Market Trends of Africa Cybersecurity Industry
This section covers the major market trends shaping the Africa Cybersecurity Market according to our research experts:
Growth digitization across the region
- Government digitization initiatives to cut costs and make services transparent and easier to reach citizens have strengthened the adoption of cybersecurity solutions. For instance, in Africa, the EAC has been a driving force in promoting cybersecurity legislation among its member states as a part of its e-government initiatives.
- Under ICT 2030 strategy, the Egyptian government is undertaking a series of investments, capacity building and training programs, digital government services reforms, and infrastructure upgrades. The strategy calls for launching new initiatives to maximize the contribution of the ICT sector to Egypt's economic growth by focusing on capacity building, electronics design and manufacturing, and technology parks. The strategy also includes a plan for the digital transformation of core government services in the following areas: education, healthcare, and government services.
- Moreover, The country has also participated in U.S.-Egypt Partnership for Young Leaders in Cybersecurity (USEP4YLC) is a leadership development program for students and young professionals from Egypt and the U.S. Such efforts to develop the digital dependency of the region will result in strengthened cyber security landscaper in Egypt over the forecast period.
- Africa is gaining momentum in the fourth industrial revolution in terms of technology, innovation, and digital investments. South Africa, Nigeria, Kenya, and other African countries are coordinating digital visions and policies in order to achieve digital transformation and become a digital industrial revolution technological hub.
- Despite the difficult conditions for many African Least Developed Countries (LDCs) to improve their use of technology, some remarkable progress is being achieved across the continent. 2021 was a record year for African digital companies, with approximately USD 2.15 billion USD invested in the sector. According to data from the research organization Disrupt Africa's African Tech Startups Funding Report, this represents a 206% increase above 2020 investment projections.
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South Africa is Expected to Witness Significant Growth
- The adoption of technologies across organizations makes them vulnerable primarily to cyber-attacks and data breaches. The increasing instances of data breaches in the country are expected to boost cybersecurity solutions across the country.
- Organizations in the country are investing strategically and systematically in developing digital infrastructure, services, skills, and entrepreneurship. The Development Bank of Southern Africa (DBSA) has a clear objective of financing infrastructure development in the ICT sector. The Bank has developed policies and procedures to ensure that project development is implemented efficiently and sustainably.
- Moreover, in February 2021, TymeBank, a South African digital bank, announced that it had secured an R 1.6 billion (approximately USD 109 million) investment from investors in the U.K. and the Philippines. Other foreign investments also are aiding the region's fight against cybercrime.
- In September 2021, Debt-IN Consultants fell victim to a cyber attack that resulted in a data breach of 1.4 million South Africans. The violations mainly contained information about the customer's name, contact details, salary information, employment, and debt-related data such as payments and balances owned by Debt-IN.
- To overcome these situations, vendors in the market have invested in developing and expanding the adoption of cybersecurity in the country. In May 2021, INTERPOL announced plans to create a cybercrime operations desk team for 49 African countries, including South Africa.
- As part of the IT and telecommunication strategy, The Department's main goal is for all South Africans to have access to digital tools that will enable them to develop and take part in opportunities that will promote inclusivity, employment, and economic transformation in all of cities, towns, and provinces. By the middle of 2021, the Department had completed a plan for the digital economy and was working with various stakeholders to create an implementation strategy.
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