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Growth of Cybersecurity Industry in 2021
India’s cybersecurity services and product industry is poised for revenue of USD 9.85 billion in 2021 and grew at a compound annual growth rate of about 40 percent in the last two years, a report by the Data Security Council of India noted. The key drivers of the Indian cybersecurity industry are adoption of cloud-first strategy; business-led innovation; growing threat landscape and awareness around threats; and global and domestic regulations around compliance and data privacy. North America and Europe continue to be the leading geographies for services and products revenue with combined 58 percent revenue contribution, it added. Asia, Middle East and Africa are the fastest growing geographies. The report further said that the Indian cybersecurity services industry grew from USD 4.3 billion in 2019 to about USD 8.5 billion in 2021. The Indian cybersecurity products grew from USD 740 million in 2019 to reach USD 1.37 billion this year. As the industry is moving towards a platform-based approach to offer holistic solutions and simplify security integration and deployment, there is a huge demand for cybersecurity talent with service companies having a cybersecurity workforce of 2.18 lakh and product companies having about 27,000 workforce in 2021.
Every crisis has a silver lining and for the pandemic, it has been the accelerated adoption of digital solutions across enterprises and government. Decades worth of digital transformation has taken place in the last two years and India’s technology industry has emerged as the preferred digital solutions partner with cybersecurity as a key growth vertical. The Indian cybersecurity industry is constantly expanding its global footprint with a presence in the US, Canada, UK, France, Australia, Singapore, and the UAE. India’s cybersecurity industry was at the forefront supporting the Government and all critical sectors to man.
#Wearables #Anritsu #CybersecurityIndustry
Growth of Cybersecurity Industry in 2021
India’s cybersecurity services and product industry is poised for revenue of USD 9.85 billion in 2021 and grew at a compound annual growth rate of about 40 percent in the last two years, a report by the Data Security Council of India noted. The key drivers of the Indian cybersecurity industry are adoption of cloud-first strategy; business-led innovation; growing threat landscape and awareness around threats; and global and domestic regulations around compliance and data privacy. North America and Europe continue to be the leading geographies for services and products revenue with combined 58 percent revenue contribution, it added. Asia, Middle East and Africa are the fastest growing geographies. The report further said that the Indian cybersecurity services industry grew from USD 4.3 billion in 2019 to about USD 8.5 billion in 2021. The Indian cybersecurity products grew from USD 740 million in 2019 to reach USD 1.37 billion this year. As the industry is moving towards a platform-based approach to offer holistic solutions and simplify security integration and deployment, there is a huge demand for cybersecurity talent with service companies having a cybersecurity workforce of 2.18 lakh and product companies having about 27,000 workforce in 2021.
Every crisis has a silver lining and for the pandemic, it has been the accelerated adoption of digital solutions across enterprises and government. Decades worth of digital transformation has taken place in the last two years and India’s technology industry has emerged as the preferred digital solutions partner with cybersecurity as a key growth vertical. The Indian cybersecurity industry is constantly expanding its global footprint with a presence in the US, Canada, UK, France, Australia, Singapore, and the UAE. India’s cybersecurity industry was at the forefront supporting the Government and all critical sectors to man
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BYJU'S raises new funding round of $300 million valued at $18 billion
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Jay Vijayan's Tekion raises $250 million, valued at $3.5 billion
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Today, 1 out of every 10 unicorns globally have been born in India. Neobank startup, OPEN becomes the 100th unicorn in India with the latest funding of $50 million from IIFL along with existing investors. We can clearly see, the vision of Atmanirbhar Bharat is rooted deeply in the Startup Ecosystem and shall continue to prevail in the coming years. Last year, India got 44 unicorns with a total valuation of $93 billion. Meanwhile, in the first four months of 2022, India got 14 unicorns with a total valuation of $18.9 billion. As per the ministry, in the first four months of 2022, India has given birth to 14 unicorns with a total valuation of $18.9 billion. The year 2021 recorded a huge surge in the number of unicorns, registering a total of 44 startups entering the Unicorn club throughout the year with a total valuation of $93 billion. All credits goes to Startup India, Since the launch of the initiative on January 16, 2016, more than 69,000 startups have been recognised in the country till May 2, 2022. These startups have been solving problems in 56 diverse sectors with 13 per cent from IT services, 9 per cent healthcare and life sciences, 7 per cent education, 5 per cent professional and commercial services, 5 per cent agriculture, and 5 per cent food & beverages.
While work from home fuelled the growth of digital businesses in India during the pandemic, the event also resulted in a long unicorn list. Primarily three factors, a thriving digital payments ecosystem, a large smartphone user base and a digital-first business model, have come together to attract investors. Tech companies, which have become household brands, are contributing to the unicorn boom in India, as smartphone penetration and digitization of commerce in every aspect of life have increased manifold during the pandemic. Apart from fintech, e-commerce grocery, SaaS and marketplace players are contributing the most to the unicorn universe. It is true that, valuations are temporary, value
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Cyber-attacks are getting more serious and issues are becoming a day-to-day struggle for businesses. The industry clearly has a problem with supply and demand – and it is affecting companies large and small. Recent trends, side effects of a global pandemic and cybersecurity statistics reveal a huge increase in hacked and breached data from sources that are increasingly common in the workplace, like mobile and IoT devices. Additionally, recent security research suggests most companies have unprotected data and poor cybersecurity practices in place, making them vulnerable to data loss. To successfully fight against malicious intent, it’s imperative that companies make cybersecurity awareness, prevention and security best practices a part of their culture. The worldwide information security market is forecast to reach $170.4 billion in 2022, according to Gartner. This is due in large part to organizations evolving their defenses against cyber threats — and a rise in such threats, including in their own companies. According to Cybint, 95% of cybersecurity breaches are caused by human error. The increase in ransomware was linked to the rise in remote work and company employees working outside their office networks, as per the report, individual companies that pay ransomware demands could also be perpetuating that behaviour.
The cost of cybercrime has risen 10% in the past year. Cybersecurity Workforce it's estimated that there will be 3.5 million unfilled cybersecurity jobs by the end of 2025. New research suggests nearly a third of cybersecurity professionals are planning to quit the industry, at a time when companies in a troubling position as the threat landscape evolves 'at an alarming rate', where they are struggling to protect their networks from attacks. As per Cybersecurity firm Trellix commissioned a survey of 1,000 cybersecurity professionals globally and found that 30% are planning to change professions within two or more years. Organiz
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To make matters worse, detecting and responding to a cyber incident needs the coordination of 19 security solutions. It leads to complex workarounds that need to be constantly managed and reconfigured whenever devices upgrade. The above and similar challenges related to complexity and integration have made a cybersecurity mesh architecture essential for today’s organizations.
The situation for security today is that security leaders have too many tools. The large number of security products in organizations increases complexity, integration costs and staffing requirements. The digital attack surface is expanding at a rapid rate, making it increasingly difficult to protect against advanced threats.
According to a recent Ponemon study, nearly 80% of organizations are introducing digital innovation with high frequency, which cannot adapt to their ability to secure it against cyber-attacks.
Greater integration that accompanies consolidation can improve security, minimizing the functional gaps between the protection that each product delivers. The reduced time, cost, and resource saved with integrated management could be better utilized to improve cybersecurity performance.
Hence, there is a need for consolidation and aggregation and these are the two major strategic forces that determine how companies and market segments shift over time — whether that's combining, separating, or creating is something entirely new.
Every industry follows a pattern, regardless of domain or size. Cybersecurity is no exception — every part of the ecosystem follows industry life cycle stages just like the rest of the business world.
Consolidation of the Cybersecurity industry
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