Africa Cyber Security Market Is Set to $2.32 Billion by 2020

Pune, India., August 31, 2015 (Newswire.com) - 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.

The report on the Africa cyber security market provides an in-depth analysis of the global adoption trends, future growth potential and key issues, in the considered market. Furthermore, it provides a comprehensive business case analysis along with the information on the major market drivers, restraints, opportunities, and challenges in the Africa cyber security market.

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.

The growing number of mobile workforce, adoption of cloud-based services, and Advanced Persistent Threats (APTs) present a comprehensive opportunity for cyber vendors in the market space. Apart from these, factors such as the need for strict compliance and data disclosure mandates, risk over maintenance of sensitive data, increased internet penetration, and increasing spending pattern on security forums are boosting up the demand for cyber security solutions. It is expected that the cyber market will show enormous growth in the coming years.

The notable players in this domain such as Cisco, IBM, EMC, CSC, Symantec, McAfee, HP, and Fortinet  are expected to develop more advanced and user-friendly solutions to equip organizations with the necessary tools to combat cyber-attacks and thus, create notable market traction during the forecast period.

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.