Security and Risk Management Spending in India to Reach $2.65 Billion in 2023

End-user spending on security and risk management in India is forecast to reach $2.65 billion in 2023, an increase of 8.3 percent from 2022, according to Gartner.

The analyst firm highlighted that like in 2022, security services will remain the segment that will achieve the highest levels of end-user spending in India in 2023. Security services spending is expected to represent 40 percent of overall end-user spending on security and risk management products and services in 2023.

Security and Risk Management End-User Spending for All Segments in India, 2022-2023 ($ millions)

Market	2022 Spending	2022 Growth (%)	2023 Spending	2023 Growth (%)
Application Security	55.5	11.8	63.9	15.1
Cloud Security	76.2	26.3	95.9	25.8
Consumer Security Software	112.2	14.3	115.1	2.6
Data Privacy	17.0	9.2	18.7	10.6
Data Security	44.0	8.9	47.4	7.9
Identity Access Management	253.5	8.4	273.6	7.9
Infrastructure Protection	333.8	16.0	384.4	15.2
Integrated Risk Management	163.8	25.4	204.5	24.8
Network Security Equipment	341.3	11.3	373.1	9.3
Security Services	1,027.0	1.3	1,049.9	2.2
Others	21.7	11.7	23.4	8.2
Total	2,445.9	8.4	2,650.0	8.3

Because of a surge in the remote workforce and cloud application usage, spending on infrastructure protection will exceed spending on network security equipment in 2023. Both are turning their focus away from network security and towards endpoint security, a sub-segment of the infrastructure protection industry, which is expected to expand 13.5 percent by 2023.

Furthermore, cloud security end-user expenditure in India is expected to expand at the fastest rate among all segments in 2023. As Indian enterprises rapidly migrate to cloud workloads and apps, the segment is expected to expand by 25.8 percent by 2023.