India’s cybersecurity services and product industry had a combined revenue of $9.85 billion in 2021 and grew at a CAGR of 40 per cent in two years, said a study by Data Security Council of India (DSCI).

       The study called ‘India Cybersecurity Industry Report- Services and Product Growth Story’ pegged cybersecurity services revenue at $8.48 billion in 2021: a CAGR growth of 40.33 per cent from $4.3 billion in 2019. The product industry grew from $740 million in 2019 to reach $1.37 billion in 2021 at a CAGR of 36.49 per cent.

       “India's Cyber Security Industry was at the forefront supporting Government and all critical sectors to manage the heightened cyber security risk in the last two years through the pandemic. The report showcases the capabilities of the Indian cybersecurity Services and Start-ups and the continuous innovation in products and services to serve customers in India and globally,” said Ajay Sawhney, secretary in the Ministry of Electronics & Information Technology (MeitY).

       “Ministry of Electronics & IT is committed to partnering with DSCI to scale up our innovation in emerging areas like 5G, Hardware, IoT Security, and through our flagship ISEA and Future Skills Programmes meet the talent demand of the industry,” he said.

       The report said that the industry is moving to a platform-based approach to offer solutions and simplify security integration and deployment. More than 70 per cent of the analysed services and product companies offer platform-based services and products.

       The surge in demand for cybersecurity is reflected in the growing industry talent pool, which touched 2.18 lakh in 2021 from 1.1 lakh in 2019.

       "Every crisis has a silver lining and for the pandemic, it has been the accelerated adoption of digital solutions across enterprises and government. Cybersecurity is now a boardroom agenda and offers tremendous opportunities for India’s tech industry to build innovative solutions and services," said Debjani Ghosh, President, NASSCOM.

       The industry is expanding its global footprint with a presence in the US, Canada, UK, France, Australia, Singapore, and UAE, said the study.