According to Gartner Inc, end-user spending on security and risk management in India is expected to reach $2.6 billion this year, up 9.4% from 2021.
About 1$ billion of the money will go into core security services, with the balance being spent on application, cloud, data, and identity management solutions.
Spending on cloud security and integrated risk management is being driven by hybrid work environments.
According to the Gartner CIO and Technology Executive Survey 2022, cybersecurity will remain a top priority for Indian CIOs this year.
In India, 64 percent of the total CIOs surveyed stated they will increase their expenditure on cyber and information security technology in 2022, which is higher than the global average of 57 percent.
Since Indian organizations have traditionally relied on their managed security services partners and even boutique security firms to help them achieve their security objectives, the security services market is expected to report maximum growth.
Organizations have begun to consider migrating network security to the cloud and envisioning network security in the cloud. As a result, the security services market is likely to expand more, according to the report.
According to Gartner research, there is a paucity of skilled cybersecurity workers. Hence, in India, end-user organizations often work with security service providers to achieve their cybersecurity objectives.
As a result, security services spending is expected to reach $1 billion in 2022, the highest of all segments. This will be followed by spending on network security devices and infrastructure protection.