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Enterprise spending on IS products at $1.7 billion in India

Enterprise spending on information security products and services in India is poised to reach $1.7 billion in 2018, an increase of 12.5% from 2017, according to the latest forecast from Gartner. The market is forecast to reach a total of $1.9 billion in 2019. The forecast came in the backdrop of the annual Gartner Security & Risk Management Summit, which took place in Mumbai. Siddharth Deshpande, research director at Gartner, said continued focus on building detection and response capabilities are bolstering security spending in India and 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. Gartner said there are five key enterprise security product segments that will bolster growth in 2019: integrated risk management software (26.6% growth); data security (12.4 percent growth); infrastructure protection (11.7% growth); identity and access management (10.9% growth); and network security equipment (10.3% growth). It added that 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. It also said 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. Deshpande said improving security maturity goes beyond just investments in technology and it requires an appropriate focus on processes and people.

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