and cloud-based managed security services, the young product industry is innovating on new solution areas with a cloud-first strategy to reach global customers,? further added Rajendra S Pawar, Chairman, DSCI.
The report showcases the capabilities, achievements, innovation, and 360? scale-up that the cybersecurity products and services industry in India have embarked upon. It covers facets such as revenue growth, innovation strategy, global expansion, talent initiatives, and advancements in technology adoption, process automation, and deployment models, offering capabilities, framework & policy creation.