Nigeria Cybersecurity Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 207.80 Million |
| Market Size (2029) | USD 345.43 Million |
| CAGR (2024 - 2029) | 10.70 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Nigeria Cybersecurity Market Analysis
The Nigeria Cybersecurity Market size is estimated at USD 207.80 million in 2024, and is expected to reach USD 345.43 million by 2029, growing at a CAGR of 10.70% during the forecast period (2024-2029).
- Nigeria's cybersecurity sector is rapidly expanding, driven by the nation's increasing digitalization, a surge in data breaches, and the ever-evolving landscape of cyber threats. Furthermore, the influx of both global and regional cybersecurity market vendors in Nigeria is notably fueling the growth of the Nigerian cybersecurity market.
- Nigeria has made significant strides in bolstering its cybersecurity capabilities, notably through initiatives like the Nigeria National Cybersecurity Policy and Strategy (NCPS) and Cybersecurity Awareness Month. Moreover, the rising number of cybersecurity summits and events in Nigeria is pivotal in raising awareness about cybersecurity among businesses across sectors.
- Such developments are analyzed to positively shape the market's future in the country over the forecast period. Notably, in May 2024, dx5 hosted the inaugural Africa Cloud & Security Summit in Nigeria, underscoring the region's swift adoption of cloud technologies and the escalating importance of cybersecurity. Industry leaders, policymakers, and cybersecurity professionals, along with cloud experts, delved into the cutting-edge trends and challenges shaping the cloud and security landscape.
- The insufficient number of skilled cybersecurity professionals in Nigeria poses a threat to the growth of the country's cybersecurity market during the forecast period. With Nigeria's digital landscape rapidly expanding, a robust defense strategy is imperative, as evolving cyber threats demand a significant pool of skilled professionals.
- Nigeria's pivot toward digitalization promises economic growth and reveals its susceptibility to cyber threats. The nation's cybersecurity landscape appears optimistic, supported by its deepening digital integration and governmental efforts to drive this transformation. However, as Nigeria adopts cloud computing, AI, IoT, and 5G, the avenues for cyber attacks are widening, which, in turn, is expected to drive the growth of the cybersecurity market over the forecast period.
Nigeria Cybersecurity Market Trends
The Solutions Segment is Analyzed to Hold a Significant Market Share
- Cybersecurity solutions, notably data security, application security, and cloud security solutions, are analyzed to drive the growth of the Nigerian cybersecurity market over the forecast period. The country's increasing digital transformation, rising cloud adoption, and the integration of advanced technologies in its businesses are broadening the attack surface, underscoring the imperative for robust cybersecurity solutions.
- Furthermore, the growing number of data breach incidents across various sectors in the country is necessitating the demand for cybersecurity solutions to enhance the cybersecurity posture of Nigerian businesses. Implementing data compliance mechanisms by adopting data security solutions is crucial to enhancing cybersecurity resilience.
- A study by cybersecurity firm Surfshark revealed that data breaches in Nigeria surged by 64% in the first quarter of 2023. Surfshark's analysis positioned Nigeria as the 32nd most breached country globally from January to March 2023, emphasizing the critical need for bolstered cybersecurity measures in the country. The report highlighted that Nigeria witnessed 82,000 compromised accounts in Q1 2023, marking a substantial 46% rise from the preceding quarter (Q4 2022).
- In January 2024, the Nigeria Data Protection Commission (NDPC) revealed that it was investigating 17 priority data breach cases spanning sectors such as finance, technology, education, government, logistics, and gaming. These investigations demonstrate Nigeria’s commitment to data protection and privacy, bolstered by a strong legislative framework and strategic initiatives.
- The number of data protection investigations by the Nigeria Data Protection Commission in the country increased from 17 in 2021 to 177 in 2023. Thus, this further necessitates the demand for strong data security measures in the sectors across the country.
The BFSI Sector is Analyzed to Drive the Market's Growth
- The BFSI sector is analyzed to drive the demand for cybersecurity solutions and services in the Nigerian cybersecurity market. With the growing technological penetration and digital channels, such as Internet banking and mobile banking, online banking has become the preferred choice for banking services by customers. Hence, there is a significant need for banks to leverage advanced authentication and access control processes.
- The Nigerian banking sector has witnessed a profound transformation in recent years, propelled by swift advancements in digital technology. With a strategy to secure their IT processes and systems, secure customer critical data, and comply with government regulations, public and private banking institutes in the country are focusing on implementing cybersecurity solutions and services to prevent cyber attacks.
- Moreover, Nigerian banks are increasingly prioritizing the protection of sensitive customer data and fortifying their defenses against cyber threats. This heightened focus is underscored by the Nigeria Data Protection Commission (NDPC), which is intensifying efforts to curb data breaches within the banking sector. Notably, in 2023, the Commission received 1,674 audit filings, with 745 specifically targeting the financial services segment.
- Moreover, with the rising adoption of mobile and internet banking in the nation's financial services sector, propelled by increasing internet and smartphone usage, the potential for cyber threats is expanding. Consequently, there is a projected surge in demand for cybersecurity solutions and services within the country's BFSI sector in the coming years.
Nigeria Cybersecurity Industry Overview
The Nigerian cybersecurity market is semi-consolidated as several key players and new entrants form a competitive landscape, accounting for a substantial market share. In addition, strategic partnerships, acquisitions, and new launches of products/technologies are increasing rivalry in the market.
- June 2024: Flutterwave, Africa's premier payments technology firm, announced a collaboration with Nigeria's Economic and Financial Crimes Commission (EFCC) to spearhead the creation of a cutting-edge Cybercrime Research Center. This joint effort is designed to bolster the nation's cybersecurity, combat online crimes, and offer valuable opportunities to Nigeria's youth.
- April 2024: SHELT, a prominent cybersecurity solutions provider, unveiled its latest business unit in Nigeria—SHELT System Integration (SHELT SI). With a robust track record of six years, particularly in bolstering Nigeria's financial, telecom, and governmental sectors, SHELT is poised to spearhead Nigeria's digital evolution. This new business unit will operate under Cyber Immune Limited, a subsidiary of SHELT.
Nigeria Cybersecurity Market Leaders
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IBM Corporation
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Microsoft Corporation
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CyberSOC Africa
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Ethnos Cyber Limited
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CyberDome
*Disclaimer: Major Players sorted in no particular order
Nigeria Cybersecurity Market News
- May 2024: The Lagos state government announced the inauguration of a Cybersecurity Operations Centre (CSOC). This move aimed to bolster digital safety and shield the state's critical infrastructure from cyber threats. The CSOC will actively monitor, detect, and swiftly counter cyber threats across the state. This initiative aligns with the state's goal of fortifying security and governance.
- January 2024: The American Business Council (ABC) inaugurated its cybersecurity hub with the primary goal of bolstering awareness and empowering Nigerians and other stakeholders to counter the escalating threat of cyber-attacks. ABC’s cybersecurity hub is pivotal in equipping both individuals and entities with the requisite expertise and resources to fight cyber threats.
Nigeria 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 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Consumers
4.2.3 Threat of New Entrants
4.2.4 Intensity of Competitive Rivalry
4.2.5 Threat of Substitutes
4.3 An Assessment of the Impact of Macroeconomic Trends
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Growth in Digital Transformation Across Sectors
5.1.2 Rapidly Increasing Cybersecurity Incidents
5.2 Market Restraints
5.2.1 Lack of Cybersecurity Professionals
5.3 Key Use Cases
5.4 Regulations and Cybersecurity Standards
5.5 Analysis of Pricing and Pricing Model
6. MARKET SEGMENTATION
6.1 By Offering
6.1.1 Solutions
6.1.1.1 Application Security
6.1.1.2 Cloud Security
6.1.1.3 Consumer Security Software
6.1.1.4 Data Security
6.1.1.5 Identity and Access Management
6.1.1.6 Infrastructure Protection
6.1.1.7 Integrated Risk Management
6.1.1.8 Network Security Equipment
6.1.1.9 Other Solutions
6.1.2 Services
6.1.2.1 Professional Services
6.1.2.2 Managed Services
6.2 By Deployment
6.2.1 Cloud
6.2.2 On-premise
6.3 By End User
6.3.1 IT and Telecom
6.3.1.1 Use Cases
6.3.2 BFSI
6.3.2.1 Use Cases
6.3.3 Retail and E-commerce
6.3.3.1 Use Cases
6.3.4 Oil, Gas, and Energy
6.3.4.1 Use Cases
6.3.5 Manufacturing
6.3.5.1 Use Cases
6.3.6 Government and Defense
6.3.6.1 Use Cases
6.3.7 Other End Users
6.3.7.1 Use Cases
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles*
7.1.1 IBM Corporation
7.1.2 Microsoft Corporation
7.1.3 CyberDome
7.1.4 CyberSOC Africa
7.1.5 Ethnos Cyber Limited
7.1.6 Cybervergent
7.1.7 Jireh Technologies Limited
7.1.8 Digital Encode Limited
7.1.9 Reconnaissance Technologies Nigeria Limited
8. RANKING OF VENDORS AT A REGIONAL LEVEL
9. INVESTMENT ANALYSIS
Nigeria Cybersecurity Industry Segmentation
The Nigerian cybersecurity market's scope encompasses revenues derived from solutions and services utilized across end-user industries. The analysis draws from a blend of secondary research and primary sources, providing a comprehensive view of the market. It also delves into the key drivers and restraints shaping its growth trajectory.
The Nigerian cybersecurity market is segmented by offering (solutions (application security, cloud security, consumer security software, data security, identity and access management, infrastructure protection, integrated risk management, network security equipment, other solutions), services (professional services, managed services)), deployment (cloud, on-premise), end user (IT and telecom, BFSI, retail and e-commerce, oil, gas, and energy, manufacturing, government and defense, other end users).
The market sizes and forecasts are provided in terms of value in USD for all the above-mentioned segments.
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Nigeria Cybersecurity Market Research FAQs
How big is the Nigeria Cybersecurity Market?
The Nigeria Cybersecurity Market size is expected to reach USD 207.80 million in 2024 and grow at a CAGR of 10.70% to reach USD 345.43 million by 2029.
What is the current Nigeria Cybersecurity Market size?
In 2024, the Nigeria Cybersecurity Market size is expected to reach USD 207.80 million.
Who are the key players in Nigeria Cybersecurity Market?
IBM Corporation, Microsoft Corporation, CyberSOC Africa, Ethnos Cyber Limited and CyberDome are the major companies operating in the Nigeria Cybersecurity Market.
What years does this Nigeria Cybersecurity Market cover, and what was the market size in 2023?
In 2023, the Nigeria Cybersecurity Market size was estimated at USD 185.57 million. The report covers the Nigeria Cybersecurity Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Nigeria Cybersecurity Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Nigeria Cybersecurity Industry Report
Statistics for the 2024 Nigeria Cybersecurity market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Nigeria Cybersecurity analysis includes a market forecast outlook for 2024 to 2029) and historical overview. Get a sample of this industry analysis as a free report PDF download.
