New Delhi Indian cyber security firms are taking advantage of the Covid-induced surge in demand due to a sharp rise in cyber attacks.
This has also increased corporate revenue and increasing investor interest in cyber security startups. The growing use of technology among small and medium enterprises (SMEs) and even governments has led to the growth of the market.
For example, Pune-based cyber security firm Quick Heal Technologies reported a 49% growth in revenue in the enterprise and government segment in the June quarter. 21.6 crore from 14.5 crore in Q1 FY2022. Meanwhile, Chennai-based K7 Computing said its revenue has doubled in the last 12 months. While their clients include large enterprises, cyber security firms are seeing increased interest from SMEs, especially post-Covid which has prompted a shift towards digitization globally. They have also seen interest from Europe and North America, although India remains their largest market. Kailash Katkar, Managing Director and CEO of Quick Heal, said Europe and Asia Pacific are leading the firm’s international growth, while K7 Computing is seeing traction in the Middle East and Southeast Asia, said J Kesavardhan, Founder and President he said.
“Most SMEs have faced cyber attacks in some way or the other. Now, they understand the gravity of the cyber component. Hence, adoption has increased,” said Karmesh Gupta, co-founder and CEO of Gurugram-based cyber security firm WiJungle.
According to an August 1 report by the International Data Corporation (IDC), 74 percent of large enterprises in India have increased spending on cyber security. Government, banking and healthcare are among the sectors where spending has increased. According to Kesavardhan, the healthcare and education sectors have contributed significantly to the growth of cyber security firms.
Sujit Patel, MD and CEO of Mumbai-based cyber security and IT firm SCS Tech, said the company has witnessed 40% growth in demand for enterprise-level IT infra, cyber security and data analytics across government and public sector undertakings (PSUs). . two years.
The fast growing market is grabbing the attention of the investors. According to investment tracking firm Tracxn, cyber security startups in India raised $67.2 million in 24 deals between September 2021 and August 2022, while it raised $27.9 million between September 2020 and August 2021.
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