India is emerging as a cybersecurity product innovation ecosystem: DSCI
6 December 2018, New Delhi: Data Security Council of India(DSCI) unveiled a report ‘Indian Cybersecurity Product Landscape – scripting a promising story’ affirming its rapid growth in the last five years. As part of its ongoing efforts to evangelize cybersecurity product landscape, DSCI spotlighted and shared the technological capabilities, go-to-market strategies, and chronicled the emerging success stories, and the potential they hold for the future.
With the base of 175+ product companies the Indian Cybersecurity Product Landscape has begun to create a promising story. Report unveiled 70% of these companies have been incorporated in last decade with 60%+ Y-O-Y growth rate of several new age startups.
The product landscape has a fine blend of pure-play cybersecurity product companies and those offering both products and services. It has both traditional solution providers and those innovating with new age technologies such as Artificial Intelligence, Machine learning, Automation, Big Data & Analytics, Encryption, Blockchain, Quantum Cryptography, Deception, among others. Report unveiled the rising innovation quotient of the ecosystem with 40% patent conversion.
Sharing his views on the report Mr. Ajay Sawhney, Secretary IT & Electronics, Government of India said “It is quite an impressive story that Indian product companies are marking their footprints, not only in domestic market but also globally, with many emerging companies showing steep growth. Cybersecurity is a strategic sector for country’s defence and it is reassuring to see many young companies building next-gen security solutions using AI/ML, Big Data/Analytics, Blockchain, Encryption, Forensics etc.
Though a promising story is being created, yet a lot more needs to be accomplished. Ministry of Electronics and IT, in partnership with DSCI and all stakeholders, will make concerted efforts in creating a conducive environment to nurture Indian product companies and take them to the next orbit of growth.”
Ms Rama Vedashree, CEO, DSCI said “India is emerging as a very vibrant cybersecurity product ecosystem, and now it is the time to accelerate India to a leadership position in the domain. I am confident this report will be a ready reckoner to showcase the nascent but growing security product ecosystem and help forge opportunities to renew collaboration and partnerships.
The cybersecurity ecosystem in India is presently at a unique position and is ready to scale up with stakeholder collaboration - the Government, Industry, Academia, Incubators/ Accelerators, and the Investor Community. DSCI aims to nurture the ecosystem to be able to make India a Global Hub for security innovation and product development.”
The report was unveiled at the DSCI flagship Cybersecurity conference – Annual Information Security Summit 2018. The conference is the one of the largest gathering of cybersecurity and privacy thought leaders, policy makers, and professionals in the country. The conference also hosted a security technology exhibition where 53 companies showcased their technology, product and services.