The report added that 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.
The report said: "Driven by the digitisation 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."
Counting factors, the report added that Digital growth, rising cyber-attacks, and stringent regulatory mandates are the three main factors driving India's cybersecurity market.
It added that country’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. Altogether, these sectors will account for 68 per cent of the cyber market share.