Security and risk management spending in India to increase 12.4% in 2024, says Gartner report
security and risk management (SRM) in India is estimated to be $2.9 billion in 2024, up 12.4% from 2023, showed the latest forecast from Gartner.
The expected increase comes at a time when organisations are ramping up security spending due to legacy IT modernisation using cloud technology, demand for digital platforms, updated regulatory environment and continuing remote/hybrid work.
“In 2024, chief information and security officers (CISOs) in India will prioritise their spending on SRM to improve organisational resilience and compliance,” said Shailendra Upadhyay, senior principal, Gartner. “With the introduction of stringent government measures mandating security breach reporting and digital data protection, CISOs are facing heightened responsibility in safeguarding critical assets against evolving cyber threats.”
In 2024, cloud security spending in India is projected to record the highest growth.
“The utilisation of multiple software as a service (SaaS) and infrastructure as a service (IaaS) cloud providers, along with accessing cloud from homes and other unmanaged locations due to hybrid work arrangements, has further emphasised the necessity for security controls, leading to an increase in cloud security spending,” said Upadhyay.
Spending on infrastructure protection is projected to increase 20.4% year-on-year in 2024, according to Gartner estimates.
It is fuelled by the expansion of both the endpoint protection platform (EPP) and security information and event management (SIEM) markets, which make up the
