THE RISING SHIELD

As India rapidly embraces digital transformation, the $4.7 billion cybersecurity market has emerged as both a critical enabler and a formidable challenge, witnessing growth that shows investment, innovation and the need to counter rising threats

-  Noor Fathima Warsia

INDIA’S growing digital economy transformed lives for businesses and consumers alike. As artificial intelligence (AI) entered the scene, this change went a notch up, and AI became an exciting force, impacting everything in its wake. But as the honeymoon period ends, concerns around security have picked up pace. In the face of everything digital, cyber attacks can come anywhere and anytime, leading to impacts beyond just financial and data loss.

Security in the age of AI is a priority for business leaders. Cyber-attacks and defence mechanisms have grown over the last few years with the rise of AI and machine learning. Cybercriminals are leveraging advanced technologies to bring across varied and sophisticated attacks. Meanwhile, defenders use AI to be more proactive and respond more effectively to threats. The threat landscape has become complex. If cybercrime were a country, it would have the third-largest GDP in the world, growing at about 15 per cent annually. Correspondingly, the sector itself is growing at a rapid rate.

The Rise & Rise

The cybersecurity market in India is experiencing robust growth, driven by increasing digitalisation and the rising incidence of cyber threats. As per Mordor Intelligence, the market is projected to reach $4.70 billion in 2024, logging a compound annual growth rate (CAGR) of 18.33 per cent, culminating in a market size of $10.90 billion by 2029.

Data from Statista offers a slightly different perspective, forecasting the Indian cybersecurity market to generate $2.87 billion in revenue in 2024, with an anticipated CAGR of 13.01 per cent, leading to a market volume of $5.29 billion by 2029. These variations in projections highlight the dynamic nature of the cybersecurity landscape in India. These numbers show a significant upward trend, reflecting the country’s escalating focus on strengthening its cybersecurity infrastructure.