The cyber security services market size will go up by three times to reach $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 coming 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 of DSCI (Data Security Council of India) has said, after releasing the Cyber Security Services Landscape report.
Parallely, the cyber security services market globally clocked revenues of $64 billion in 2019-20, which is poised to be at $89 billion by 2022 and $116 billion by 2025.
The Compound Annual Growth Rate (CAGR) 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, has said that security posed a huge challenge.
“As the IT industry allowed 95 per cent of its employees to work from home, there are no issues with regard to productivity and satisfaction of clients. It is cyber security that will pose a major challenge,” she said.
This content was originally published here.