Africa's Cyber Security Market to see major growth

By mahlokoane percy ngwato

Stay connected! Follow @AfricaBizReview and @MrNLon on Twitter. Like our Facebook Page.

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.

RELATED:
Collaboration is vital to Africa's cyber-security tactics
Check your region with new global Cyberthreat Map
Foregenix announces new tools to combat cyber attacks

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.

Read the June Issue of African Business Review. 

Source: [Marketwatch]

Share

Featured Articles

SAP creates new EMEA region and announces new President

SAP has announced it has appointed a new President for a newly-created EMEA region, aiming to make the most of the opportunities of cloud and AI technology

How SAP is facilitating continuous business transformation

Technology giant SAP has expanded its portfolio with the acquisition of LeanIX, a leader in enterprise architecture management (EAM) software

Siemens and Microsoft: Driving cross-industry AI adoption

To help businesses achieve increased productivity, Siemens and Microsoft are deepening their partnership by showcasing the benefits of generative AI

Sustainability must become central to corporate strategy

Sustainability

The endless benefits of putting your people first

Leadership & Strategy

Working from anywhere: SAP uncovers secret life of employees

Human Capital