Facing an increase in cyberattacks, 74% of large enterprises in India have increased their spending on security in 2022, shows data released by International Data Corporation (IDC) on Tuesday. This is expected to boost the value of India’s security market, which is expected to grow to $2.51 billion in 2022, according to IDC.
Services, followed by software and hardware, accounted for most of the enterprise spending. IDC further projected the Indian security market to grow at a compound annual growth rate (CAGR) of 13.8% to $4.16 billion by 2026.
Professional services, government, banking, financial services and insurance (BFSI), and healthcare are some of the sectors where a “considerable investment” was seen, IDC added.
In the BFSI sector, more than 77% of enterprises have invested in cyber resilience solutions, identity security, and data security. Meanwhile, companies in the manufacturing sector prioritised spending on data and network security solutions.
IDC said that most enterprises are planning to invest across all security areas, especially to meet the increasing demand for hybrid-working models after the pandemic.
Enterprises are specifically looking to spend on solutions catering to data security, workload security, threat management, endpoint security, security analytics, and identity and access management (IAM).
“Investing in threat intelligence solutions along with incidental and log management products, will help organisations gain objective insights into their security architecture and data breaches and also prepare them to effectively mitigate them with minimal downtime,” said Sakshi Grover, research manager, Future of Trust and Future of Work at IDC India.
According to IDC, building a comprehensive security portfolio integrated with operational technology (OT) and information technology (IT) architecture will protect them from external threats as well as internal threats.
Grover pointed out that when the pandemic started organisations rushed to adopt a digital-first ecosystem. They deployed pointed solutions that led to immediate ROIs.
Post pandemic, they are now “struggling” with the integration of multiple solutions by different vendors. “Enterprises now must think about progressing towards a unified security suite of solutions that can protect their web, email, network, and endpoints,” added Grover.