The forecast also predicts a notable 20.4 per cent growth in spending on infrastructure in 2024
End-user spending on security and risk management (SRM) in India is expected to reach $2.9 billion in 2024, showing a notable increase of 12.4 per cent compared to 2023. This surge in spending is attributed to several factors, including the modernisation of IT systems through cloud technology, the growing demand for digital platforms across various industries, updated regulatory requirements, and the ongoing trend of remote or hybrid work setups.
“In 2024, chief information and security officers (CISOs) in India will prioritise their spending on SRM to improve organisational resilience and compliance,” said Shailendra.
Cloud security spending is expected to see significant growth in 2024, reflecting the widespread adoption of cloud and multi-cloud environments among Indian organisations. This adoption brings about unique security challenges, leading to a heightened focus on cloud security measures.
“Through ethical, safe and secure implementation of this technology, CISOs can improve the performance of their security functions and enhance organisational resilience,” said Abhyuday Data, director analyst.
The forecast also predicts a notable 20.4 per cent growth in spending on infrastructure protection in 2024. This growth is result by the expansion of the endpoint protection platform (EPP) and security information and event management (SIEM) markets, which are key components of the infrastructure protection sector. Local organisations are actively seeking comprehensive SIEM systems that can address their diverse security and business requirements.
Also,the rise in remote work arrangements has compelled organisations to reassess their approach to endpoint security. This shift has resulted in increased adoption of cloud-based EPP solutions that incorporate endpoint detection and response (EDR) capabilities, according to the report.
Overall, the forecast showcase the ongoing investment in security and risk management solutions by Indian organisations as they navigate evolving cyber threats and regulatory landscapes while striving to enhance their security posture and resilience.
