The cybersecurity services and product industry have combined revenue of $9.85 billion in 2021 and grew at a CAGR of 40% in the last two years, according to a report by Data Security Council of India (DSCI). Titled, ‘India Cybersecurity Industry Report – Services & Product Growth Story’, the report covers facets such as revenue growth, innovation strategy, global expansion, talent initiatives, advancements in technology adoption, process automation, deployment models, offering capabilities, framework and policy creation.
Globally the pandemic has fast-tracked digitisation and cyber has now become a predominant risk at a company and country level, Rajendra S Pawar, chairman, DSCI, said. “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,” he added.
As per the report, the services industry grew from $4.3 billion in 2019 to $8.48 billion in 2021 at a CAGR of 40.33%. While, the product industry reported a 36.49% rise in CAGR to 1.37 billion in 2021 as opposed to 740 million in 2019. The industry is moving towards a platform-based approach to offer holistic solutions and simplify security integration and deployment. 78% and 76% of the analysed services and product companies respectively offer platform-based services and products wherein 74% leverage AL/ML to enhance their offerings.
For Rama Vedashree, CEO, DSCI, the Indian cybersecurity product and services industry have been demonstrating tremendous growth while fostering a partnership mindset. “The collaboration between ecosystem stakeholders such as academia, government, services majors, start-ups is creating a conducive ecosystem. DSCI has been focused on growing the start-up ecosystem by facilitating incubation and acceleration programs, funding opportunities, new products through use cases, a robust talent pool, and enabling start-ups to expand their global footprint. India is indeed becoming a trusted and natural partner of choice for providing cybersecurity services and products globally,” he highlighted.
The report also stated that there is a huge demand for cybersecurity talent with services companies having a cybersecurity workforce of 2.18 lakhs and product companies having 27 thousand 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.
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