Africa Cyber Security Market Expected to Reach $2.32 Billion by 2020

Dallas, United States, July 15, 2015 (Newswire.com) - Cyber security as a concept is not known to the vast majority. There is little understanding, knowledge and expertise, and mostly a huge lack of awareness about cyber security legal frameworks. Some of the reasons for this are the lack of security awareness, shortage of local cyber security experts, and lack of funds. As a result, the impact of inadequate cyber security is huge. Also, Africa has a high number of unauthorized software users, which is aggravating the region’s virus and malware miseries. Financial losses due to lack of cyber security controls are rising to more than a billion annually. Some of the African countries such as South Africa and Kenya have realized the importance of cyber security and are actively working on their laws while others are putting their cyber security policy together. Moreover, in June 2014, the African Union (AU) approved a convention on cyber security and data protection that could see many countries enact personal protection laws for the first time.

MarketsandMarkets has broadly segmented the Africa cyber security market by sub-segment: network security, endpoint security, content security, application security, industrial control system security, and cloud security; by solution: identity and access management, risk and compliance management, IDS/IPS, encryption, antivirus and antimalware, firewall, data loss protection, UTM, security and vulnerability management, disaster recovery and business continuity, DDoS mitigation, web filtering, and others; by service: consulting, design and integration, risk and threat assessment, managed security service, and training and education; by vertical: Banking Financial Services, and Insurance (BFSI), aerospace, defense, and intelligence, government, energy and utilities, manufacturing, retail and wholesale distribution, telecommunication, transportation, and other verticals; and by country  Kenya, South Africa, Nigeria, Morocco, and others.

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 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.