Cybersecurity is the process of using a range of technologies, protocols, and practices to protect digital assets, like computers, networks, and data, against cyberattacks. It encompasses network security, information security, application security, and operational security in addition to business continuity, which deals with methods to restore data and continue with operations. It covers a variety of malicious activities, such as malware, phishing, ransomware, and hacking. It protects systems' and data's integrity, confidentiality, and accessibility. It focuses on securing networks with firewalls, virtual private networks (VPNs), and intrusion detection systems. It protects sensitive information from unauthorized access or disclosure by utilizing encryption, access controls, and data loss prevention techniques.
India Cybersecurity Market Driving Factors and Challenges
Drivers: Proactive government actions and legislation play a vital role in driving the cybersecurity market in India. The Kingdom is aware of how crucial cybersecurity is to protecting its government systems, digital infrastructure, and citizen and organizational data. India created the HCL Technologies Limited to solve this issue and is in charge of creating national cybersecurity policies and plans. The quick digital transformation of Indian government and commercial institutions is yet another important factor propelling the cybersecurity industry. Utilizing cutting-edge technology like mobile apps, cloud computing, and the Internet of Things (IoT) has created new opportunities for creativity and efficiency in operations.
Challenges: The market growth is being hindered by SMEs' budget constraints and lack of expertise. The need for sophisticated solutions is developing at an exponential rate due to the increase in internet security threats. The outdated network security solutions are unable to protect businesses from sophisticated endpoint, cloud, and network security threats. Key restraints include things like a shortage of personnel and experts in creating and enhancing security solutions. Small and medium-sized businesses (SMEs) find it difficult to adopt internet security solutions and services due to the high cost of implementation and updates.
Impact of COVID-19 on India Cybersecurity Market
Finally, a lot of companies were compelled to introduce work-from-home rules in order to stop the COVID-19 virus from spreading. In contrast, working remotely raises the possibility of cyberattacks including spear phishing, man-in-the-middle assaults, and intrusions. As a result, there is an increasing need for cyber hygiene procedures to guarantee strong security policies and procedures in the face of the COVID-19 pandemic. The pandemic issue has caused a sharp increase in the need for cybersecurity solutions in the government, manufacturing, and healthcare sectors.
India Cybersecurity Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players are; Palo Alto Networks (India) Private Limited, Juniper Networks India Private Limited, NortonLifeLock India Private Limited, IBM India Private Limited, Sonicwall Technology Systems India Private Limited, Crowdstrike India Private Limited, Cyberops Infosec LLP, eSec Forte Technologies, SecurityHQ, and Hicube Infosec Pvt. Ltd.
India Cybersecurity Market Segmentation:
By Component: Based on the Component, India Cybersecurity Market is segmented as; Solutions, Services, Others.
By Deployment: Based on the Deployment, India Cybersecurity Market is segmented as; Cloud-Based, On-Promises.
By End User: Based on the End User, India Cybersecurity Market is segmented as; BFSI, Healthcare, Manufacturing, Government & Defence, IT & Telecommunication, Others.
By Region: This research also includes data for South India, North India, West and Central India, East India.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.