The Indian cybersecurity services industry is expected to grow at a compound annual growth rate (CAGR) of about 21 percent to touch $13.6 billion by 2025, a report by Nasscom-DSCI said on Thursday.
The industry had generated a cumulative revenue of about $4.3 billion in 2019, and this is expected to reach $7.6 billion in 2022, the report titled 'India Cybersecurity Services Landscape' said.
It added that due to COVID-19 pandemic, cybersecurity is gaining an even higher attention from enterprises and governments alike.Also Read[Funding alert] Cybersecurity company Cyberbit raises $70M from Charlesbank Capital Partners
Banking, financial services and insurance (BFSI), IT and telecom were key verticals of focus and threat, and vulnerability management along with infrastructure and cloud security are key segments in demand, the report said.
Also, about 80 percent revenue of cybersecurity services comes from global market, and the US, the UK and Australia were the top three geographies of focus, it added.
The global cybersecurity services market is expected to reach $89 billion by 2022, with an overall CAGR of 10 percent.
Managed security services and system integration are the most attractive service lines, while identity and access management, big data analytics and cloud security are expected to garner high demand, the report said.
"Cybersecurity holds the key as 95 percent of the IT industry workforce had to work from home during this unprecedented time. Nasscom and Data Security Council of India (DSCI) have been working relentlessly putting ahead the issues of the IT Industry to the government and forging a vital partnership to mitigate the COVID impact and ensure business continuity," electronics and IT Ministry Secretary, Ajay Sawhney, said.
He added that the report provides a good insight into the cybersecurity services landscape and solutions coming up from India, to serve the world.
DSCI Chairman and NIIT Group Co-Founder Rajendra S Pawar noted that products and services ecosystem are the twin pillars of India's cybersecurity industry.
"The Indian cybersecurity services industry is growing twice as fast as the global market. All challenges come with opportunities, so while COVID is a challenge, it is also a huge opportunity for accelerating the already existing high-level growth in cybersecurity," he added.
The report was commissioned through extensive primary and secondary research of more than 70 cybersecurity services companies in India.
Nasscom President Debjani Ghosh said cybersecurity is going to be the foundation on which the post-COVID IT industry will be built.
"The government is working closely with the industry and academia, and we need to leverage this opportunity and focus all our efforts to make India a global hub for cybersecurity," she said.
(Edited by Aparajita Saxena)
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