India security market will grow by 8% in the year 2014, says Gartner

India will pour more money than ever into security in 2014, with the market revenue in this field expected to hit $1.06 billion by 2015, says a Gartner report. So security vendors in the software, hardware and services segments have a lot to celebrate since the projected revenue is already predicted at $953 million for this year.

The contributing factors to this growth have to do with the number of security incidents that have made the headlines from 2013 until now, companies allotting bigger budgets to IT and regulatory forces insisting on better privacy as well as security. Corporate espionage and hacktivism are also encouraging organizations to spend more on keeping important data safe from prying eyes or fidgety fingers.

ATM Machine

Implementation, technical support, consulting and managed services revenue accounted for over 55% of the total security market earnings in 2013 and it’s only projected to move upwards by up to 8% this year. Banking and other financial segments are ready to pay more to expand their businesses in the digital space, but Gartner feels that the security space faces a skills deficit in the country.

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It may sound like a bad thing, but this actually means organization and experts involved in IT security services can look forward to further growth in India. Apart from the banking and finance, companies involved in telecom, insurance, oil and gas as also, utilities are in the mood to stay protected by refined preventative security controls in anticipation of advanced targeted attacks.

While India’s security market revenue may reach $1.06 billion in 2015, digital privacy and safety measures adopted by regular citizens will have little affect on it. Apparently, the true worth of data and privacy is yet to be understood by everyday consumers in the country.