Info-tech

Cyber security services market to treble at $13.6 b by 2025

K V Kurmanath Hyderabad | Updated on May 21, 2020

From $4.3 b in 2019, it will grow to $9.3 b by 2023

The cyber security services market will triple to $13.6 billion in 2025 as against the current size of $4.39 billion, growing at 20-22 per cent annually.

Interestingly, about 80 per cent revenue will come from global markets.

The market size will go up to $9.3 billion by the end of financial year 2023, Rama Vedashree, Chief Executive Officer,Data Security Council of India said, after releasing the Cyber Security Services Landscape report.

Also, the cyber security services market globally clocked revenues of $64 billion in 2019-20 will grow to $89 billion by 2022 and $116 billion by 2025.

The Compound Annual Growth Rate of cyber security services market globally is pegged at 10 per cent. India, however, is expected to see a growth rate of 21 per cent. The report, which was released over a video-conference on Thursday, gives key data points on the growth of the cyber security industry in the country.

Releasing the report, Ajay Sawhney, Secretary, Union Ministry of Electronics and IT, has said that cyber security held the key as the IT industry had let 95 per cent of its workforce to work from home.

“Vulnerabilities creep in when you move faster than you are supposed to move. Issues related to cyber security will increase significantly,” he said.

“The current employee base of the cyber security services companies is put at 1,10,000. This is going to be scaled up in the next few years,” the report said. The DSCI targets to achieve $35 billion in cyber security products and services sector, with 10 lakh professionals working for it.

Debjani Ghosh, President of Nasscom, said that security posed a huge challenge as the IT industry allowed 95 per cent of its employees to work from home.

Published on May 21, 2020

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