India Data Protection Market Competition, Forecast and Opportunities, 2028F: Rise in Cyber Attacks and an Increase in Government Support and Laws Towards Data Protection Solutions
India Data Protection market is expected to reach a value of $4.52 billion by 2028 from $1.5 billion in 2022, grow at a CAGR of 20.1%
Significant growth in cloud-based information storage, the need to reduce operational costs, improved ability to conveniently and timely backup host destination systems, and rising data storage risk, are all assisting the India data protection market. Furthermore, rising instances of unauthorized access, ransomware, and cyber-attacks, faster adoption of solutions, and increased scalability and flexibility of security offerings are some of the other factors expected to drive data protection demand in the coming years.
Business operations cannot afford downtime that hinders access to vital information, making rapid data recovery following loss or corruption a crucial element of any effective data protection strategy. Furthermore, data protection encompasses measures to prevent data compromise and ensures the privacy of sensitive information.
The demand for data protection and recovery is surging, particularly driving growth in the India data protection market. This demand is primarily attributed to the ever-increasing volume of data generated by businesses daily and the widespread adoption of cloud computing by organizations.
Several significant factors are expected to fuel the global data protection market's expansion in the foreseeable future. These include heightened organizational awareness regarding data integrity, technological advancements in data protection systems and software, and the pivotal role that personal data plays in powering the modern internet economy.
Personal data has become the lifeblood of the rapidly expanding global internet economy, facilitating substantial advancements in computing and communication capabilities. The world witnesses a constant flow of vast data quantities being transmitted, stored, and acquired daily, underpinning significant technological progress.
Developing nations have witnessed a surge in mobile phone adoption and increased internet connectivity, enabling a wide range of online social, economic, and financial activities. As more economic and social interactions transition to online platforms, the importance of data privacy and protection, particularly in international trade contexts, has grown significantly, driving market growth. The adoption of cloud computing by numerous businesses has further heightened concerns related to data management.
Increase in Government Support and Laws Towards Data Protection Solutions
Government spending on security solutions is also expected to increase, which will create profitable market expansion opportunities during the forecast period. Growing concerns about cyber security are also anticipated.
The goal of 2022 Digital Personal Data Protection Bill is to establish guidelines for the processing of digital personal data in a way that respects both individuals' rights to privacy protection and the necessity of processing personal data for those purposes, as well as for issues related to or incidental to those purposes.
The Indian government has collaborated with the Data Security Council of India (DSCI) to establish a National Center of Excellence that will accelerate innovation in the Indian cybersecurity market, according to Ajay Sawhney, Secretary, Ministry of Electronics and Information Technology (MeitY).
Increasing Unauthorized Access, Ransomware and Cyber-Attacks Driving Data Protection Market in India
With the increasing number of unauthorized access attempts, ransomware attacks, and other forms of cyber-attacks in India, the data protection market is experiencing significant growth. Organizations are realizing the importance of protecting their data from potential threats and are investing in data protection solutions to safeguard their critical information.
The Indian government has also taken several initiatives to enhance cybersecurity in the country, such as launching the National Cyber Security Policy and establishing the National Critical Information Infrastructure Protection Centre. These measures have further fueled the growth of the data protection market in India.
Increasing Scalability of Security Offerings
Increasing scalability of security offerings is also driving the data protection market in India. With the proliferation of data and the growing number of cyber threats, organizations require flexible and scalable solutions to protect their data.
Additionally, advancements in technologies such as artificial intelligence and machine learning have also led to the development of more scalable data protection solutions. These technologies enable data protection solutions to automatically detect and respond to threats, providing organizations with real-time protection and enabling them to quickly scale their security offerings as needed.
Furthermore, as the data protection market in India continues to grow, many new players are entering the market with innovative solutions that are more scalable and cost-effective than traditional data protection solutions. This increased competition is driving further innovation in the market and making data protection solutions more accessible to organizations of all sizes.
Key Attributes:
Report Attribute
Details
No. of Pages
85
Forecast Period
2022 - 2028
Estimated Market Value (USD) in 2022
$1.5 Billion
Forecasted Market Value (USD) by 2028
$4.52 Billion
Compound Annual Growth Rate
20.0%
Regions Covered
India
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the India Data Protection Market.
DEKRA India Private Limited
eSec Forte Technologies Private Ltd.
Skylark Information Technologies Private Limited
Kratikal Tech Pvt. Ltd.
IBM Corporation- India
Quick Heal Technologies Limited
TAC Security
WeSecureApp
Dell Inc.-India
Hewlett Packard Enterprise Development LP-India
Market Dynamics
Drivers
Regulations to increase the adoption of data protection solutions
Rising concerns of critical data loss
Increased awareness for data integrity and technological advancements in data protection systems and software.
Market Trends & Developments
Increasing demand for cloud-based data protection solutions among SMEs
Large-scale adoption of data protection solutions in highly regulated industry verticals
Blockchain solutions for the future of data backup
Mobile phone adoption and increased Internet connectivity
Increase in government support on security solutions
Challenges
Management of unstructured data
Lack of technical expertise among enterprise workforce
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