South Africa Cybersecurity in BFSI Market Size More Than Doubles to Cross USD 6.1 Billion by 2029

Published | 27 April 2023

South Africa cybersecurity in BFSI market is flourishing due to growing focus on thwarting cyberattacks and events targeting BFSI companies and increasing adoption of artificial intelligence (AI) and machine learning (ML) for cybersecurity.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated South Africa cybersecurity in BFSI market size at USD 2.82 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects South Africa cybersecurity in BFSI market size to grow at a significant CAGR of 11.79% reaching a value of USD 6.14 billion by 2029. The increase adoption of IoT and BYOD trend, as well as the rise in physical and virtual danger in the BFSI sector, are key drivers propelling the growth of the cybersecurity in BFSI market in South Africa. The expansion of mobile device platforms and applications also aids in the BFSI sector's acceptance of cybersecurity. However, it is anticipated that excessive cost to implement technical security measures may impede industry expansion.

South Africa Cybersecurity in BFSI Market – Overview

Cybersecurity refers to the technologies, procedures, and methods used to safeguard networks, devices, programs, and data from attack, damage, malware, viruses, hacking, data theft, and unauthorized access. The banking, financial services, and insurance (BFSI) industries have rapidly remade themselves and embraced technology to meet the changing needs of their customers. Various digital services such as online purchases and premium payments are all done to fulfill the needs of the consumer, from processing paper records to a component.

Sample Request @ https://www.blueweaveconsulting.com/report/south-africa-cybersecurity-in-bfsi-market/report-sample

Impact of COVID-19 on South Africa Cybersecurity in BFSI Market

The COVID-19 outbreak impacted South Africa's cybersecurity in BFSI market. This was brought on by the rise in smartphone adoption, the growing use of linked devices, and a booming e-commerce industry, all of which provide the BFSI market with an alluring potential for cybersecurity. To comply with new regulations and rules, the BFSI sector is also gradually implementing and investing in technologies including artificial intelligence (AI), machine learning (ML), and blockchain solutions.

South Africa Cybersecurity in BFSI Market - By Deployment Mode

On basis of deployment mode, South Africa cybersecurity in BFSI market is split into On-premises and Cloud segments. The cloud segment is a higher contributor to the growth of South Africa cybersecurity in BFSI market. This expansion is attributed to the increased demand for scalable and flexible solutions to track and provide data access to cloud users, as well as the increased use of mobile devices. However, due to the rising necessity for securing important data in on-premises data centers from cyberattacks and monitoring the influx of data within the organization, the on-premises category held a higher market share in 2021.

Competitive Landscape

South Africa cybersecurity in BFSI market is fiercely competitive. Major companies in the market include Cisco Systems, IBM Corporation, Microsoft Corporation, DXC Technology, FireEye Inc., Broadcom Inc., MacAfee Inc., SAS Institute Inc., ThreatMetrix, Symantec, Fortinet, Proofpoint, CyberArk, Palo Alto Networks, BAE Systems plc, Check Point Software Technologies, and Trend Micro Inc. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the South Africa cybersecurity in BFSI market.

Don’t miss the business opportunity in the South Africa Cybersecurity in BFSI Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of South Africa Cybersecurity in BFSI Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in South Africa Cybersecurity in BFSI Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

About Us

BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost the performance of your business solutions. BlueWeave has built its reputation from scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.

Contact Us:

BlueWeave Consulting & Research Pvt. Ltd

+1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662

info@blueweaveconsulting.com