Market Size of South Africa Cybersecurity Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 0.26 Billion |
| Market Size (2029) | USD 0.49 Billion |
| CAGR (2024 - 2029) | 12.97 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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South Africa Cybersecurity Market Analysis
The South Africa Cybersecurity Market size is estimated at USD 0.26 billion in 2024, and is expected to reach USD 0.49 billion by 2029, growing at a CAGR of 12.97% during the forecast period (2024-2029).
The rapid introduction of digital technologies for data assembly, storage, analysis, and sharing has created a need for digital data security, which is a major factor driving the growth of the South African cyber security market.
- The robust digitalization in verticals like banking and financial services, and government sector, and the oil and gas industries has consequently triggered the risk of cyber-attacks. However, the growing awareness and the adoption of various cybersecurity services needed to safeguard smart grid devices, digitalized businesses, and IoT-based smart cities are expected to drastically boost the South Africa Cybersecurity Market.
- Moreover, the growth of hacking, cracking, and other forms of cyber-mischief have made personal, commercial, financial, and other digital data more vulnerable, thereby increasing the need for cyber security and market growth within the region. Furthermore, growing cyberattacks have forced administrations to improve their security measures and adopt cybersecurity services, significantly boosting the market's growth opportunities.
- Businesses in Africa are especially vulnerable to cybercrime, with over half of the continent's countries having insufficient Cyber Security laws and regulations, creating a favorable factor for cybercriminals. These factors are driving up the demand for cyber security.
- Also, factors like the lack of cybersecurity professionals, the high reliance on traditional authentication methods, and low preparedness can restrict the market's growth opportunities throughout the forecast period.
- Moreover, the sudden outbreak of COVID-19 in the country halted the operation in several sectors, such as retail, hospitality, energy & utility, hampered the growth of the cybersecurity industry. However, during the post-COVID-19 period, the rise in digitalization within the country is expected to drive the market exponentially.
