05 Oct Africa cybersecurity market predicted to hit new profit-making growth by 2030
According to the Regional Research Reports, the Africa cybersecurity market is expected to reach USD 14.60 billion by 2030 from USD 2.78 billion in 2021.
The market growth is also projected to grow at a CAGR of 20.2% from 2022 to 2030.
The predicted growth comes at a time when Africa’s cybersecurity sector is noted as ‘maturing’, according to a recent KPMG whitepaper report. Their report highlights that the cyber landscape in Africa is highly dynamic and rapidly evolving. The advancement is thought to be fuelled by widespread digitisation and matched by sizeable investments in protecting assets and data from cyber threats.
John Anyanwu, partner and head of cyber security at KPMG Nigeria and Africa, explained that whilst the continent faces many challenges, including poverty and political conflicts, multiple economies in the region have shown tremendous growth.
He commented: “A number of countries are demonstrating rapid post-pandemic recovery with increased consumption and adoption of digital technologies at grassroots level.”
The survey identified key areas of focus for Africa, including the integration of cyber security into core business strategies as well as more robust and risk-focused regulation. The survey also uncovered the need for more proactive threat identification and defence and a focus on building the cyber talent pool.
Marcelo Vieira, partner and head of cyber security for KPMG South Africa, added: “As organisations undergo digital transformation, it is crucial that they envision data protection and privacy as a key strategic component and we are starting to see a massive shift across the African continent.”
The report also revealed that entities in Africa with a global footprint have achieved greater clarity in terms of strategic cyber security direction compared with those operating solely within Africa.