Security Market In India To Hit $1.06 Billion By 2015

As per a report issued by Gartner, an American information technology research and advisory firm, India will invest more money than ever into security this year. The report has also revealed that the market revenue in this field is expected to touch $1.06 billion by 2015.

According to market experts, this is good news for security vendors in the software, hardware and services segments. The projected revenue for this year is already believed to reach $953 million.

Several incidents of security negligence that took place since 2013 have acted as the contributing factors to this growth. In order to ensure better privacy as well as security, many companies have allotted bigger budgets to IT and regulatory forces. Other factors like corporate espionage are also encouraging firms to spend more on protecting data from prying eyes.

In 2013, implementation, technical support, consulting and managed services revenue accounted for over 55% of the total security market. Financial segments like banking are ready to pay more in a bid to expand their businesses in the digital world, but Gartner believes that the security space faces a skills deficit in the country.

This is actually a sign that organisation and experts involved in IT security services can expect further growth in the sector.
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