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The Silicon Review Asia

Cybersecurity Market in India Growing At A Higher Rate

Cybersecurity Market in India Growing At A Higher Rate

As per the study report released by PWC India and the Data Security Council of India (DSCI), India's cybersecurity market is expected to rise at a compound annual growth rate (CAGR) of 15.3 percent from US$ 1.97 billion in 2019 to US$ 3.05 billion by 2022. The Indian Cybersecurity industry's growth is expected to be about 1.5X in the global security market.

The BFSI industry accounts for 26 percent of total spending on the cybersecurity market and is assumed to raise its investment to US$ 810 million from current US$ 518 million by 2022, at a CAGR of 16.1 percent. Cybersecurity investment growth is due to the factors like strict regulatory standards, utility payments, and marketplaces for online insurance. The uprising in payment technology using artificial intelligence (AI), blockchain, and mobile point-of-sale (POS) apps has brought a host of financial solutions to the world, according to the PWC and DSCI study report.

In the cyber offering suite, AI-driven applications are embedded— especially in security intelligence, detection and response (IDR) and security endpoint testing. DSCI also noted that global regulations such as the General Data Protection Regulation (GDPR), the Health Insurance Portability and Accountability Act (HIPAA) and the Health Information Trust Alliance (HITRUST) will continue to affect the cybersecurity industry in India.

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