India digital Security market to grow 8% in 2014

Delhi: Digital security vendor revenue (hardware, software and services) in India will grow from $882 million in 2013 to $953 million in 2014. Security spending will continue to grow to in 2015 when revenue is projected to reach $1.06 billion. Security services revenue accounted for more than 55 percent of this total revenue in 2013 and this trend will continue into the foreseeable future, says a Gartner report.

“Enterprises in India that traditionally did not focus on, or invest in, a lot of security technologies are now beginning to realise the implications that a weak security and risk posture can have on their business,” said Sid Deshpande, principal research analyst at Gartner.

Vertical markets, such as banking and financial services, that have had a strong focus on security are now preparing themselves for the next wave of digitalisation by investing in technology approaches that can enable them to grow their business securely while embracing digital business models. Though this heightened awareness is creating increased budget allocations for security, there is still a skills deficit in the security space in India, consequently driving up the market opportunity for security consulting, implementation and managed security services.

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