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Ransomware Attacks and Regulatory Compliance Drive the SCM Market
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The Indian SCM market experienced a moderate YoY growth rate of 2.4%. The slow growth could be attributed to the Indian enterprises preferring to use more integrated SCM solutions with features, such as ATP detection and sandboxing techniques, rather than stand-alone SCM products. In addition, enterprises are shifting their preference from on-premise solutions to cloud-based security solutions because of the large investments and in-house expertise required in the case of on-premise solutions. This is specifically seen in the case of SMBs that prefer cloud-based solutions. The banking sector recorded the highest spending on SCM solutions. This was mainly driven by the increase in digitization of banking services in the country. The higher the number of digital banking channels, the higher the threat of attacks from malware, ransomware, and phishing frauds. The Indian Government is formulating a cyber strategy for mobile banking using smart phones, to ensure safer banking. Indian vendors are also considering ‘Privacy by Design’ to ensure their products and data can remain secure. All of these initiatives will continue to drive the growth of SCM solutions and will be significant in achieving strong digital platforms. In addition to market growth analysis, the study highlights the key driving forces of the SCM market. Some key drivers include the increasing risks associated with email and Web gateways which are driving the need for SCM solutions. Besides, industry and local compliance continues to drive the investment in SCM for data protection and content management. Moreover, the increase in the adoption of mobility in workplace requires organizations to tighten control over online content to enhance productivity and to prevent threats. Market trends are analyzed for the study period 2016 to 2022, with 2017 as the base year. SCM solutions are the key focus area of this study. The vertical segmentation in this study includes the government, banking, financial services and insurance (BFSI), service providers, manufacturing, education, and other sectors. Companies mentioned in the SCM market's competitive landscape include Forcepoint, Symantec, Cisco (IronPort), Cisco (Ironport), Trend Micro, SonicWall, RUAG Defence (Clearswift), Barracuda, F-Secure, McAfee and other small vendors. The study covers India.
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