More than 50% of companies in India have significantly improved their technology budget and communication technology (ICT) this year compared to 2021, a report shows that cybersecurity is the main concern for companies in this country.
The uptick is caused by a digital initiative that is ongoing by the Indian government and the surge in the use of digital technology because Covid-19, revealed Globaldata, a leading data, and analytic company cyber security.
“The optimistic view of the company’s ICT expenditure in India for 2022 is likely to be associated with the increasing focus on investment led by technology on digital transformation activities such as cloud migration, automation, and improvement of IT inheritance infrastructure together with profitable government policies,” said Pragyan Tarasia, Technology Analyst in Globaldata.
In addition, large-scale companies and SMEs throughout the country progressively change their business models to provide the first digital experience, he added.
Nearly 56 percent of respondents who are the main IT decision makers in the company claim that there is a significant increase (more than 6 percent) in their company’s ICT budget for 2022 compared to 2021 while the other 34.5 percent said there had been a slight increase in the same increase.
Cloud computing is an integral part of companies in all sectors in India including BFSI, retail, health care, education, and telecommunications, because it builds business resilience, accelerate innovation, and optimizes costs.
With the increase in business digitalization, cybersecurity is also now a major company concern, thereby stimulating an increase in investment in hardware, software, and IT security services for the next two years for cyber security.
More than 80 percent of respondents said their companies prioritize their ICT investment in identity and management access, data/security protection, fraud and transactional security prevention, and security intelligence and management software for investment in the next two years for cyber security.
As a result, companies in India prioritize their investment in the cloud computing implementation model.