The report which showcases the capabilities, achievements, innovation, and 360⁰ scale-up, that the cybersecurity products and services industry in India have embarked upon noted that Indian solution providers are shifting to a platform-based approach in the segment.
According to the report, the Indian 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. The services industry grew from $4.3 Billion in 2019 to $8.48 Billion in 2021 at a CAGR of 40.33%. The product industry grew from $740 Million in 2019 to reach $1.37 Billion in 2021 at a CAGR of 36.49%.
Speaking at the launch, Ajay Sawhney, Secretary, MeitY, said, “India’s Cyber Security Industry was at the forefront supporting the Government and all critical sectors to manage the heightened cyber security risk in the last two years through the pandemic. The Ministry of Electronics & IT is committed to partnering with DSCI to scale up our innovation in emerging areas like 5G, Hardware, IoT Security, and through our flagship ISEA and Future Skills Programmes meet the talent demand of the industry.”
The industry is moving towards a platform-based approach to offer holistic solutions and simplify security integration and deployment. About 78% & ~76% of the analyzed services and product companies respectively offer platform-based services and products wherein 74% leverage AL/ML to enhance their offerings. The report also noted that Services companies garnered 80-85% of their revenue from the global market whereas the product companies had 60-65% revenue generated from Indian market in this space.
“Every crisis has a silver lining and for the pandemic, it has been the accelerated adoption of digital solutions across enterprises and governments. Decade’s worth of digital transformation has taken place in the last two years and India’s technology industry has emerged as the preferred digital solutions partner with cybersecurity as a key growth vertical. Cybersecurity is now a boardroom agenda and offers tremendous opportunities for India’s tech industry to build innovative solutions and services,” said Debjani Ghosh, President, NASSCOM.
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There is a huge demand for cybersecurity talent with services companies having a cybersecurity workforce of 2.18 lakhs and product companies having ~27K 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.
“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,” said Rama Vedashree, CEO, DSCI. “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,” she added.
