Market Insights Technology Cybersecurity Cyber Solutions

Application Security - Kenya

Kenya

The Application Security market in Kenya is expected to witness a significant growth in revenue, with projections indicating that it will reach KES US$1.38m by 2024.
Furthermore, the market is anticipated to display a promising compound annual growth rate (CAGR 2024-2029) of US$1.38m, leading to a market volume of KES US$3,004.0m by 2029.
An important metric to consider is the average Spend per Employee in the Application Security market, which is projected to reach KES US$0.05 by 2024.
This indicates the level of investment and expenditure per individual within the industry.
When comparing the global landscape, it is noteworthy that United States is expected to generate the highest revenue in the Application Security market, with projections estimating it to reach a staggering US$3,004.0m in 2024.
This demonstrates the dominant position of the United States in this market segment.
Kenya is experiencing a growing demand for application security services as companies strive to protect their digital assets from cyber threats.

Key regions: Spain, Belgium, Brazil, India, Chile

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Methodology

Data coverage:

Data encompasses B2C, B2B and B2G enterprises. Figures are based on security spending excluding VAT and the number of cyberattacks.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial statements of the market-leading companies and industry associations, national statistical offices, and specific countries’ security organizations (e.g., German Cyber Security Council, Canadian Centre for Cyber Security). Furthermore, we use relevant key market indicators and data from country-specific associations, such as GDP and internet penetration. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. Possible techniques are, for example, exponential trend smoothing and the autoregressive integrated moving average (ARIMA) forecasting algorithm. The main drivers are GDP, internet users, level of digitization, and consumer attitude towards data and IT security.

Additional notes:

Data is modeled using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.