Security vendor revenue (hardware, software and services) in India will grow to $953 million in 2014, an 8 per cent rise from the $882 million recorded in 2013.

Security spending will continue to grow in 2015, when revenue is projected to reach $1.06 billion, according to a study by global research firm Gartner Inc.

Security services (including consulting, implementation, support and managed security services) revenue accounted for more than 55 per cent of the total revenue in 2013 and this trend will continue into the foreseeable future, the study released on Wednesday, said.

“Enterprises in India that traditionally did not focus on or invest in a lot of security technologies are now beginning to realise the implications that a weak security and risk posture can have on their business,” said Sid Deshpande, principal research analyst at Gartner.

Vertical markets such as banking and financial services that have had a strong focus on security are now preparing themselves for the third era of IT digitalisation by investing in technology approaches that can enable them to grow their business securely while embracing digital business models.

Though this heightened awareness is creating increased budget allocations for security, there is still a skills deficit in the security space in India (relative to the demand), consequently driving up the market opportunity for security consulting, implementation and managed security services.

Leading security adopters from mature technology buying segments such as banking, financial services and insurance (BFSI), telecom, oil and gas, and utilities, are looking to enhance their deployment of preventative security controls with continued focus on security operations and incident response with a view to protecting against advanced targeted attacks, it added.

>rajesh.kurup@thehindu.co.in

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