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Gartner Forecasts Security and Risk Management Spending in India to Grow 12% in 2024

  GenAI-Driven Attacks Require Changes to Application and Data Security Practices and User Monitoring End-user spending on security and risk management (SRM) in India is forecast to total $2.9 billion in 2024, an increase of 12.4% from 2023, according to a new forecast from Gartner, Inc. Indian organizations will continue to increase their security spending through 2024 due to legacy IT modernization using cloud technology, industry demand for digital platforms, updated regulatory environment, and continuous remote/hybrid work. “In 2024, chief information and security officers (CISOs) in India will prioritize their spending on SRM to improve organizational resilience and compliance,” said  Shailendra Upadhyay , Sr Principal at Gartner. “With the introduction of stringent government measures mandating security breach reporting and digital  data protection , CISOs are facing heightened responsibility in safeguarding critical assets against evolving cyber threats.” Gartner a...
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Security Software Boost


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Published on Tuesday, 01 May 2012 06:32


Worldwide security software revenue totaled US$17.7 billion in 2011, a 7.5 percent increase from 2010 revenue of $16.4 billion, according to market analyst Gartner. Small or midsize business (SMB) demand, advanced persistent threats and compliance were among the main drivers. "Growth in the 2011 security market reflects a continuation in demand for consumer and enterprise security tools," said Ruggero Contu, research director at Gartner.



"However, despite solid growth, some regions did not experience the high-double-digit growth of emerging Asia/Pacific and Eurasia, which has been driven by 'greenfield' projects and buoyant economies.” Western Europe remained the laggard because of the region's uncertain economic situation.



The security software market continued to show resilience at a time of IT budget restrictions and despite Intel writing down revenue following its McAfee acquisition. McAfee was acquired by Intel in 2011 and the company's decline in revenue that year was due to the fact that Intel had to write down 30 percent of McAfee's $1.4 billion of deferred revenue.



Retaining its market share lead in both the consumer and enterprise security space, Symantec recorded an annual growth rate of 17 percent, reaching $3.7 billion in 2011. Symantec has continued to expand its offering beyond the traditional endpoint security market by leveraging its competency and mind share in the storage/data backup space. The vendor has also placed new focus on securing data, both at rest and in motion, through its data loss prevention (DLP) and encryption products.

-----Gartner

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