India security, risk management spending to rise 8% in 2023

NEW DELHI: End-user spending on security and risk management in India is projected to total $2.65 billion in 2023, an increase of 8.3 per cent from 2022, a new report said on Tuesday.

Like 2022, security services will remain the segment that will achieve the highest levels of end-user spending in India in 2023, according to Gartner.

“The increase in adoption of digitalisation, cloud applications and the rise in remote workers exposes Indian organisations to greater security risks,” said Rustam Malik, Senior Principal Analyst at Gartner.

“In addition, growing concerns on the rising number of ransomware attacks coupled with stringent government measures on digital data protection and security breach reporting are pressing chief information security officers (CISOs) to increase their security and risk management spending for 2023,” he added.

Moreover, the report said that security services spending is expected to represent 40 per cent of overall end-user spending on security and risk management products and services in 2023.

“Many organisations in India lack in-house security capabilities, and as result, they engage security consulting and IT outsourcing companies to meet their requirements,” Malik said.

Further, the report noted that cloud security end-user spending in India is forecast to experience the highest growth rate among all the other segments in 2023.

As Indian organisations increasingly switch to cloud workloads and applications, the segment is projected to grow 25.8 per cent in 2023.