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

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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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 analysts are discussing strategies to enhance business resilience by improving threat and exposure visibility, response planning, and risk prioritization at the Gartner Security & Risk Management Summit, taking place in Mumbai through today.

In 2024, cloud security spending in India is projected to record the highest growth (see Table 1). The adoption of cloud and multi-cloud presents security challenges, causing an increased focus on cloud security by Indian organizations.

Table 1. Security and Risk Management End-User Spending for All Segments in India, 2023-2024 (Millions of U.S. Dollars)


Segment

2023 Spending

2023

Growth (%)

2024 Spending

2024

Growth (%)

Application Security

49

9.3

56

15.1

Cloud Security

94

24.8

121

28.0

Consumer Security Software

103

0.2

106

2.6

Data Privacy

14

11.1

17

20.2

Data Security

35

13.8

40

12.9

Identity Access Management

203

8.8

224

10.5

Infrastructure Protection

370

17.4

446

20.4

Integrated Risk Management

140

21.2

175

24.8

Network Security Equipment

360

6.0

407

13.1

Security Services

1,151

4.8

1,245

8.1

Others

99

35.9

108

8.4

Total

2,620

9.4

2,944

12.4

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