MUMBAI, September 2: Gartner analysts are providing the latest trends for the security market at the inaugural Gartner Security & Risk Management Summit, which is taking place here through Wednesday at the JW Mariott, Mumbai Sahar.

“Security spending will continue to grow in 2016 when revenue is projected to reach USD 1.23 billion. Security services (that includes consulting, implementation, support and managed security services) revenue accounted for 57 percent of this total revenue in 2014, and this proportion will increase to 60 percent by 2019,” said Sid Deshpande, Principal Research Analyst at Gartner. “The strong growth in the security services market will be primarily because customers need external services to transform their security posture in the digital business era. Security services are typically categorised as either implementation, consulting or security outsourcing services, and many providers are beginning to offer all three categories to address customer requirements.”

Security spending (hardware, software and services) in India is on pace to reach USD 1.11 billion in 2015, up 8.3 percent from USD 1.02 billion in 2014, according to Gartner, Inc.

“In 2015, we are beginning to see larger, more mature organisations in India focus on risk-based approaches to security spending, while smaller and mid-market organisations continue to ramp up their efforts to incrementally improve their security posture,” said Deshpande.

A slow transition is underway among enterprise security buyers in India. The realisation is dawning on organisations that while preventive approaches to information security are important, they are not sufficient in themselves. They also need to focus on continuous monitoring and response as a central component of their security strategy.

Key security initiatives for a majority of organisations in 2015 include: security monitoring, identity governance and administration, mobile and cloud security governance, advanced threat defense, application security, security policy and program development and governance, risk and compliance (GRC).

“Risk and security leaders' ability to steer their organisations through the intersection of digital business and increasing IT risk and cyber security threats will create resilience, differentiate their organisations, define their legacies and shape the ways that future enterprises apply technology,” said Deshpande. “In the context of the Digital India initiative, the importance of digital risk management cannot be understated.

In the era of digital business, security and risk management has to be front and center as a business imperative – this applies to the private sector (banking, insurance, telecom providers, retail, manufacturing), as well as government/public sector (smart cities, citizen services, state owned enterprises).”