According to TechSci research report, “India Data Protection Market – Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2028F”, the India Data Protection market is projected to expand in the coming years.
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The rapid adoption of technology across various industries, including government and defense, banking and finance, healthcare, information technology, telecommunications, consumer goods and retail, education, media and entertainment, and others, has introduced new challenges in terms of data security. Technologies such as blockchain, machine learning, and artificial intelligence, while revolutionary, have also highlighted significant vulnerabilities in data protection. As cyberattacks and data thefts become increasingly common, ensuring robust data security has never been more critical. This growing need for protection has spurred the demand for advanced security solutions and services, especially with businesses transitioning rapidly to digital operations. However, the rate of growth in the data protection market is expected to be tempered by the implementation of stricter regulatory requirements and efforts to mitigate data loss risks. Another important factor fueling market growth is the growing use of cloud-based security solutions.
To effectively address data security concerns, system design must adopt a holistic approach, integrating legal, administrative, and technical safeguards. Legal frameworks play a crucial role in protecting user rights, privacy, and personal data, and they should be closely aligned with ID systems to provide comprehensive protection. In India, robust data protection and privacy laws have been enacted, not only for the national ID system but also for other sectors, including both government and private organizations that handle personal data.
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The India data protection market can be segmented based on components, deployment models, organizational size, industry verticals, and geographic regions.
Market Segmentation
The market is divided into several industry verticals, including Government and Defense, BFSI (Banking, Financial Services, and Insurance), Healthcare, IT & Telecom, Consumer Goods and Retail, Education, Media and Entertainment, and others. The BFSI sector, in particular, is expected to see strong growth in the coming years, driven by the need to protect sensitive financial data. Financial institutions rely on a variety of security services and products to guard against financial fraud and minimize the risk of security breaches. Some common data protection services and products used in BFSI include antivirus software, encryption, access control, firewalls, video surveillance, identity and access management systems, risk and compliance management tools, and intrusion detection systems. These solutions offer a secure, reliable, and cost-effective platform to safeguard against the growing threat of cyberattacks, and they also protect crucial functions such as cash deposits, loans, credit facilities, and bill discounting.
The market is also segmented by organizational size into Large Enterprises and SMEs (Small and Medium Enterprises). Large Enterprises hold the largest market share, largely due to their extensive use of diverse business tools and applications that are vulnerable to cyber threats. As cyberattack methods become more sophisticated, large enterprises are early adopters of advanced data protection systems to safeguard their complex digital infrastructure. The increasing sophistication of cyberattack intelligence and the rising number of data protection incidents in cloud applications are driving this trend.
On the other hand, small and medium-sized enterprises are also seeing increased adoption of data protection solutions as they become more aware of the importance of securing their digital operations. As SMEs grow and embrace digital transformation, their need for effective data protection solutions will continue to increase, contributing to the market’s overall expansion.
In conclusion, as the demand for data protection solutions grows across industries and business sizes, the market is expected to continue expanding, fueled by the rise in cyber threats, technological advancements, and stricter regulatory frameworks.
Major companies operating in the India Data Protection market are:
DEKRA India Private Limited
eSec Forte Technologies Private Ltd
Dell Inc.- India
IBM Corporation- India
Hewlett Packard Enterprise Development LP- India
Skylark Information Technologies Private Limited
Kratikal Tech Pvt. Ltd
Quick Heal Technologies Limited
TAC Security
WeSecureApp
Various companies operating in the market are following strategies such as mergers & acquisitions, collaborations & partnerships, among others, to stay competitive and have an edge over other market players. Additionally, companies are developing kits, and treatments using Data Protection. Some of the recent developments are:
In 2022, International Business Machines Corp. (IBM) launched a cybersecurity hub in Bengaluru to address the concerns of its clients across the Asia Pacific (APAC) region.
In 2022, Dell Technologies India and CySecK have partnered to improve cyber security in Karnataka. CySecK is the government of Karnataka’s centre of excellence (CoE) for cybersecurity and the nodal organization for fostering a cyber-safe environment for industry collaboration. This collaboration is aimed at creating a safe and secure digital environment for students, startups, the state government, and other stakeholders.
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“The India Data Protection Market benefit from the growing acceptance of cloud computing services due to their cost effectiveness, high performance, and accessibility. Moreover, supportive government initiatives is anticipated to act as a catalyst in the growth of the India Data Protection Market. Highlighting the concept of digital transformation and the many attributes that go together with it, the India’s progression is towards a brand new and improved method of accelerating the stages of development associated with Digital Transformation. Therefore, the increasing dependence on Internet in India is anticipated to fuel the demand for Data Protection in different sectors. Data Protection are anticipated to propel the growth of the India data protection market till 2028.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based Global management consulting firm.
“India Data Protection Market Segmented By Component (Solutions and Services), By Deployment Mode (Cloud and On-Premise), By Organization Size (Large Organization and Small & Medium Organization), By Industry Vertical (Government and Defense, BFSI, Healthcare, IT & Telecom, Consumer Goods and Retail, Education, Media and Entertainment & Others) By Region, Competition, Forecast & Opportunity 2018-2028F”, has evaluated the future growth potential of India Data Protection market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the India Data Protection market.
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