Market Insights Technology Cybersecurity Cyber Solutions

Network Security - Southern Africa

Southern Africa

The Network Security market in Southern Africa is expected to experience significant growth in the coming years.
According to projections, the market's revenue is set to reach US$84.75m in 2024.
Furthermore, a promising annual growth rate of 10.15% (CAGR 2024-2029) is anticipated, which would result in a market volume of US$137.40m by 2029.
When it comes to the average Spend per Employee in the Network Security market, it is estimated to reach US$2.93 in 2024.
This metric provides insight into the level of investment in personnel within the industry.
In terms of global comparison, United States is expected to generate the highest revenue in the Network Security market.
Projections indicate that the country will reach an impressive US$10,830.0m in 2024.
This highlights United States' dominant position in this market segment.
The demand for network security solutions is growing rapidly in Southern Africa due to the increasing cyber threats faced by businesses in the region.

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.