BFSI sector acquired the largest revenue share in South Africa Cybersecurity Market for the year 2020- 6Wresearch.
South Africa cybersecurity market witnessed growth during 2017-2020 since the elevation of cyber security attacks in South Africa and the increased incidences of banking financial frauds, ranging from ransomware attacks to the general phishing attacks nearly 45% of the businesses has instigated the need to adopt cybersecurity solutions and services. Further, the government of South Africa has introduced regulatory framework against cyber threats to protect its financial institutions, government agencies, power and utilities sector etc. These regulatory frameworks and increased cyber-attacks were the primary reasons for increased demand of cyber security products, solutions and services during 2017-2020. In the upcoming years, the Protection of Personal Information Act (POPIA) would augment the demand for cybersecurity solutions in the country as the act would make the cybersecurity compliance necessary. However, a downward trend in the market growth was reflected during the year 2020 due to COVID-19 outbreak across the globe and the same was observed in South Africa on account of sudden halt to the economic activities like production, distribution & trade relations were also affected drastically, which resulted in decreased production and imports of cybersecurity products in South Africa.
According to 6Wresearch, South Africa Cyber Security Market size is projected to grow at a CAGR of 12.9% during 2021-2027. On account of two major governments regulatory frameworks-The Cybercrimes and Cybersecurity Act and Protection of Personal Information Act (POPIA), the trend of digitalization and the rapid flow of internet services in the country would increase the number of Internet servers, number of internet users and the increased spending on the ICT sector by the government which in turn would generate the demand for cybersecurity products in the coming years
According to Kajal Saraswat, Research Associate, Research and Consulting, 6Wresearch, “On the basis of types, Enterprise Cyber Security Services acquired the major revenue share in the market for the year 2020 owing to the increased number of cyber-attacks across all verticals which resulted in high demand of the services for hardware support, consultation services related to antivirus software. Additionally, the South African businesses and population faced consistent attacks during the pandemic and incurred heavy losses due to which the demand for cybersecurity services has increased in the country and the same trend is expected to continue in the coming years.
According to Aviral Khare, Research Associate, Research and Consulting, 6Wresearch “By Deployment, Cloud based deployment is expected to grow highest during the forecast period on account of the rapid rise in the digital transactions in the country across verticals. The increase in the enterprise data breaches or data leakage is fueling the cloud security market. Data stored in cloud servers are more vulnerable to cyberattacks than data stored in organization servers. With advent of COVID-19, the use of cloud collaboration tools and services, such as Microsoft Teams, Cisco WebEx, and Zoom has increased as a result of the distributed work from home environment in South Africa which would propel the demand for cloud type deployment in the country. The significant development in the Mobile & Wireless Communication technology would create numerous opportunities for the ICT industry. The evolution of 5G technology, IoT, AI would increase the need for cyber security solutions in the coming years.
Some of the major companies in the South Africa Cybersecurity market include Cisco Systems, Microsoft Corporation, Palo Alto Networks Inc and IBM.
“South Africa Cybersecurity Market (2021-2027)” provides an in-depth analysis with 20 figures covered in 79 pages. The South Africa Cybersecurity Market report comprehensively covers the market by system types, verticals and regions. The South Africa Cybersecurity market outlook report provides an unbiased and detailed analysis of the South Africa Cybersecurity market trends, opportunities, high growth areas, and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.
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