The security software market in India is likely to grow to Rs 481 crore (Rs 4.81 billion) by 2008 from Rs 105 crore (Rs 1.05 billion) in 2003, higher than the industry growth rate of 36 per cent, according to IDC India.
Categories like security 3A software and secure content management will grow at the highest rate of 42 per cent and 38 per cent respectively on a compounded annual growth rate basis, it said.
Firewall and VPN software market is expected to grow at 33 per cent over the next four years.
Growing usage of Web-enabled applications, coupled with increasing number of security breaches, will drive spend on security solutions, Kapil Dev Singh, country manager, IDC India, said.
He, however, said a majority of Indian enterprises consider security as a technological deployment rather than a serious business issue.
About 70 per cent organisations have placed security under their IT department rather than giving a top management or a risk management drive to it.
"Since Indian organisations are just opening up in terms of Web-enabled applications, which integrate them with their partners and customers, the experience of business loss on account of security attack is not very high," Singh added.
IDC India said for 76 per cent of the organisations, the maximum impact has been non-availability of the mail systems.
The implication in terms of absolute financial losses has been reported by only eight per cent.
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