Enterprise information security and risk management end-user spending in India is on pace to total $2.08 billion in 2021, an increase of 9.5% from 2020, according to the latest forecast from Gartner Inc.
Commenting on the development, Gartner Senior Principal Research Analyst Prateek Bhajanka said the overnight move to remote-working in reaction to the pandemic exposed organisations’ vulnerabilities.
“While security leaders had to cut-down on their security spending in 2020 because of IT budget-cuts, in 2021, this trend is reversing. A secure digital environment is now foundational to organizations’ growth and in preparation to another crisis that may arise,” said Prateek Bhajanka.
Reinvestment in cybersecurity
Prateek Bhajanka also pointed out that Security leaders are ready to reinvest in cybersecurity with a renewed and refreshed rigor.
Gartner analysts shared how security and risk management leaders (CISOs) can advance their IT cybersecurity and risk strategy at the Gartner Security & Risk Management Summit India taking place virtually through Thursday.
In 2021, organisations are expected to increase their spending across all segments of security and risk management. Continuing the trend from last year, cloud security and integrated risk management will experience the highest growth in 2021, up 251% and 27.8%, respectively (see Table 1).
Enterprise Information Security & Risk Management End User Spending by Segment, India, 2020-2021 (Millions of U.S. Dollars)
|Identity Access Management||175||1.9||188||7.4|
|Integrated Risk Management||96||20.7||123||27.8|
|Network Security Equipment||277||5.2||302||9.1|
|Other Information Security Software||26||-0.8||27||3.8|
Source: Gartner (March 2021)
Shift to cloud
Prateek Bhajanka also said India is at an early stage of cloud adoption and the pandemic only accelerated this shift as organizations moved to the cloud to achieve cost efficiency and business continuity.
“In 2020, hyperscalers, such as Amazon Web Services, Microsoft Azure and Google Cloud, increased their investment in data centers in India, further catalysing Indian organizations’ move to cloud during the pandemic,” said Prateek Bhajanka.
CISOs and security leaders are aware of the risks and vulnerabilities that their organisations can be exposed to while migrating to cloud from legacy systems.
To manage these risks, organisations are increasing their spending on cloud security tools, driving the market up 251.1% in 2021. Cloud access security brokers (CASB) and cloud workload protection platform (CWPP) will be some of the major technologies that CISOs in India will increase their spending on within the cloud security segment in 2021.
In addition, Indian CISOs and security leaders will focus on establishing and deploying threat detection and response programs and capabilities, such as endpoint detection and response (EDR),and move to cloud delivered security capabilities to have consistent security coverage whether working from office, home or off-site.
Gartner clients can read more in the report “Forecast: Information Security and Risk Management, Worldwide, 2018-2024, 4Q20 Update.”
The Gartner Security & Risk Management Summit 2020 brings together security, risk and identity and access management (IAM) decision-makers looking to adapt and evolve their organisation through disruption and uncertainty, navigate risks and prioritize investments. Follow news coming from the Gartner Security & Risk Management Summit on the Gartner Newsroom and on Twitter using #GartnerSEC.