As per a report by PwC India and Data Security Council of India (DSCI), the cybersecurity market in India is expected to grow from $1.97 billion in 2019 to $3.05 billion by 2022, registering a compound annual growth rate of 15.6 per cent.
Further, the report added that the transaction value of digital payments in India is estimated to grow annually at a rate of 20.2 per cent from about $ 64.8 billion in 2019 to $ 135.2 billion in 2023.
As per the report, the cybersecurity market will be defined by three key sectors – banking and financial services industry (BFSI), information technology (IT) and information technology-enabled services (ITeS), and government, it added. Altogether, these sectors will account for 68 per cent of the market share.
The demand in the government sector is expected to reach $581 million by 2022, at a growth rate of 13.8 per cent CAGR, according to the “Cyber Security India Market” report.
Additionally, the data protection and endpoint security tools will grow at a CAGR of 22.2 per cent and 19.1 per cent respectively over three years, as compared to the overall category growth rate of 16.9 per cent.
Further, the report said that over 12.3 billion mobile applications were downloaded in India in 2018.