The end-user spending on security and risk management in India is forecast to total $2.65 billion in 2023, an increase of 8.3 per cent from 2022, according to an analysis by Gartner, Inc.
Security services will remain a key spending priority for Indian Chief Information Security Officers (CISO) in 2023. Security services will also remain the segment that will achieve the highest levels of end-user spending in India in 2023. It is expected to represent 40 per cent of overall end-user spending on security and risk management products and services in 2023.
“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,” said Rustam Malik, Senior Principal Analyst at Gartner.
Infrastructure protection
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 per cent in 2023, Gartner said.
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 per cent in 2023 as Indian organisations increasingly switch to cloud workloads and applications.
The increase in the adoption of digitalisation, cloud applications, and the rise in remote workers exposes Indian organisations to greater security risks. Many organisations in India lack in-house security capabilities, and as result, they engage security consulting and IT outsourcing companies to meet their requirements, Malik added.