12 Apr African security marketplace to reach $6.2 billion
The latest worldwide spending guide from the International Data Corporation predicts spending on security solutions and services in the Middle East and Africa will increase 7.9% in 2023 to reach a market value of $6.2 billion.
Security software will account for the largest share of spending in 2023 (41.2%), followed by services and hardware, all as a result of digital transformation initiatives being introduced to the region.
“We will inevitably see an expansion of the threat surface area,” explained Yotasha Thaver, a research analyst for software and cybersecurity at IDC.
“The region has already witnessed exponential growth in threats such as DDoS attacks, phishing, and ransomware, resulting in the implementation of strict regulatory compliance measures across many countries and greater awareness around the need for organisations to improve their security postures,” Thaver continued.
The marketplace is fluctuating to combat the growth of threatening software. Banking, financial services, and insurance (BFSI) businesses are continuing to spend incrementally increasing amounts on security in their application and development environments, strengthening customer trust in digital devices and developing security for cloud migration.
BFSI therefore, are projected to be the biggest spender on security solutions and services and will remain so up to 2026.