Nigeria Cyber Security Market (2020-2026) | Size, Share, Growth, Revenue, Analysis, Forecast, Outlook & COVID-19 IMPACT

Nigeria Cyber Security Market report thoroughly covers the market by types, deployment and verticals. The market report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, key performance indicators and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.

Latest 2023 Development of Nigeria Cyber Security Market

Nigeria Cyber Security Market is one of the growing industries with major developments such as newly launched cybersecurity awareness campaigns and public-private partnerships. The government and private organizations have launched campaigns to raise awareness about the importance of cybersecurity and educate the public on how to protect themselves from cyber threats. The government of Nigeria has introduced regulations to improve cybersecurity and protect citizens from cyber-attacks. This includes the establishment of a cybersecurity division within the Central Bank of Nigeria to supervise the activities of Payment Service Providers.

The government has developed a National Cybersecurity Strategy which aims at improving the country's cybersecurity posture. Moreover, the government and private organisations are providing cybersecurity training and certification programs to help equip citizens and businesses with the skills and knowledge to protect themselves from cyber threats. These initiatives demonstrate the ongoing efforts by the government of Nigeria and private organizations to improve cybersecurity in the country and address the growing threat of cyber-attacks. Thus, the market for cyber security in Nigeria is growing tremendously over the years. 

Nigeria Cyber Security Market Synopsis

Nigeria Cyber Security Market size is anticipated to witness substantial growth over the coming years owing to the growth of cyber-crimes in the country that can be attributed to factors such as the emergence of modern telecommunication systems and broadband technologies. Although, Nigeria has specific laws and provisions namely: Cybercrimes (Prohibition, Prevention, Etc) Act 2015, and Data Protection Regulation 2019 to deal with cyber-warfare, cyber-terrorism, and cyber-espionage, still, the country faces huge economic and financial losses due to cybercrimes. Moreover, there are certain other general laws that provide secondary aid to financial crimes which happen in cyberspace. So, these efforts done by the Nigerian government have supported the security of critical infrastructure across various public and private sectors namely ICT, banking & financial institutes, thereby providing steady growth to the cyber security market across the country. However, due to the spread of COVID-19 in the country, several business and financial operations have been impacted adversely and have led to lesser spending by the government and inhabitants on cyber security issues. However, the ongoing global pandemic COVID-19 hampered the overall economic growth of Nigeria, thus, restraining the growth of the cyber security market as well.

According to 6Wresearch, the Nigeria Cyber Security Market size is projected to grow at a CAGR of 9.5% during 2020-2026. The modern market landscape is leading to increased efforts to strengthen the infrastructure and improve the Solutions and aid provided by the software industry and remove the dexterities owing to the scarcity of manpower witnessed by the software industry along with due arrangements of the necessary funds and resources to run the effective test and measurement and implementation of internet of thing technology in the software industry to ensure safety and security backed by the rising cyber-attacks as Nigerians prepare themselves to go digital and adopt the technology upgraded software systems and is expected to be a potential driver for the skyrocketing growth of the Nigeria Cyber Security market in the coming future

Market Analysis By Verticals

Based on verticals, in 2019, IT & Telecommunication, BFSI and Government sector accounted for a cumulative market share of around 60% in the overall market revenues.  IT & telecommunication vertical secured the highest revenue share in the overall cyber security market in the year 2019 owing to the increasing number of cyber-attacks on telecommunication operators that have resulted in the higher deployment of cyber security products in the respective domain for protection of customer-sensitive information. Furthermore, significant growth is anticipated in segments such as BFSI, government & defence and energy on the account of increasing awareness about protecting sensitive information related to financial accounts, the country’s strategic policies and personal information along with growing digital services.

Market Analysis By Types

Based on types, enterprise cyber security products dominated the market revenue share in the overall cyber security market in 2019 owing to the increasing number of cyber-attacks on banking and financial institutions and small & medium corporations. Furthermore, growing awareness among large corporations in obtaining cyber security certification as per the guidelines set up by ISO which have also contributed to the demand for security products. Additionally, as awareness about data protection and cyber security increases, the services market which includes managed security services, consulting and outsourcing services and consumer software is also anticipated to grow significantly.

Key Attractiveness of the Report

• COVID-19 Impact on the Market.
• 10 Years Market Numbers.
• Historical Data Starting from 2016 to 2019.
• Base Year: 2019
• Forecast Data until 2026.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects

Key Highlights of the Report:

• Nigeria Cyber Security Market Overview
• Nigeria Cyber Security Market Outlook
• Nigeria Cyber Security Market Forecast, Until 2027
• Historical Data and Forecast of Nigeria Cyber Security Market Revenues, for the period 2017-2027
• Market Drivers and Restraints
• Porter’s Five Force Analysis
• Market Opportunity Assessment
• Competitive Benchmarking
• Nigeria Cyber Security Market Trends
• Nigeria Cyber Security Market Share, By Players
• Company Profiles
• Key Strategic Recommendation

Market Scope and Segmentation

The report provides a detailed analysis of the following market segments:

By Types

• Identity and Access Management (IAM)
• Data Loss Prevention (DLP)
• Endpoint Protection
• Firewall
• Intrusion Prevention System (IPS)
• Secure Email Gateway (SEG)
• Secure Web Gateway (SWG)
• Security Information and Event Management (SIEM)
• Testing
• Other Software (DDoS, Risk and Compliance etc.)
• Managed Security Services
• Outsourcing, Implementation, and Hardware Support
• Consulting Services
• Consumer Software
• Enterprise Cyber Security Products
• Enterprise Cyber Security Services

By Deployment

• Cloud
• On-Premises

By Verticals

• Government and Defense
• BFSI
• Retail
• Healthcare and Hospitality
• IT and Telecom
• Energy and Utilities
• Manufacturing
• Others (Water Treatment Plants, Chemical Industry etc.)