Market Insights Technology Cybersecurity Cyber Solutions

Data Security - Nigeria

Nigeria

In Nigeria, the Data Security market is expected to experience significant growth in the coming years.
According to projections, the revenue in this market is projected to reach US$3.80m in 2024.
This growth is expected to continue with an annual growth rate of 9.38% between 2024 and 2029, resulting in a market volume of US$5.95m by 2029.
Furthermore, it is anticipated that the average Spend per Employee in the Data Security market will reach US$0.05 in 2024.
This indicates the level of investment and expenditure dedicated to data security measures in Nigeria.
In a global comparison, United States is expected to generate the highest revenue in the Data Security market.
Projections suggest that United States will generate US$2,891.0m in 2024, highlighting its dominance in this market segment.
Nigeria's data security market is experiencing a surge in demand due to the increasing adoption of digital technologies and the need to protect sensitive information from cyber threats.

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

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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.