India Security and Risk Management Spending to Grow 8% in 2023
End-user spending on security and risk management in India is forecast to total $2.65 billion in 2023, an increase of 8.3% from 2022, according to Gartner, Inc.
Rustam Malik, Senior Principal Analyst at Gartner, said, “The increase in adoption of digitalization, cloud applications and the rise in remote workers exposes Indian organizations to greater security risks. In addition, growing concerns on the rising number of ransomware attacks coupled with stringent government measures on digital data protection and security breach reporting are pressing chief information security officers (CISOs) to increase their security and risk management spending for 2023.”
Gartner analysts are discussing how to safeguard organizations, defend against attackers, and deliver business and citizen value at the Gartner Security & Risk Management Summit, taking place in Mumbai through today.
Security Services to Remain a Key Spending Priority for Indian CISOs in 2023
Like 2022, security services will remain the segment that will achieve the highest levels of end-user spending in India in 2023. Security services spending is expected to represent 40% of overall end-user spending on security and risk management products and services in 2023 (see Table 1).
Table 1: Security and Risk Management End-User Spending for All Segments in India, 2022-2023 (Millions of U.S. Dollars)
|
Market |
2022 Spending |
2022
Growth (%) |
2023 Spending |
2023 Growth (%) |
| Application Security | 55.5 | 11.8 | 63.9 | 15.1 |
| Cloud Security | 76.2 | 26.3 | 95.9 | 25.8 |
| Consumer Security Software | 112.2 | 14.3 | 115.1 | 2.6 |
| Data Privacy | 17.0 | 9.2 | 18.7 | 10.6 |
| Data Security | 44.0 | 8.9 | 47.4 | 7.9 |
| Identity Access Management | 253.5 | 8.4 | 273.6 | 7.9 |
| Infrastructure Protection | 333.8 | 16.0 | 384.4 | 15.2 |
| Integrated Risk Management | 163.8 | 25.4 | 204.5 | 24.8 |
| Network Security Equipment | 341.3 | 11.3 | 373.1 | 9.3 |
| Security Services | 1,027.0 | 1.3 | 1,049.9 | 2.2 |
| Others | 21.7 | 11.7 | 23.4 | 8.2 |
| Total | 2,445.9 | 8.4 | 2,650.0 | 8.3 |
Source: Gartner (February 2023)
“Many organizations in India lack in-house security capabilities, and as result, they engage security consulting and IT outsourcing companies to meet their requirements,” said Malik.
In 2023, spending on infrastructure protection will surpass spending on network security equipment because of an increase in the remote workforce and in cloud applications adoption. Both are shifting focus from network security to endpoint security, which is a sub-segment of the infrastructure protection segment, forecast to grow 13.5% in 2023.
In addition, cloud security end-user spending in India is forecast to experience the highest growth rate among all the other segments in 2023. The segment is projected to grow 25.8% in 2023 as Indian organizations increasingly switch to cloud workloads and applications.
Key Security Priorities for Indian CISOs in 2023
As organizations in India continue to do business online and are exposed to more attacks on their internet-connected applications, CISOs must focus their spending on application security and data security. In addition, as identity-related attacks, which includes credential theft, have become one of the leading causes of security breaches in India, Indian CISOs should prioritize spending on identity threat detection and response solutions to identify any unusual activity by trusted accounts.
