Market Insights Technology Cybersecurity Cyber Solutions

Network Security - Benin

Benin

The Network Security market in Benin is expected to see a significant rise in revenue, with projections indicating that it will reach US$1.54m by 2024.
This growth is further expected to continue at an annual growth rate of 13.18% from 2024 to 2029, resulting in a market volume of US$2.86m by the end of that period.
Additionally, the average Spend per Employee in the Network Security market is forecasted to reach US$0.30 in 2024.
When comparing the global market, it is noteworthy that United States is expected to generate the highest revenue, reaching a remarkable US$10,830.0m in 2024.
Benin is experiencing a surge in demand for network security solutions due to the increasing cyber threats faced by its growing digital economy.

Key regions: United States, Germany, Saudi Arabia, Brazil, Chile

Market

Region

Region comparison

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.