Africa's Cyber Security Market to see major growth
According to a new market research report by MarketsandMarkets, Africa’s Cyber Security Market is set to be worth over $2.32 billion in 2020
The market will grow by $0.92 billion in 2015 to $2.32 Billion by 2020, at a compound annual growth rate (CAGR) of 20.41 percent from 2015 to 2020.
The report defines and segments the African market into different sub-segments with an in-depth analysis and market size estimation, identifying drivers and restraints with insights on trends and opportunities.
The MarketsandMarkets report divides the African Cyber Security Market into sub-segments: by solution; service; vertical, and by country, charting the markets of Kenya, South Africa, Nigeria, and Morocco, amongst others.
The report outlines a number of factors driving growth in the sector, including the increased focus on government regulations and compliance, as well as ever growing penetration of mobile devices.
Enterprises across the region are expected to start investing in cyber security projects in the coming years as the African region has been facing increasingly sophisticated cyber-attacks.
On the basis of countries, South Africa is expected to be the largest market in terms of size, while emerging economies like Morocco and Nigeria are expected to also experience strong growth. What is also clear from this reports is that increasing internet penetration is fuelling a variety of online markets which will all require adequate security measures.