According to a recent estimate from Gartner, Inc., end-user spending on security and risk management in India is anticipated to reach $3 billion in 2024, an increase of 13.6% from 2023. In India, end-user spending on risk and security management is anticipated to reach $2.7 billion in 2023.
Due to rising cloud migration, remote/hybrid work, and digital transformation, Indian organisations are exposed to more security risks. Through 2023 and the beginning of 2024, this will continue to fuel security spending in India.
According to Shailendra Upadhyay, Sr Principal, Research at Gartner, “In 2024, Indian chief information security officers (CISOs) will prioritise their spending on security and risk management to comply with strict government measures for security breach reporting and digital data protection.”
Local businesses will therefore need to employ more advanced security measures like cloud security and identity access management.
Due to organisations’ struggles with internal resources and competencies, end-user spending on security services in India will remain at its highest level in 2023. However, end-user expenditure on cloud security is anticipated to grow at a rate of 28.9% in 2024.
In order to satisfy protection requirements in various cloud-native workloads in hybrid and multi-cloud settings, cloud workload protection platforms (CWPPs) investments are necessary.
In India, end-user spending on integrated risk management (IRM) is anticipated to climb by 26.2% in 2024. Spending on IRM will increase, especially through 2024, due to the role that IRM may play in assisting organisations’ initiatives to improve the timeliness and calibre of risk assessments. The amount spent on data privacy by local organisations is expected to increase by double digits in 2024 as the amount of personal data acquired digitally will continue to grow and be complemented by the new data protection bill.
