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Global Economy

The world economy has displayed impressive resilience, characterised by consistent economic growth and a swift deceleration in inflation, despite facing significant obstacles. These challenges encompass supply chain disruptions in the aftermath of the pandemic, an energy and food scarcity stemming from the Russia-Ukraine conflict, and a surge in inflation followed by coordinated tightening of monetary policies.

Global Economic Growth (in %)

Global Economy Outlook

Advanced economies are poised for a slight uptick with growth rates projected to climb from 1.6% in 2023 to 1.7% in 2024 and 1.8% in 2025. This is expected to be primarily driven by the Euro areas recovery. In contrast, emerging markets and developing economies are anticipated to sustain stable growth at 4.2% during both, 2024 and 2025. However, regional disparities exist, with growth moderation in Asia counterbalanced by growth in the Middle East, Central Asia, and Sub-Saharan Africa.

(Source: IMF)

Indian Economy

In 2023-24, Indias economic growth narrative has been one of robust expansion. The economy is expected to have grown by 7.6%, surpassing prior forecasts. However, cautionary measures should be taken as the GDP is anticipated to moderate to 6.8% in the next fiscal year. This anticipated slowdown reflects the impacts of elevated interest rates and a constrained fiscal policy, aimed at reducing the deficit to 5.1 %of GDP. Despite these headwinds, thevibrancy of Indias economy is reinforced by several factors. These include strengthening of consumer purchasing power through disinflation, expected robust agricultural outputs, and a revitalisation in private capital expenditure. Furthermore, Government initiatives aimed at bolstering rural incomes and enhancing infrastructure spending solidify Indias status as the fastest-growing major economy globally.

Indian Economy Real

GDP Growth Rate (in %)

Indian Economy Outlook

The Indian economy is poised to scale greater heights moving ahead. Projections indicate that it will approach the US$ 7 trillion milestone by 2031, cementing its position as the worlds third-largest economy. Capital and productivity enhancements, driven by a holistic integration of digital and physical infrastructure, are likely to be the catalysts of this growth. The manufacturing sector is anticipated to experience a revival, benefiting from global opportunities, domestic policy support, and a focus on green energy transition.

(Source: CRISIL)

Industry Overview

Global Cybersecurity Market Overview

Cybersecurity is vital in todays world. Its crucial for keeping information systems confidential, intact, and accessible. Cybersecurity encompasses various aspects such as Critical Infrastructure Security, Application Security, Network Security, Mobile Application Security, Cloud Security, and Internet of Things (loT) Security.

Investing in cybersecurity is essential for countries to protect their digital and critical infrastructures. It enables greater participation in the global economy and progress towards long-term development goals. The United Nations recognises cybersecurity as a key enabler for sustainable development, as outlined in the 2030 Agenda. It not only safeguards infrastructure but also fosters inclusive growth and sustainable development.

STATUTORY REPORTS

67	7 • 9 Million	13
Active Ransomware-as-a- Service (RaaS) reported in HI CY 2023	DDoS attacks in HI CY 2023	DDoS-for-hire marketplaces shut down in CY 2023 by the Federal Bureau of Investigation (FBI)
?22,000	uss 1,20,000
Cost of every minute of downtime during a DDoS attack	Spent by small or midsize businesses to recover from a DDoS attack
17%	3.4 Billion	10%
Data breaches are caused by social engineering in CY 2023	Malicious mails sent daily in CY 2023	Security incidents caused by social engineering in CY 2023
US$ 41 • 9 Million	^77• 9 Million	2.5
Cost of per phishing attack in CY 2023	loT malware attacks in HI CY 2023	Phishing attacks per 1,000 mailboxes in CY 2023
US Remains the top country target of cybersecurity attacks	85% Attacks weaponized phishing in CY 2023	Manufacturing Remains the top industry target of cybersecurity attacks
23.6%	707	HT>7,00,000
of total cyber incidents targeted the finance sector in CY 2023	Ransomware attacks in healthcare sector in CY 2023	Threats detected between April and June in the education

sector in CY 2023

(Source: Getastra)

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Outlook

The global cybersecurity market size was valued at US$172.32 Billion in 2023 and is projected to reach US$ 424.97 Billion in 2030, exhibiting a 13.8% CAGR between 2023-2030.

Enhancing systemic resilience-where all organisations address disparities and improve the resilience of interconnected systems-is not only an urgent necessity but also the most significant responsibility for ensuring a sustainable digital future. In 2024, new regulations and laws worldwide will focus on fostering trust in Generative Al for cybersecurity, with an emphasis on accountability and reliability of its use.

(Source: Fortune Business Insights)

Indian Cybersecurity Market

The Indian cybersecurity industry has played a major role in supporting the Government and critical sectors. It has facilitated the adoption of emerging technologies like AI/ML and cloud, and mitigated evolving cybersecurity risks. India is also emerging as a global cybersecurity hub.

To foster innovation and fuel transformation in this market, the Indian Government has collaborated with the Data Security Council of India (DSCI) to establish a National Center of Excellence. DSCI is committed to enhancing thought leadership in cybersecurity and privacy by developing best practices, frameworks, and publications. Additionally, it focuses on building capacity in security, privacy, and cyber forensics through training and certification programs for professionals and law enforcement agencies.

Government Initiatives for Cybersecurity

J> On August 11, 2023, the President of India formally enacted the Digital Personal Data Protection (DPDP) Bill following its approval from both houses of the Indian Parliament. The primary purpose of the Act is to regulate the processing of digital personal data and respect individuals right to protect their data while recognising the necessity of processing and using such data for lawful purposes. The language employed in the Act is simple and straightforward, ensuring easy comprehension for all. Moreover, the Act aims to establish a comprehensive legal framework to govern digital personal data protection in India.

J> The National Cybersecurity Policy 2013 led to the establishment of the National Critical Information Infrastructure Protection Centre (NCIIPC). The aim is to enhance the protection and resilience of the countrys critical information infrastructure and develop a skilled cybersecurity workforce.

? In 2022, CERT-ln issued guidelines for organisations operating in the digital realm. This reguired them to promptly report cyberattack incidents within hours of detection and appoint a knowledgeable individual to liaise with CERT-ln.

? The Cyber Surakshit Bharat Initiative, launched in 2018, focuses on raising awareness about cybercrime. It also aims to build the capacity of Chief Information Security Officers (CISOs) and frontline IT staff in Government departments to implement safety measures.

? Indias armed forces established the Defence Cyber Agency for both offensive and defensive cyber operations. All Indian states have their own cyber command and control centers.

}> The Indian Cybercrime Coordination Center (I4C), under the Ministry of Home Affairs, coordinates with state police forces to respond to cybercrime. It also facilitates the implementation of mutual legal assistance treaties (MLAT) with other countries.

? The Cyber Crisis Management Plan (CCMP) aims to address cyberterrorism and other cyber threats effectively.

? The National Cyber Coordination Centre (NCCC) generates situational awareness of cyber threats. The National Cybersecurity Coordinator (NCSC) coordinates with national agencies on cybersecurity.

}> The Cyber Swachhta Kendra platform helps individuals clean their computers and devices for online safety.

? The Information Security Education and Awareness Project (ISEA) focuses on training personnel to raise awareness and provide research, education, and training in information security.

Outlook

As India navigates the intersection of cybersecurity trends and geopolitics, there is a positive outlook, characterised by transformative opportunities and collaborative endeavors. By leveraging technological advancements, fostering strategic partnerships and building cybersecurity awareness, India is poised to emerge as a global leader in cybersecurity resilience. This is expected to further contribute to a safer and more secure digital future.

With revenues being projected to reach ?235.30 Billion in 2024, the cybersecurity market in India is expected to grow significantly. Cyber solutions are expected to dominate the market, with a projected market volume of ?122.60 Billion in the same year. The market is anticipated to continue growing at an annual growth rate of 14.24% from 2024 to 2028, reaching a market size of ?400.80 Billion by 2028.

(Source: Statists)