Security vendor revenue (hardware, software and services) in India will grow to $953 million in 2014 and $1.06 billion in 2015 from $882 million in 2013, said Gartner.
Security services (that includes consulting, implementation, support and managed security services) revenue accounted for more than 55 percent of this total revenue in 2013 and this trend will continue into the foreseeable future.
Vertical markets such as banking and financial services are now preparing themselves for the Third Era of IT Digitalization by investing in technology approaches.
Gartner said there is a skills deficit in the security space in India, consequently driving up the market opportunity for security consulting, implementation and managed security services.
While security awareness is increasing steadily among enterprise buying centers, the consumer security sub-segment will display modest growth. The importance of data privacy and security is not well understood by consumers in India and this situation is likely to continue to affect market growth in the consumer security space.
Leading security adopters from mature technology buying segments, such as banking, financial services and insurance (BFSI), telecom, oil and gas, and utilities, are looking to enhance their deployment of preventative security controls with continued focus on security operations and incident response, with a view towards protecting against advanced targeted attacks.