India’s security market to reach $1.06 bn in 2015: Gartner

Security market in India is expected to touch USD 1.06 billion by 2015 as an increasing number of enterprises invest in these solutions to protect their business especially in the digital world, research firm Gartner has predicted.  According to Gartner, security vendor revenue (hardware, software and services) in India will grow from USD 882 million in 2013 to USD 953 million in 2014. This is forecast to reach USD 1.06 billion in 2015, it added.

Of the total market, security services (consulting, implementation, support and managed security services) accounted for more than 55 per cent and this trend is expected to continue into the foreseeable future. Verticals like banking and financial services, that have had a strong focus on security, are now preparing themselves for IT digitalisation. 

Though this heightened awareness is creating increased budget allocations for security, there is a skills deficit in the security space in India (relative to the demand), which is a challenge. Gartner said though security awareness is increasing steadily among enterprises, consumer security sub-segment will display modest growth. “The importance of data privacy and security is not well understood by consumers in India and this situation is likely to continue to affect market growth in the consumer security space,” Gartner said. (Source: Security Today)

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