The opportunities for market growth in live online webinar software have shown great promise around the world with tremendous growth potential in terms of revenue generation. The global demand for live webinars is projected to grow with a healthy CAGR over the forecast period. Digitalization in Africa is poised to make great gains and help fuel global growth into the future. Along with this rapid economic growth, comes a burgeoning e-commerce industry that is poised to expand to an estimated $75.0 billion USD by the year 2025.
With this growing prosperity and digitization, however, comes new risks and vulnerabilities that could undermine progress. Chief among these is the global rise of cyber-crime. As the African Continent’s economy moves online, citizens, their computer systems, and the Continent’s information technology (IT) infrastructure become enticing targets for an increasingly professional cadre of cyber criminals. Due to the borderless nature of cybercrime, many of the cyber security trends we see globally also are affecting Africa, including the explosion of ransomware, social media scams, and the proliferation of new malware and website vulnerabilities. However, because of how the IT infrastructure evolved in Africa, several of these cybercrime trends will become especially acute and pose a significant danger.
Over the past decade, mobile phone networks have transformed communications in Africa. The ubiquity of mobile phones has allowed African communications networks to leapfrog the entire landline generation of development and go directly to the digital age. However, the steady rise of mobile malware that mainly targets Android systems is concerning given that 89.0% of the smartphone market share in Africa runs on that platform. For example, according to Symantec data, more than one out of every seven mobile devices in Nigeria is currently infected with mobile malware. Africa could be viewed as a permissive environment for cyber criminals due to a lack of security capabilities, absence of relevant legislation and general lack of awareness of cyber security measures. Social media remains a favored target of scammers, as criminals seek to leverage the trust people have in their own social circles to spread scams, fake links, and phishing. Using Cloud-based services has opened up secure company networks to an entirely new set of risks. It has raised concerns about the online exposure of company information, customer and employee records, financial records and documentation, intellectual property, and proprietary systems and procedures. Another primary concern is the inability to control the security of information once it is in the cloud, potentially leading to non-compliance with legal and regulatory requirements. All these concerns are boosting the need for cyber security in African countries.
The Africa market for cyber security is made up of a large number of influential players. Market players such as Cisco, IBM, EMC Corporation, CSC, Symantec, HP, Fortinet dominate the Africa Cyber Security market. Some of the few other players include MCAfee, Darktrace, Synopsys, and Zartech. Different businesses concentrate on organic tactics such as launches of products, product licenses, trademarks and activities Acquisitions and cooperation & partnerships became inorganic growth plan practices observed in the sector. Such operations have opened the way for industry leaders to grow their company and customer base. In the future, with the growing need for cyber security in the global economy, market players from the cyber security market are anticipated to have lucrative growth prospects. With the demand for end-user experience tracking in the global markets, industry payers from end-user experience surveillance are expected to achieve lucrative growth prospects in the future.
Segment Overview of Africa Cyber Security Market
Type Overview, 2018-2028 (USD Billion)
Application Overview, 2018-2028 (USD Billion)
- Large Enterprises
Regional Overview, 2018-2028 (USD Billion)
- South Africa
- Rest of Africa