Indian end-user spending on security and risk management to grow 9.4% to $2.6 bn in 2022: Gartner

Mumbai: Spending on security and risk management by end users in India is projected to reach $2.6 billion this year, a growth of 9.4% from 2021, according to Gartner Inc.

Of this, about $1 billion will be spent on core security services, while the rest will be spent on application, cloud, data and identity management solutions.

Hybrid work environments are increasing spending on cloud security and integrated risk management.

The Gartner CIO and Technology Executive Survey of 2022 has revealed that cyber security will be a top priority for Indian CIOs this year.

Of the total CIOs surveyed in India, 64% said they would increase their spending on cyber and information security-related technologies in 2022, higher than the global average of 57%.

“Covid-19 was a pivotal moment in the way organizations approached risk or prepared for disruptions. Now, security leaders are putting risk management at the center of their security and business strategies,” said Prateek Bhajanka, senior principal research analyst at Gartner.

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He added that heightened geopolitical tensions are also raising concerns about cyber security threats globally.

The reason why the security services market is expected to report maximum growth is because Indian organizations have traditionally been relying on their managed security services partners and even boutique security firms to help them achieve their security objectives. be able to help

“And so, you’ll see that the security services market or the security services industry is quite large, about $1 billion, and it’s already growing at a pace of 4.4%,” it said.

Organizations have started thinking about moving network security to the cloud and envisioning network security in the cloud. Hence, the security services market is expected to grow further, it said.

Gartner research shows that there is a severe shortage of skilled cyber security professionals. Hence, end user organizations in India often tie up with security service providers to fulfill their cyber security objectives.

As a result, a total of $1 billion is estimated to be spent on security services in 2022, the highest among all sectors. This will be followed by spending on network security equipment and infrastructure security.

“Indian leaders responsible for security and risk management need to adopt a violation mindset as security incidents are inevitable in the current era,” Bhajanka said. This will help them reduce the time taken for detection and recovery from incidents.

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Originally published at Pen 18