South Africa Cybersecurity Market Size Booming to Touch USD 10.02 Billion by 2029

Published | 01 August 2023

South Africa cybersecurity market is gaining traction because of the increasing digital transformation and rising awareness about the potential financial and reputational damage caused by cybercrimes.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the South Africa cybersecurity market size at USD 3.28 billion in 2022. During the forecast period between 2023 and 2029, the South Africa cybersecurity market size is projected to grow at an impressive CAGR of 20.45% reaching a value of USD 10.02 billion by 2029. The adoption of IoT and the BYOD trend, as well as an increase in malware and phishing threats among businesses, are significant development factors for the South Africa cybersecurity market. The rapid adoption of digital technologies for data collecting, storage, analysis, and sharing has led to an increase in the need for digital data security, which is also emerging as a crucial factor supporting the growth of the South African cybersecurity market.

South Africa Cybersecurity Market – Overview

Security is the process of guarding against unwanted access to networks, systems, and applications, as well as online or digital threats. Numerous strategies can be used to combat cybercrime, including but not limited to critical infrastructure security, network security, application security, cloud security, disaster recovery/business continuity planning, storage security, and others. Additionally, since organizations gather, store, and use a lot of personal data online, cybersecurity is a primary priority for corporations and military, financial, and healthcare organizations.

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South Africa Cybersecurity Market – By Deployment Mode

Based on deployment mode, South Africa Cybersecurity market is segmented into cloud and on-premises. The on-premises deployment accounts for a larger market share. The largest market share was held by on-premises. On-premises deployment gives organizations control over their data that the cloud frequently lacks and is dependable and secure. However, cloud deployment is anticipated to register a higher growth rate during the forecast period. This form of deployment is becoming more popular among businesses with aggressive worldwide expansion plans since it makes it simple for them to communicate with customers, partners, and other businesses wherever they are.

Impact of COVID-19 on South Africa Cybersecurity Market

South Africa cybersecurity market witnessed unprecedented growth post the COVID 19 pandemic outbreak. The government as well as payment platforms were overburdened with traffic and exposed to threats. According to the Cybersecurity Institute, an unanticipated technical issue with the South African Social Security Agency's payment system prevented over 450,000 social grant recipients from receiving their urgently needed financial assistance, while over 435,000 people received double payments. The cybersecurity deployment in South Africa spiked following pandemic to prevent such glitches, propelling the overall market growth.

Competitive Landscape

Major players operating in South Africa cybersecurity market include Dimension Data, Nclose, Bytes Technology Group, SensePost, CyberTech, Astute FSE, ContinuitySA, Telspace Systems, and Securicom. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Don’t miss the business opportunity in South Africa Cybersecurity 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 the South Africa Cybersecurity Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the South Africa Cybersecurity 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.

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