Africa Cybersecurity Market Size

Africa Cybersecurity Market Analysis

The Africa Cybersecurity Market size is estimated at USD 0.6 billion in 2024, and is expected to reach USD 1.14 billion by 2029, growing at a CAGR of 13.5% during the forecast period (2024-2029).

The growing digitalization primarily drives the African cybersecurity market; cyber attackers are inventing new ways to conduct cyberattacks; such factors are expected to boost the demand for cybersecurity solutions in the region.

• Cybersecurity is primarily concerned with preventing unauthorized access to computers, networks, programs, and data. The importance of cybersecurity has recently grown as organizations, governments, and individuals collect, store, and send huge volumes of confidential information and data across networks.
• The rising focus of governments on improving regulations and compliance requirements is one of the primary factors that has aided the growth of the African cybersecurity industry. Aside from that, issues such as the requirement for unified cyber solutions, rising internet subscriptions, data disclosure mandates, greater workplace mobility, and increased spending patterns on security forums are driving the demand for cyber security solutions.
• The security of critical intellectual property and business information in digital form against theft and misuse is a crucial issue for all enterprises. One of the key concerns cited by African countries is a lack of cyber security infrastructure. Most of the region's prominent organizations, including oil and gas, utilities, and banks, have recently upgraded their cyber security capabilities. However, compared to other regions, the pace at which enterprises install security solutions is relatively modest.
• The market studied is dominated by the major players, such as Dell Technologies Inc., Fortinet, IBM, Cisco Systems, Symantec, Check Point, and many more, that have a strong client base in the market. These players constantly provide increased, and enhanced offerings in the form of individual components and suites delivered on-premises or through the cloud.
• INTERPOL is developing a cybercrime operations desk with UK funding to boost the capacity of 49 African countries to fight cybercrime. This project is expected to provide opportunities to take regular pulse checks on cybercrime in Africa and publish annual threat landscape assessments that underpin operational activities.
• In March 2022, the International credit bureau TransUnion confirmed that it had been a victim of the hack by a third-party criminal called the N4aughtysecTU, based in Brazil. The hackers have claimed to have accessed the personal information of 54 million consumers, amounting to roughly four terabytes of data. United Nations data currently peg that the South African population is 60.6 million people. Such incidents are more threatening to the region and increase the need for cybersecurity solutions across various end-user verticals.
• In January 2022, the country launched a cybersecurity forum called the Cybersecurity digital Alliance to demonstrate how the South African corporate sector is acting against the threat of cybercrime. Further, the forum aims to foster sophisticated security partnerships and cross-sector partnerships that will benefit South Africa, reduce the number of data breaches in the country, and establish cyber resilience.
• With the outbreak of COVID-19, there is a greater need for robust cybersecurity initiatives in the region. The same has resulted in people working from home and opting for contactless, e-payment options to pay for their goods and services. This has opened up opportunities for hackers to hack.