India's cyber-security market is expected to register an annual growth of 15.6 per cent and rise to USD 3.05 billion (about Rs 21,600 crore) by 2022 from USD 1.97 billion (about Rs 14,000 crore) in 2019, a report said. The transaction value of digital payments in India is estimated to grow annually at a rate of 20.2 per cent from about USD 64.8 billion in 2019 to USD 135.2 billion in 2023, the report by PwC India and Data Security Council of India (DSCI) said.

"Driven by the digitization of the country's business environment and the Digital India mission, among others, the cybersecurity market is expected to rise from USD 1.97 billion in 2019 to USD 3.05 billion by 2022 - a CAGR of 15.6 per cent - almost 1.5 times the global rate," it said.

"Driven by the digitization of the country's business environment and the Digital India mission, among others, the cybersecurity market is expected to rise from USD 1.97 billion in 2019 to USD 3.05 billion by 2022 - a CAGR of 15.6 per cent - almost 1.5 times the global rate," it said.

India's cybersecurity market will be defined by three key sectors -- banking and financial services industry (BFSI), information technology (IT) and information technology-enabled services (ITeS), and government, it added.

(Economic Times)