Enterprise security spending in India to grow 10.6 percent in 2016: Gartner

The latest Gartner report claims that enterprise security spending in India - including hardware, software and services - is said to be on pace to reach $1.12 billion in 2016. This will mean up 10.6 percent from $1.01 billion in 2015. In 2017, the security spending is expected to grow as revenue is projected to reach $1.24 billion. Revenue from security services such as consulting, implementation, support and managed security is accounted for 61 percent of this total revenue in 2015, and it will increase to 66 percent by 2020, further adds Gartner. “The strong growth in the security services market will be primarily because customers need external services to transform their security posture in the digital business era. Security services are typically categorized as either implementation, consulting or security outsourcing services, and many providers are beginning to offer all three categories to address customer requirements,” Siddharth Deshpande, principal research analyst at Gartner. “In 2016, we are seeing large enterprises increase their security budgets to enhance their security program, and several midmarket and enterprise organizations creating new space for security spending as part of their technology budget,” said Deshpande. The report lists key security initiatives for majority of the organizations in 2016 that include security operations, incident response network and data center security, identity governance and administration, mobile and cloud security governance, advanced threat defence, application security, security policy and program development and governance, risk and compliance (GRC). Mature organisations are shifting their focus on advanced capabilities around security operations and incident response. Several organisations in India have realised that only technology centric approach to their security strategy may not be enough. So, organisations have begun paying equal emphasis on the people and process elements. In case of digital business, the people and process elements of security and risk management are becoming extremely important. “Digital business challenges the basic principles of information risk and security management,” said Mr. Deshpande. “Digital business moves at a faster pace than traditional business, and traditional security approaches designed for maximum control will no longer work in the new era of digital innovation. Risk and security leaders must understand the risks associated with business unit innovation, and balance the imperative to protect the enterprise with the need to adopt innovative technology approaches.” Analysts will be talking about the latest trends in security market at the Gartner Security & Risk Management Summit taking place in Mumbai.