South Africa Cybersecurity Market Size (2024 - 2029)

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.

South Africa Cybersecurity Industry Segmentation

Cyber security utilizes technology, controls, and processes to protect systems, networks, programs, devices, and data against cyberattacks. Its purpose is to minimize the risk of cyber-attacks and to guard against unauthorized networks, systems, and technologies. Cybersecurity safeguards internet-connected systems from cyber threats such as hardware, software, and data. Individuals and corporations also use the technique to stop illegal access to data centers and other digital systems.

South Africa cybersecurity market by offering (security type, services), by deployment (cloud, on-premise), by end-user industry (BFSI, healthcare, manufacturing, government & defense, IT and telecommunication). The market sizes and forecasts are provided in terms of value in USD for all the above segments.