Market Insights Technology Cybersecurity Cyber Solutions

Data Security - Kenya

Kenya

Kenya is expected to witness significant growth in the Data Security market.
According to projections, the revenue in this market is estimated to reach US$1.42m Kenyan Shillings by 2024.
Furthermore, a steady annual growth rate of 13.29% (CAGR 2024-2029) is anticipated, resulting in a market volume of US$2.65m Kenyan Shillings by 2029.
When it comes to the average Spend per Employee in the Data Security market, it is projected to reach US$0.05 Kenyan Shillings in 2024.
This signifies the amount invested in data security per employee within the country.
In terms of global comparison, it is worth noting that United States is expected to generate the highest revenue in the Data Security market.
With an estimated revenue of US$2,891.0m Kenyan Shillings in 2024, United States is set to dominate this market segment.
Kenya's growing digital economy is driving increased demand for data security solutions to protect against cyber threats and safeguard sensitive information.

Key regions: Brazil, Saudi Arabia, Chile, Germany, Belgium

Market

Region

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Currency

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.