Network Security and Cyber Risk Management Market Share 2031

Report Description

The India network security and cyber risk management market size was USD 490 Million in 2022 and is likely to reach USD 1.73 Billion by 2031, expanding at a CAGR of 15.1% during 2023–2031. The growth of the market is attributed to the increasing e-commerce transactions leading to rising requirement for cyber risk management solutions. 

Network security and cyber risk management are the practices of arranging cyber-security defensive measures, based on the negative impact of the threats. Initiating a risk management approach to cyber-security investment acknowledges that no organization can completely eliminate system vulnerability or block cyber-attack. An organization attends the flaws and the attacks through cyber-security risk management.

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Cyber-security risk management usually depends upon a risk analysis that calculates cyber-security risks. Awareness and arrangement of network security and cyber risks are becoming a key priority for suppliers and manufacturers.

Market Trends, Drivers, Restraints, and Opportunities

• Increasing vulnerability of systems due to availability of more sophisticated technology and complex transactions is anticipated to boost the market growth.

• Rising government initiatives toward digitizing India is one of the major driving factors propelling the market growth during the forecast period.

• Rapid increasing threats and frauds have encouraged organizations to modify strategic measures to avoid cyber-attacks, driving the market growth.

• Increasing usage of technologies in the retail, banking, telecom, and manufacturing sectors, required for assimilating, processing, and storing large amounts of confidential information, is expected to spur the market expansion.

• Technology changes and dynamic regulatory compliances are major challenges of the market

• Lack of investments and limited funding are key factors that can restrict the market expansion in the coming years.

• Technological advancements and system upgrades have increased the complexities for in-house IT professionals to monitor and manage threats, which is estimated to create opportunities for the market players.

Scope of Network Security And Cyber Risk Management Market Report

The report on the India network security and cyber risk management market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

India Network Security and Cyber Risk Management Market Segment Insights

Security Information & Event Management (SIEM) segment to account for a large market share

Based on segments, the market is divided into security information & event management (SIEM), security web gateway (SWG), identity governance & administration (IGA), and enterprise content-aware data loss prevention (DLP).

The SIEM segment is expected to hold a key market share during the forecast period owing to improved security awareness in the IT environment by combining security information management (SIM) and security event management (SEM) solutions. SIEM solutions enhance threat detection, compliance, and security incident management through the collection and analysis of security event data and sources.

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Intrusion Detection System/Intrusion Prevention System (IDS/IPS) segment to register at a significant pace

In terms of solutions, the market is segmented into encryption, identity & access management (IAM), data loss protection (DLP), intrusion detection system/intrusion prevention system (IDS/IPS), and others. The IDS/IPS segment is expected to grow at rapid pace during the forecast period. It monitors network traffic for signs to avoid possible attacks.

This type of solution takes action to stop the attack, when it detects potentially threatening activity. The IDS/IPS also sends an alert to security administrators about the potential virulent activity. Two main contributors to the disposition and operation of an IDS or IPS are the deployed signatures and the network traffic.

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Cloud security segment to expand at a substantial CAGR

On the basis of services, the market is segregated into network security, endpoint security, wireless security, cloud security, and others. The cloud security segment is anticipated to register a substantial CAGR during the forecast period due to the increasing productivity of organizations with its ability to connect remote users, vendors, and contractors to work securely from any device or location.

Government segment to dominate the market

Based on end-user verticals, the market is classified as aerospace & defense, retail, government, healthcare, IT & telecom, and BFSI. The government segment dominated the market in 2020 and is expected to account for around 24% market share during the forecast period.

Government and intelligence organizations in the country operate in a hostile environment. Thus, the government sector demand highly secured solutions as a part of their defense strategy. The presence of complex supply chain communities and diverse communication systems demand advanced secured and encrypted solutions.