South Africa Cyber Security Market (2020-2026) | Analysis, Industry, Size, Share, Value, Growth, Outlook & COVID-19 IMPACT

South Africa 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 the South Africa Cyber Security Market

South Africa Cyber Security Market has been showing a substantial growth in the current years. The increasing use of digital technologies and growing cyber threats lead to increasing demand for cyber security solutions. The government of South Africa has recognized the importance of cyber security and has recently launched various initiatives to increase the level of protection for its citizens and businesses. The launch of the Cybercrimes and Cybersecurity Bill aims to improve the legal framework for cyber security in South Africa and to provide more effective responses to cyber threats. The introduction of bills in the industry is expected to have a positive impact on the market. The national cyber security strategy is another project which aims to improve the country's cyber security posture by raising awareness about cyber threats, strengthening its cyber security infrastructure, and improving the level of training. 

Moreover, private companies have been investing in the cyber security market and have launched cyber security solutions and services to protect customers from cyber threats. South Africa has seen a significant increase in cyber-attacks ranging from phishing scams to data breaches, which has led to a greater demand for cybersecurity solutions. The South Africa cyber security market has shown growth and the government and private sector are working together to improve the level of protection against cyber-attacks. 

South Africa Cyber Security Market Synopsis

South Africa Cybersecurity Market size is anticipated to witness strong growth over the coming years on account of rapid growth in internet users combined with growing dependability on e-governance, IoT, commercial services and social networking that has upturned the vulnerability of both inhabitants and government to cyber criminals. Additionally, an increasing number of cybercriminal organizations in the country is another major factor that has driven the market of cybersecurity in the recent past. However, the sudden outbreak of COVID 19 in the country has halted the operation in several sectors such as retail, hospitality, energy & utility, which in turn would hamper the growth of the cybersecurity industry during the year 2020. However, the ongoing global pandemic COVID-19 hampered the overall economic growth of South Africa, thus, restraining the growth of the cyber security market as well.

According to 6Wresearch, the South Africa Cyber Security Market size is projected to grow at a CAGR of 11.1% during 2020-2026.  For proper functioning and implementation of cybersecurity policy in the country, several governments departments and organizations such as the Centre for Scientific and Industrial Research (CSIR), the State Information Technology Agency (SITA), the State Security Agency (SSA), the South Africa Police Service (SAPS), the Hawks, the South Africa National Defence Force (SANDF), and the Department of Communications and Digital Technologies (DCDT) are working together. Such strong governmental support for sectors such as telecoms, retail, finance and health would amplify the demand for enterprise cybersecurity products, services and consumer software in the country. Based on types, enterprise cybersecurity services dominated the market revenue share in 2020 in the overall cybersecurity market owing to factors such as cost considerations, focus on core competencies, lesser time consumption and increasing share of cloud-based service model.

Market Analysis By Verticals

Based on verticals, in 2019, IT & Telecommunication, BFSI and Government sector accounted for a cumulative market share of around 55% in the overall market revenues. the IT & Telecommunication and BFSI verticals were the highest revenue-generating segments in 2019 owing to the heavy deployment of cybersecurity products and services in such sectors. Further, the BFSI domain would show substantial growth in forthcoming years on account of an increase in the number of cyber-attacks in the banking sector. According to the report published by the South African Banking Risk Information Centre 2019, around 16,296 acts of cybercrime were done alone to the banking sector thereby resulting in the loss of around $15 million and the number would troll heavily in years to come.

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 South Africans 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 Cyber Security market in South Africa in the coming future. Further, to bring in high technology and fast communication access, many satellite industry-based private players across the world are working towards the growth and expansion of their present infrastructure to enhance the installation and integration of the necessary equipment related to Cyber Security in every nook and corner of the world along with the alignment of the same with the evolving augmented reality environment and as a result, is further, expected to be a positive driving growth factor for the South Africa Cyber Security market in the near future.

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:

• South Africa Cyber Security Market Overview
• South Africa Cyber Security Market Outlook
• South Africa Cyber Security Market Forecast, Until 2027
• Historical Data and Forecast of South Africa Cyber Security Market Revenues, for the period 2017-2027
• Market Drivers and Restraints
• Porter’s Five Force Analysis
• Market Opportunity Assessment
• Competitive Benchmarking
• South Africa Cyber Security Market Trends
• South Africa 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.)