The report, which highlights India’s capabilities, achievements, innovation, and 360⁰ scale-up, that the cybersecurity products and services Industry have embarked upon noted that Indian solution providers are transitioning to a platform-based approach in the segment.
According to Data Security Council of India report titled ‘India Cybersecurity Industry Report – Services & Product Growth Story’, the Indian cybersecurity services and product industry will have a combined revenue of $9.85 billion in 2021 and will have grew at a CAGR of nearly 40 percent over the last two years.
The report, which highlights India’s capabilities, achievements, innovation, and 360⁰ scale-up, that the cybersecurity products and services Industry have embarked upon noted that Indian solution providers are transitioning to a platform-based approach in the segment.
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 toward a platform-based approach to deliver holistic solutions and ease security integration and deployment.
About 78 percent and approximately 76 percent of the analyzed services and product companies, respectively, offer platform-based services and goods, with 74 percent using AI and machine learning to enhance their offerings. According to the report, services firms generated 80 to 85 percent of their revenue from the global market, while product companies produced 60 to 65 percent of their revenue from the Indian market.
Debjani Ghosh, President, NASSCOM, said “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,”
In 2021, there is be a high demand for cybersecurity talent, with services firms employing 2.18 lakhs and product companies employing around 27,000 workforce. The Indian cybersecurity industry is rapidly growing its worldwide footprint, with operations in the United States, Canada, the United Kingdom, France, Australia, Singapore, and the United Arab Emirates.
She added “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,”