South Africa is expected to be the largest market in terms of market size
The Africa cyber security market is estimated to grow from $0.92 Billion in 2015 to $2.32 Billion by 2020, at a compound annual growth rate (CAGR) of 20.41% from 2015 to 2020. On the basis of countries, South Africa is expected to be the largest market in terms of market size, while emerging economies like Morocco and Nigeria are expected to experience increased market traction with high CAGRs during the forecast period according to the report "Africa Cyber Security Market" published by marketsandmarkets.
The major force driving this market is expected to be the increasing focus on government regulations and compliance requirements and penetration of mobile devices and internet subscription. The enterprises across the region are expected to start investing in cyber security projects in the coming years as the African region has been facing continuous sophisticated cyber-attacks.
The protection of valuable intellectual property and business information in digital form, against theft and misuse is a critical need for all businesses. The African countries have identified weak cyber security infrastructure as one of the major concerns. Over the past few years, most of the large organizations in this region, including oil and gas, utilities, and banks, have strengthened their cyber security capabilities. However, the speed at which the companies are deploying security solutions is relatively slow, as compared to other regions.
One of the major factors that have helped the Africa cyber security market to grow is the increasing focus of governments on enhancing the regulations and compliance requirements. Apart from this, factors such as the need for unified cyber solutions, increased internet subscriptions, and data disclosure mandates, enhanced enterprise mobility, and increased spending pattern on security forums are boosting the demand for cyber security solutions. These factors have greatly contributed toward the growth of the Africa cyber security market and have emerged the major growth drivers for the market.
The major players include in the Africa cyber security space include EMC Corporation, Fortinet, IBM, Cisco Systems, Symantec, McAfee, Check Point, and Hewlett-Packard. These players provide innovative cyber security solutions in the form of individual components as well as suites, which get delivered on-premises or via cloud.