New Delhi, Dec 29 (IANS): Cybersecurity market in India reached $6 billion in 2023, growing at a compound annual growth rate (CAGR) of over 30 per cent during 2019-23, a new report showed on Friday.

Cyber security products segment grew by more than 3.5 times to reach $3.7 billion in 2023 from $1 billion in 2019.

India cybersecurity market is expected to account for 5 per cent of the global market by 2028, according to the report by the Data Security Council of India (DSCI).

“India is emerging as a global cybersecurity hub. The government’s commitment to digitization, supported by adequate and evolving policies, has fostered an environment conducive to a rise in cybersecurity investment in India,” said S. Krishnan, Secretary, MeitY.

About 90 per cent of organisations in the country recognise email as the foremost and most critical pathway for cyberattacks, and 84 per cent acknowledge phishing as the predominant cyber threat confronting their industry.

Nearly 75 per cent of surveyed organisations highlighted the shortage of skilled professionals as a significant concern.

“India's cybersecurity market has undergone a remarkable transformation, marked by substantial growth which underscores the escalating significance placed on fortifying digital defenses in the face of evolving threats,” said Vinayak Godse, CEO, DSCI.

BFSI and IT/ITeS sectors are the leading spenders of cybersecurity, driven by stringent and granular regulation and high cyber maturity.

About 97 per cent of the organisations in the country have invested in AI/ML and 84 per cent have invested in Cloud, said the report.