Indian Security Market 2023

India is a key market for managed security services (MSS), with its banking, financial services, and insurance sector pioneering digital adoption. The market’s growth is driven by the persistent lack of cybersecurity professionals and a growing threat landscape for enterprises and governments.

As the cyber threat landscape continues to evolve, security vendors are developing solutions that use artificial intelligence and machine learning-based capabilities to prevent threats from entering computing systems. These solutions can be deployed in both large and small & medium organizations.

Converged security systems

Converged security systems integrate physical and cyber security functions to strengthen overall security setup. They offer enterprises a comprehensive security solution to protect data, people and assets from external vulnerabilities.

The convergence of IT and physical security has become a priority in many organizations to address security threats such as cybersecurity breaches, cyberattacks, and unauthorized access to business networks. Despite this, true convergence remains challenging due to several barriers.

To ensure a converged security architecture is effective, businesses need to forge new avenues of communication. This requires the creation of a holistic risk assessment framework, where physical and cybersecurity silos work together to assess the potential impact of an incident or threat on the organization’s operations.

Cloud-based solutions

Cloud-based solutions are gaining prominence in the Indian security market as they enable organizations to store and access their data from anywhere. Moreover, they also provide data security.

As a result, these solutions can prevent malicious activity such as identity theft and cyberattacks. Additionally, they are a cost-effective alternative to on-premises systems.

However, cloud misconfiguration-related data breaches are on the rise. For instance, hackers can exploit poorly secured cloud ingress ports to disrupt workloads and steal valuable data.

To combat these threats, enterprises are adopting cloud-based security solutions. These solutions offer a wide range of services, including malware protection, network and application firewalls, antivirus, and intrusion detection and prevention.

The cloud-based security market is dominated by software as a service (SaaS) and platform as a service (PaaS) models. In addition, the hybrid cloud model is gaining popularity among IT firms due to its scalability and seamless user experience.

Artificial intelligence

Artificial intelligence (AI) is an advanced form of machine learning that uses artificial neural networks to process data. It is used across industries to make processes faster, more accurate and automated.

AI has many applications in the security industry. It has the ability to identify and predict fraudulent transactions, speed up credit scoring, and automate manually intense data management practices.

NITI Aayog’s national strategy on AI is an attempt to foster growth in the field. However, it falls short of a comprehensive analysis through the lens of societal needs.

Moreover, while the NITI Aayog report identifies specific sectors that could benefit from AI, it fails to meaningfully address ethical and social limitations. It also leaves important questions around privacy and data protection unanswered.

Managed security services

Managed security services are a systematic way to manage an organization’s security needs. They might be conducted in-house or outsourced to a service provider that supervises other companies’ network and information system security.

These managed security services provide a range of technical support to clients, including round-the-clock monitoring and management of firewalls and intrusion detection systems, patch management and upgrades, security assessments and audits, and emergency response. They also offer on-site consulting, in which a MSSP works with a client to identify security gaps and help them resolve them.

The Indian market for managed security services is expected to grow rapidly in the coming years, fueled by increasing cybercrime activities and cost-effectiveness. The increased use of smart devices and the need to safeguard sensitive data are other key drivers of this market.

The market for managed security services is segmented on the basis of deployment mode, enterprise size, application, industry verticals, and region. In addition, an in-depth analysis of the competitive landscape is provided for the period 2017 to 2023.

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