Cybersecurity industry in India growing at 40% CAGR: DSCI & MeitY study report

In the latest study published by DSCI (Data Security Council of India) & Meity, the Cybersecurity services & product industry is reported to have grown with a massive CAGR of around 40% over the last couple of years and has reached a revenue of $9.85 Billion in 2021. 

As per the report titled "India Cybersecurity Industry- Services and Product Growth Story", Indian Cybersecurity services industry grew from $4.3 Billion in 2019 to $8.5 Billion in 2021 whereas Indian cybersecurity products developed from USD 740 Million in 2019 to reach USD 1.37 Billion in 2021. Some of the key trends contributing to the growth of cybersecurity sector are 

• Remote working
• Need for cybersecurity workforce
• Increase in adoption of IoT, Cloud and other advanced technologies  

Mr. Ajay Sawhney, Secretary, Ministry of Electronics & Information Technology, Government of India commented, "Government of India and MeitY have a comprehensive Digital India program and the Pandemic has provided a further push to digitalization and taking Government services online. India's Cyber Security Industry was in the forefront supporting Government and all critical sectors to manage the heightened cyber security risk last two years. The `India Cybersecurity Industry Landscape", 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 IT & Electronics 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."

Managed Security Services offerings are the leading the services segment with 63%, followed by cloud security at 58%. The report summarises revenue insights, technology landscape, offerings, talent, innovation and key investment priorities. 

Cloud.in is an AWS Advanced Consulting Partner offering Managed Security Services. Some of the key characteristics of our security service offerings include:

• PCI DSS & HIPAA Compliance

• Security integrations with Applications

• Protection against Web Attacks

Reach out to us to learn more about how you can protect your websites, applications and data from numerous types of cyberattacks. Mail your cybersecurity concerns to us at: sales@cloud.in

Source: India Cybersecurity Industry- Services and Product Growth Story