India's cybersecurity market likely to touch $3 bn by 2022: Report

New Delhi: India's cybersecurity market is expected to register an annual growth of 15.6 per cent and rise to $3.05 billion (about Rs 21,600 crore) by 2022 from $1.97 billion (about Rs 14,000 crore) in 2019, a report said.

The transaction value of digital payments in India is estimated to grow annually at a rate of 20.2 per cent from about $64.8 billion in 2019 to $135.2 billion in 2023, the report by PwC India and Data Security Council of India (DSCI) said.

"Driven by the digitisation of the country's business environment and the Digital India mission, among others, the cybersecurity market is expected to rise from $1.97 billion in 2019 to $3.05 billion by 2022 a CAGR of 15.6 per cent almost 1.5 times the global rate," it said.

Digital growth, rising cyber-attacks, and stringent regulatory mandates are the three main factors driving India's cybersecurity market.

India's cybersecurity market will be defined by three key sectors - banking and financial services industry (BFSI), information technology (IT) and information technology-enabled services (ITeS), and government, it added.

Altogether, these sectors will account for 68 per cent of the cyber market share.

With more than half a billion people in India now using the internet and the number of users expected to register double-digit growth within years, strong security systems are all the more imperative, it said.

In a scenario rife with varied possibilities for cybercriminals, it's crucial for the country to have a vibrant security apparatus which safeguards India's systems as well as rising stature as a significant investment hub.

The report said that more than 12.3 billion mobile applications were downloaded in India in 2018.