Cybersecurity corporations reap demand surge

NEW DELHI : Indian cybersecurity corporations are capitalizing on a covid-induced surge in demand fuelled by a pointy rise in cyber assaults.

This has additionally boosted revenues of corporations and driving investor curiosity in cybersecurity startups. The market progress is led by elevated use of expertise amongst small and medium enterprises (SMEs) and even governments.

For occasion, Pune-based cybersecurity agency Quick Heal Technologies clocked 49% progress in income within the enterprise and authorities phase within the June quarter to ₹21.6 crore from ₹14.5 crore in Q1 FY2022. Meanwhile, Chennai-based K7 Computing mentioned its income doubled within the final 12 months. Though their clientele consists of massive enterprises, cybersecurity corporations are seeing elevated curiosity from SMEs, particularly after covid that has spurred a shift in direction of digitalization globally. They have additionally seen curiosity from Europe and North America although India stays their largest market. Kailash Katkar, managing director and chief government officer, Quick Heal, mentioned Europe and the Asia Pacific are main the agency’s worldwide progress, whereas K7 Computing is seeing traction within the Middle East and Southeast Asia, mentioned J Kesavardhanan, founder and president.

“Majority of SMEs have confronted cyber assaults in someway. Now, they perceive the criticality of the cyber element. Hence, the adoption has elevated,” mentioned Karmesh Gupta, co-founder, and CEO of WiJungle, a Gurugram-based cybersecurity agency.

As per an August report from the International Data Corporation (IDC), 74% of huge enterprises in India have elevated spending on cybersecurity. Government, banking, and healthcare are amongst sectors the place spending has grown. Healthcare and training sectors have contributed considerably to the expansion of cybersecurity corporations, in line with Kesavardhanan.

Sujit Patel, MD and CEO of Mumbai-based cybersecurity and IT agency SCS Tech mentioned the corporate noticed a 40% rise in demand for enterprise-level IT infra, cybersecurity, and information analytics in authorities and public sector undertakings (PSUs) within the final two years.

The booming market is attracting investor consideration. According to funding monitoring agency Tracxn, cybersecurity startups in India raised $67.2 million over 24 offers between September 2021 and August 2022, in comparison with $27.9 million raised between September 2020 and August 2021.

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