Posted On: 2020-12-15
Cyber Security Products acquired the largest revenue share in Egypt Cybersecurity Market - 6Wresearch.
Owing to the increase in the number of cyber-attacks, the growing adoption of cloud computing across various industries, the Egypt Cyber Security Market witnessed moderate growth during 2016-2019. The rising threat of penetrating and sabotaging critical infrastructure along with the rise of digital economy have been the major factors driving the Egypt cybersecurity market in recent years. Additionally, rising awareness among the consumers regarding cyber threats and stringent regulations imposed by the government would further aid the growth of cybersecurity market over the years to come. However, a slowdown is anticipated in the overall market revenues during the year 2020 due to the restrictions imposed to curtail the spread of coronavirus outbreak that resulted in a decline in investments across several domains in the country.
According to 6Wresearch, Egypt Cyber Security Market size is projected to grow at a CAGR of 10.7% during 2020-26. On account of several government initiatives to digitalize the country such as the formulation of the Information and Communication Strategy 2030 that aims to achieve digital transformation by investing in developing IT infrastructure, “Our Future is Digital” initiative and personal data protection law, along with a rising number of internet users, the Egypt cybersecurity market is anticipated to flourish over the coming years. Additionally, projects such as making Egypt a ‘smart’ city and the development of largest international data center by Telecom Egypt would further propel the cyber security market in Egypt during the forecast period.
According to Anmol Dhanju, Research Associate, 6Wresearch, “on the basis of type, cyber security products acquired a major share in the overall cybersecurity market revenues and would continue to maintain its dominance over the coming period as well. The main reason cited for the dominance of cybersecurity products is the increased number of cyber threats and crimes of all forms such as identity theft, violation of personal data and attacking private or state-owned websites and increased awareness among people and both public & private enterprises. The number of internet users is increasing in the country and people are shifting towards online platforms for shopping and making payments thus, the consumers are becoming more susceptible to cyber-attacks and would drive the demand for cybersecurity products in the forthcoming period. Additionally, due to the strong support provided by the government in the form of building cyber security experts and professionals, the demand for consumer software is bound to increase in the years to come.
Furthermore, as the investment in IT sector has increased in recent years along with the mass integration of the business, banks and other stakeholders that require cloud storage in order to store data it would become imperative for these organizations to follow new security protocols and invest in cybersecurity products to mitigate any kind of threats that pose a risk to the identity and data of the concerned organizations.” Anmol concluded
According to Pragya Kapoor, Research Associate, 6Wresearch “IT and Telecommunication vertical accounted for the major share in the Egypt cyber security market due to the heavy application of cyber security services and products in this sector owing to the increasing investment in this sector by the tech-savvy and IT companies in Egypt which would further increase the demand for cybersecurity. The ICT Strategy 2030, recently rolled out by the government has further accelerated the digital transformation in the country with the building of large cloud infrastructure and international data centre thereby increasing the need of cyber security products to cater this vertical.
Further, the development of new technology parks in cities like Menoufiya and Qena that will consist of hardware design labs, training institutions and integrated systems of data science and cyber security would also play a key role in the digitalization of the country thereby paving way for cyber security solutions that would be required to address any threats linked with it. However, Government and health sector are also anticipated to grow with the increased use of tele performance and telemedicine platforms and AI enabled assessment apps and devices.” Pragya concluded
Egypt Cyber Security Market (2020-2026F) report provides an in-depth analysis with 16 figures and 3 tables, covered in 79 pages. The report estimates and forecast the Egypt cyber security market by types, deployment and verticals. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.