The cybersecurity market in India is expected to grow from $1.97 billion in 2019 to $3.05 billion by 2022, at a compound annual growth rate of 15.6 per cent -- almost one and a half times the global rate, said a PwC India and Data Security Council of India (DSCI) report on Wednesday (4 December).

While the banking, financial services and insurance (BFSI) sector has the largest share in cyber security expenditure, demand in the government sector is expected to reach $581 million by 2022, at a growth rate of 13.8 per cent CAGR, according to the "Cyber Security India Market" report.

Data protection and endpoint security tools will grow at a CAGR of 22.2 per cent and 19.1 per cent respectively over three years, as compared to the overall category growth rate of 16.9 per cent, showed the estimates.

The report was released at DSCI's 14th edition of its flagship event, Annual Information Security Summit (AISS) 2019.

"India, in order to become a 5 trillion dollar economy by 2024, cannot afford to incur losses due to cyber security breaches and cybercrimes, therefore the Government is coming up with a National Cyber Security Strategy with the vision - ensure safe, secure, trusted, resilient and vibrant cyberspace for India's prosperity," National Cyber Security Coordinator Rajesh Pant said at the event.

DSCI is a premier industry body on data protection in India setup by Nasscom.

(This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.)