Enterprise spending on information security products and services in India is on pace to reach US$1.7 billion in 2018, an increase of 12.5 percent from 2017, according to the latest forecast from Gartner, Inc. In 2019, the market is forecast to total US$1.9 billion.
Gartner analysts are discussing how to govern risk and security for digital business in front of over 500 attendees at the annual Gartner Security & Risk Management Summit, which is taking place here through Friday.
“Continued focus on building detection and response capabilities are bolstering security spending in India,” said Siddharth Deshpande, research director at Gartner. “Highly publicized and high-impact security incidents in India — like the recent incident with Cosmos Bank — reinforce the need for organizations to treat security and risk management as a top business priority,” said Mr. Deshpande.
Security incidents often happen because organizations have not paid attention to basic security hygiene best practices. “Continued breaches reinforce the need for 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 Mr. Deshpande.
There are five key enterprise security product segments that will bolster growth in 2019:
- Integrated risk management software (26.6 percent growth)
- Data security (12.4 percent growth)
- Infrastructure protection (11.7 percent growth)
- Identity and access management (10.9 percent growth)
- Network security equipment (10.3 percent 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 Raising Demand for Security Services
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 US$885 million in 2018 to US$1 billion in 2019, an increase of 13 percent 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 Mr. Deshpande.
Existing global data privacy regulations like the General Data Protection Regulation (GDPR), as well as 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 organizations do not become victims of external attackers, while simultaneously maintaining compliance with regulations,” said Mr. Deshpande. “Obtaining funding for security projects has become easier for CISOs today than in the past, due to increased awareness. The challenge is for them to spend the security budget judiciously and improve the security maturity of their organization over time.”
“Improving security maturity goes beyond just investments in technology. It requires an appropriate focus on processes and people,” said Mr. Deshpande. “Security and risk management is a critical part of any digital business initiative, with the ultimate goal of driving trust and resilience throughout the organization.”
Gartner clients can learn more in “Forecast: Information Security, Worldwide, 2016-2022, 2Q18 Update.”
In September and October 2017, Gartner conducted a survey to gain insights about current and planned security spending. A total of 480 respondents participated in the survey, from eight countries: Australia, Canada, France, Germany, India, Singapore, the U.K. and the U.S.
Effective July 2018, Gartner added segments to the security software forecast and transitioned to reporting end-user spending. New segments were added to the forecast scope, including integrated risk management software, tokenization, threat intelligence, vulnerability assessment and others. This broadened scope and revised methodology mean this forecast cannot be directly compared to previous Gartner forecasts.
About the Gartner Security & Risk Management Summit
The Gartner Security & Risk Management Summit offers the latest research to help organizations transform their security strategy and build resilience across the enterprise. This year’s event delivers leading-edge thinking on emerging technologies such as artificial intelligence, machine learning, analytics, the Internet of Things, blockchain, evolving security technologies and the ever-changing threat landscape.
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