Publication date: 02 Aug 2022
Over 74% of Large Indian Enterprises Increase Security Spending Priorities in 2022; Considerable Investments Observed in Professional Services, Government, BFSI, & Healthcare, Says IDC
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For more information, contact:- Shivani Anand Email: sanand@idc.com Phone number: +91 9910466896
INDIA, August 02, 2022 – According to a recent report, International Data Corporation (IDC) reveals that 74% of large* enterprises in India embed IT security in the planning, initiation, and assessments of all new business initiatives.
The security market in India, including hardware, software, and services, is projected to be valued at $2.51 billion in 2022, with the highest market share coming from services, followed by software and hardware, respectively, according to IDC’s Worldwide Security Spending Guide, July 2022. India’s overall security market is expected to reach $4.16 billion by 2026, growing at a CAGR of 13.8% during 2021-26.
Security investments have been witnessed across all enterprises at the onset of new developments, irrespective of the size classification. According to IDC’s report, Security Priorities, Challenges, and Investment Areas for Enterprises in India, most of the interviewed enterprises stated that post-pandemic they intend to invest across all security areas, especially with the increasing demand for hybrid-working models. An upsurge in security investments during the project onset has been observed across industries, especially in the manufacturing, retail & wholesale, and healthcare sectors.
These investments are targeted towards security solutions such as data security, workload security, threat management, endpoint security, and security analytics, followed by identity and access management. Having a comprehensive security portfolio amalgamated with an enterprise's both operational technology (OT) and information technology (IT) architecture will not only prevent them from external threats but also helps them be aware of insider threat movements.
"Data and network security are two key driving factors when dealing with massive digital assets, inventories, and transactional traffic flows. But, investing in cyber resilience and threat intelligence solutions along with incidental and log management products, will not only help organizations gain objective insights into their security architecture and data breaches when they occur but also prepare them to effectively mitigate the situation with minimal downtime," says Sakshi Grover, Research Manager, Future of Trust and Future of Work, IDC India.
"The major challenge enterprises are facing these days when it comes to IT security is managing multiple dashboards and spending more time on generating the insights, rather than real investigations. Consolidation and a single source of truth is the new way forward. At the initiation of the pandemic and in a rush to embrace the digital-first ecosystem, enterprises focused more on deployment of the pointed solutions, leading to immediate ROIs. It's now that everyone is struggling with the multi-integration of solutions and vendor management hassles. Enterprise now must think about progressing towards a unified security suite of solutions within their security architecture that can protect their web, email, network, and endpoints on top of which they can build threat intelligence, incidental log management and user entity and behavior solutions," adds Grover.
The report also finds that in the BFSI vertical more than 77% of enterprises have already invested in cyber resilience solutions, identity security, and data security while manufacturing vertical the focus lies more on data and network security solutions. Threat Intelligence was a key area where BFSI, manufacturing, healthcare, and professional services wanted to invest followed by internet defense. As enterprises are planning to move ahead to cloud-centric architectures and gain an edge in the digital transformation ecosystem, building a strong and airtight internet defense mechanism is vital, especially when high volumes of personal credentials are involved. Additionally, while modernizing and automating legacy IT systems, businesses need to embed and look at integrating security at the foundation of the IT and application architecture.
Complete details for the above are mentioned in the report Security Priorities, Challenges, and Investment Areas for Enterprises in India (Doc #AP48914222) which covers the area of security including security products and services, security spending priorities in 2022 for enterprises, challenges enterprises are facing when it comes to security, implementation plans for enterprise security, top IT security operational priorities, enterprise ideology on the journey towards SASE and SASE elements, including identity and digital trust. The report provides insights both from a business-size segment and an industry-wise perspective.
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Note: * IDC defines 'large enterprises' as organizations with 500 or more employees
This report is published as part of IDC’s India Digital Transformation Opportunities research that delves deeper into the software and IT services market and examines how enterprises are evolving to support their digital transformation (DX) agenda. For more information about this report, trends, or questions for analysts, please contact Shivani Anand at sanand@idc.com . You can also follow IDC India’s Twitter and LinkedIn pages for regular updates on IDC’s research & events.
About IDC
International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. With more than 1,300 analysts worldwide, IDC offers global, regional, and local expertise on technology, IT benchmarking and sourcing, and industry opportunities and trends in over 110 countries. IDC's analysis and insight helps IT professionals, business executives, and the investment community to make fact-based technology decisions and to achieve their key business objectives. Founded in 1964, IDC is a wholly owned subsidiary of International Data Group (IDG), the world's leading tech media, data, and marketing services company. To learn more about IDC, please visit www.idc.com. Follow IDC on Twitter at @IDC and LinkedIn. Subscribe to the IDC Blog for industry news and insights.