According to Gartner, India's spending on IT will significantly increase in the near future. By 2015, security vendor revenue in India will grow at 8 percent to reach $1.06 billion. Researchers believe a surge in security breaches and corporate espionages have been a major factor behind greater allocation on IT spending.
Gartner's report states that revenue will grow from $882 million in 2013 to $953 million in 2014. Security services including consulting, support, implementation and managed security services revenue accounted for more than 55 percent of this total revenue in 2013 and is likely to continue in the future.
The driving factors in this growth is the number of security issues in 2013 for which bigger budgets being allotted to IT and regulatory forces. Corporate espionage and hacktivism have also encouraged organizations to spend more on keeping important data safe from prying eyes.
Also Read: CERT-In warns about debit/credit card information stealing BrutPOS virus
Over 62,000 cyber attacks reported till May 2014: CERT-In
“Organisations are today increasingly more aware of security considerations in India, driven by factors like highly visible security incidents, increasing financially (corporate espionage, underground economy) and politically (hacktivists and nation states) motivated advanced targeted attacks and renewed regulatory focus on security and privacy,” Gartner said.
“Enterprises in India that traditionally did not focus on, or invest in, a lot of security technologies are now beginning to realize the implications that a weak security and risk posture can have on their business,” said Sid Deshpande, principal research analyst at Gartner.
He added that verticals like banking and financial services, have a strong focus on security and are now investing in technology that can enable them to grow their business securely.
Gartner points out a steady increase for security awareness among enterprise segment, however the consumer security sub-segment is expected to see a 'modest' growth.
“The importance of data privacy and security is not well understood by consumers in India and this situation is likely to continue to affect market growth in the consumer security space,” Gartner said.
Source: Gartner