Technology

Cyber security services market to treble at $13.6 b by 2025

The cybersecurity services market will grow to $ 13.6 billion in 2025, compared to the current size of $ 4.39 billion, growing at a rate of 20-22 percent annually.

Interestingly, about 80 percent of the revenue will come from global markets.

The Chief Executive Officer of Data Security Council of India, Ram Vedashree said that by the end of the financial year 2023, the market size would be $ 9.3 billion.

In addition, the cyber security services market globally generates $ 64 billion in revenue in 2019-20, which will increase to $ 89 billion by 2022 and $ 116 billion by 2025.

The global cyber security services market has a compound annual growth rate of 10 percent. However, India expects to see a growth rate of 21 percent. The report, released in a video-conference on Thursday, is based on key data points of the growth of the cyber security industry in the country.

Issuing the report, Ajay Sahni, Secretary, Union Ministry of Electronics and IT has said that cyber security is important as the IT industry had let 95 percent of its workforce to work from home.

When you want to move forward, “weaknesses increase. Issues related to cyber security will increase greatly.

“The current employee base of cyber security services companies is 1,10,000. It will be extended in the next few years. DSCI aims to achieve a target of $ 35 billion in cybersecurity products and services, with 1 million professionals working for it.

Nasscom president Debjani Ghosh said that security has presented a major challenge as the IT industry has allowed 95 percent of its employees to work from home.

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