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India Network Security And Cyber Risk Management Market Analysis

The India Network Security And Cyber Risk Management Market size is estimated at USD 0.66 billion in 2024, and is expected to reach USD 1.34 billion by 2029, growing at a CAGR of 15.10% during the forecast period (2024-2029).

In the past, India has been targeted through cyber-attacks primarily for political reasons, and trends show that this landscape seems to only gain prominence with the availability of more sophisticated technology and more complex transactions increasing the vulnerability of systems.

• Government initiatives aimed at digitizing Indian industries are expected to be the major driving factor for the market. Government schemes such as 'Make in India,' 'Start-Up India,' and 'Digital India' supplement the growth of Cyber Security market in India and are a linking pin towards Public-Private Partnership (PPP) models.
• In India, Critical infrastructure is owned by both Public Sector and Private sector, operating with their norms and protocols for protecting their infrastructure from cyber-attacks. But there is no national security architecture that unifies the efforts taking place in the public sphere and the private sphere.
• As the trend of remote working is driving into a borderless network arrangement, cloud adoption has become a critical investment goal internationally. This fast digitization has resulted in a greater regulatory focus on data and privacy, integration of new technology stacks into company IT, and cloud and remote collaboration technologies.
• These changes and increased board are driving global cybersecurity demand and spending. Indian IT services, with their worldwide knowledge and experience, and the creative Indian cybersecurity product ecosystem have been the twin growth engines ensuring customers' global digital transformative journeys.
• Moreover, COVID-19 accelerated the country's digital transformation path. Initially, the emphasis was on business continuity, but there is now a noticeable shift in the dynamics of digitalization. As organizations adjust to the new reality, they are developing digitally led organizational strategies, which has increased the risk of cyber attacks.

India Network Security And Cyber Risk Management Industry Segmentation

The Network Security and Cyber Risk Management market, once known to be a concern only for the IT and Banking industry, has now penetrated every vertical as a serious threat to any business or organization. Awareness and preparedness of these cyber risks have become a priority for consumers, suppliers, and manufacturers. While every sector is fast embracing the 'Internet of Things,' they are forced to challenge the existence of cyber threats, risks, and malware; there is thus an increase in focus among regulators.

The Network Security and Cyber Risk Management Market in India can be segmented by Segment (Security Information and Event Management (SIEM), Security Web Gateway (SWG), Identity Governance and Administration (IGA), Enterprise Content-Aware Data Loss Prevention (DLP)), Solution (Encryption, Identity and Access Management (IAM), Data Loss Protection (DLP), Intrusion Detection System/Intrusion Prevention System (IDS/IPS), Other solutions), Service (Network Security, Endpoint Security, Wireless Security, Cloud Security, Other Services), End-user Vertical (Aerospace and Defense, Retail, Government, Healthcare, It & Telecom, BFSI). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.