Africa Cybersecurity Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 0.6 Billion |
| Market Size (2029) | USD 1.14 Billion |
| CAGR (2024 - 2029) | 13.50 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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.
Africa Cybersecurity Market Trends
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 the 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 the US-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.
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.
Africa Cybersecurity Industry Overview
The competitive landscape of the Africa cybersecurity market is highly competitive and remains fragmented, with several global and regional players operating in the market. The evolving needs of the end-user segments are driving the market vendors to offer innovative products. In addition, growing opportunities in the market are attracting new players and investments in the market.
- May 2021 - Kaspersky partnered with DataGroupITto provide the company with access to new markets in Nigeria and Ghana. DataGroupITis an African distributor capable of providing logistical support for the Kaspersky business and essential technical expertise on Kaspersky solutions. Kaspersky signed to give cybersecurity services to Africa House London, starting operations in Africa, and African organizations establishing operations in the UK as part of the agreement.
Africa Cybersecurity Market Leaders
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Dell Technologies Inc.
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Fortinet, Inc.
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Cisco Systems Inc.
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IBM Corporation
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Symantec Corporation
*Disclaimer: Major Players sorted in no particular order
Africa Cybersecurity Market News
- July 2022 - Cassava Technologies' Liquid Cyber Security division has opened the first of its matrix of Cyber Security Fusion Centres in Johannesburg, South Africa. Liquid's Fusion Centre intends to strengthen the country's cyber security industry by controlling the growing threat of cyberattacks on governments and businesses.
- May 2022 - Dell Technologies is introducing new cloud experiences, a broader ecosystem, and new products to assist clients in managing and protecting applications across data centers and multi-cloud settings. These new products are intended to assist enterprises in storing, protecting, and controlling their data and applications across an increasing number of platforms and locations.
Africa Cybersecurity Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Value Chain Analysis
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitutes
4.3.5 Intensity of Competitive Rivalry
4.4 Impact of Covid-19 on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Growth digitization across the region
5.1.2 Rapidly Increasing Cybersecurity Incidents and Regulations Requiring Their Reporting
5.2 Market Restraints
5.2.1 Lack of Cybersecurity Professionals
5.2.2 High Reliance on Traditional Authentication Methods and Low Preparednes
5.3 Trends Analysis
5.3.1 Organizations leveraging AI to enhance their cyber security strategy
5.3.2 Exponential growth to be witnessed in cloud security owing to shift toward cloud-based delivery model.
6. MARKET SEGMENTATION
6.1 By Offering
6.1.1 Security Type
6.1.1.1 Cloud Security
6.1.1.2 Data Security
6.1.1.3 Identity Access Management
6.1.1.4 Network Security
6.1.1.5 Consumer Security
6.1.1.6 Infrastructure Protection
6.1.1.7 Other Types
6.1.2 Services
6.2 By Deployment
6.2.1 Cloud
6.2.2 On-premise
6.3 By End User
6.3.1 BFSI
6.3.2 Healthcare
6.3.3 Manufacturing
6.3.4 Government & Defense
6.3.5 IT and Telecommunication
6.3.6 Other End Users
6.4 By Geography
6.4.1 South Africa
6.4.2 Egypt
6.4.3 Morocco
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Dell Technologies Inc.
7.1.2 Fortinet, Inc.
7.1.3 Cisco Systems Inc
7.1.4 IBM Corporation
7.1.5 Symantec Corporation
7.1.6 Check Point Software Technologies Ltd.
7.1.7 Trend Micro, Inc.
7.1.8 Kaspersky Labs
7.1.9 AVG TECHNOLOGIES (AVAST SOFTWARE)
7.1.10 DXC Technology
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
Africa Cybersecurity Industry Segmentation
Cybersecurity solutions help organizations monitor, report, and counter cyber threats to maintain data confidentiality. The adoption of cybersecurity solutions is expected to grow in line with the rising internet penetration among developing and developed countries. The need for cybersecurity has increased as every system in today's world is connected to the internet, making data more accessible to cybercriminals.
The Africa cybersecurity market is segmented by offering (security type (cloud security, data security, identity access management, network security, consumer security, infrastructure protection, other types) and services), deployment (cloud, on-premise), end-user (BFSI, healthcare, manufacturing, government and defense, and IT and telecommunication, other end users), and geography (South Africa, Egypt, Morocco). The market sizes and forecasts are provided in terms of value in USD for all the above segments.
| By Offering | |||||||||
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| Services |
| By Deployment | |
| Cloud | |
| On-premise |
| By End User | |
| BFSI | |
| Healthcare | |
| Manufacturing | |
| Government & Defense | |
| IT and Telecommunication | |
| Other End Users |
| By Geography | |
| South Africa | |
| Egypt | |
| Morocco |
Africa Cybersecurity Market Research FAQs
How big is the Africa Cybersecurity Market?
The Africa Cybersecurity Market size is expected to reach USD 0.6 billion in 2024 and grow at a CAGR of 13.5% to reach USD 1.14 billion by 2029.
What is the current Africa Cybersecurity Market size?
In 2024, the Africa Cybersecurity Market size is expected to reach USD 0.6 billion.
Who are the key players in Africa Cybersecurity Market?
Dell Technologies Inc., Fortinet, Inc., Cisco Systems Inc., IBM Corporation and Symantec Corporation are the major companies operating in the Africa Cybersecurity Market.
What years does this Africa Cybersecurity Market cover, and what was the market size in 2023?
In 2023, the Africa Cybersecurity Market size was estimated at USD 0.52 billion. The report covers the Africa Cybersecurity Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Africa Cybersecurity Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the major challenges faced in the Africa Cybersecurity Industry?
The major challenges faced in the Africa Cybersecurity Industry are a) Evolving data privacy regulations can add complexity and require adaptation of cybersecurity practices b) Increased dependence on technology creates more vulnerabilities that cybercriminals can exploit
Africa Cybersecurity Industry Report
The Africa cybersecurity industry is on the rise, fueled by digitalization in sectors like banking, energy, and utilities. The growth is driven by the increase in mobile workers, cloud adoption, and Advanced Persistent Threats (APTs), creating vast opportunities for cyber suppliers. With the demand for cybersecurity solutions skyrocketing due to stringent compliance, data disclosure mandates, and higher internet penetration, African countries face a greater risk of cybercrime. This underscores the urgent need for robust cybersecurity measures amidst challenges like inadequate laws and regulations. Efforts are being made to enhance cyber security infrastructure, with a focus on network security, cloud security, and identity management. The market is set for significant growth, due to government initiatives, digital technology adoption, and the need to safeguard data and intellectual property. Mordor Intelligenceā¢ Industry Reports provide insights into the market's share, size, and revenue growth, offering a forecast outlook and historical overview of Africa's cybersecurity landscape. Get a free report PDF download for a detailed industry analysis.
