Cybersecurity - Morocco

Morocco

The Cybersecurity market in Morocco is expected to experience significant growth in the coming years.
By 2024, the projected revenue for this market is estimated to reach US$131.20m.
Among the various segments within the Cybersecurity market, Cyber Solutions is expected to dominate with a projected market volume of US$74.33m in 2024.
This indicates the high demand for security services in Morocco and the importance placed on protecting digital assets.
Furthermore, the revenue in the Cybersecurity market is anticipated to exhibit a steady annual growth rate of 9.34% between 2024 and 2029.
This growth trajectory is expected to result in a market volume of US$205.00m by 2029, further solidifying the importance and potential of the Cybersecurity market sector in Morocco.
In terms of the average Spend per Employee in the Cybersecurity market, it is projected to reach US$10.19 in 2024.
This metric reflects the level of investment and resources allocated to ensuring robust cybersecurity measures within organizations in Morocco.
When considering global comparison, it is noteworthy that United States is expected to generate the highest revenue in the Cybersecurity market.
In 2024 alone, the projected revenue United States is estimated to reach a staggering US$81,370.0m.
This highlights the dominance and maturity of the Cybersecurity market industry United States compared to other countries, including in Morocco.
Overall, the Cybersecurity market in Morocco shows promising growth potential, with increasing revenue, market volume, and investment in security services.
As digital threats continue to evolve, the importance of Cybersecurity market in protecting valuable assets and maintaining trust in digital transactions becomes increasingly crucial.
Morocco is experiencing a growing demand for cybersecurity services, as the country's digital transformation and increasing cyber threats drive the need for robust protection measures.

Key regions: United States, Canada, Brazil, India, Belgium

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Analyst Opinion

Cybersecurity is a topic practically every company must tackle in order to ensure and enhance the success of the digital transformation of their operational activities (e.g., automated processes, cloud-based tools, or software support). Driven by the increasing awareness of data risks and threats, the global Cybersecurity market has witnessed robust growth over the last few years with revenue increasing from US$83.32 billion in 2016 to approximately US$166 billion in 2023.

Furthermore, the adoption of cybersecurity is expected to grow with the increasing internet penetration among developing and developed countries. Whilst it was common to dismiss cybersecurity as a task for the IT department, it is now increasingly becoming the dominant part of top-level strategic planning.

The COVID-19 crisis led to many organizations facing more cyberattacks due to the security vulnerability of remote work as well as the shift to virtualized IT environments, such as the infrastructure, data, and network of cloud computing. The market is expected to continue showing strong growth, with North America as the dominant region in this market. Cloud Security is the fastest-developing market.

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.