Businesses to spend $1.7bn on security products, services
03 Sep 2018
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Enterprise spending on information security products and services in India is on pace to reach $1.7 billion in 2018, a 12.5 per cent rise from 2017. By 2019, the market is forecast to total $1.9 billion, according to a study by Gartner.
Security incidents often happen because organisations have not paid attention to basic security hygiene best practices.
“Continued focus on building detection and response capabilities are bolstering security spending in India. Highly-publicised and high-impact security incidents in India — like the recent incident with Cosmos Bank — reinforce the need for organisations to treat security and risk management as a top business priority,” said Siddharth Deshpande, research director at Gartner.
“Continued breaches reinforce the need for Chief Information Officers (CIOs) and Chief Information Security Officers (CISOs) to view sensitive data and IT systems as critical infrastructure and prevent, detect and respond to incidents appropriately,” added Deshpande.
There are five key enterprise security product segments that will bolster growth in 2019. These are:-
- Integrated risk management software (26.6 per cent growth)
- Data security (12.4 per cent growth)
- Infrastructure protection (11.7 per cent growth)
- Identity and access management (10.9 per cent growth)
- Network security equipment (10.3 per cent growth)
These established security product segments benefit from strong growth rates thanks to net new adopters who are looking to rapidly increase their investments in security technology. Additionally, existing buyers of these technologies are looking to acquire more-advanced capabilities in these areas.
Lack of Skills
Organizations continue to feel the pressure to find the right people with the right skills to grow their security teams, particularly given the 24/7 nature of security operations functions.
These ongoing skills shortages are driving demand for security services, particularly security outsourcing, managed security services and security consulting. The security services market in India will grow from $885 million in 2018 to $1 billion in 2019, an increase of 13 per cent year-on-year.
“CISOs are increasingly concerned about the quality of security services currently available, creating an opportunity for new security services providers that can offer higher quality services,” said Deshpande.
Existing global data privacy regulations like the General Data Protection Regulation (GDPR) and upcoming national-level regulations like India’s proposed personal data protection bill, are raising awareness of security and risk management issues.
“CISOs are under increasing pressure to ensure their organisations do not become victims of external attackers, while simultaneously maintaining compliance with regulations,” said Deshpande.
