South Africa Cybersecurity in BFSI Market, By Component (Solution (Identity and Access Management (IAM), Data Loss Prevention (DLP), Fraud Detection & Prevention), Service); By Deployment Mode (On-premises, Cloud); By Enterprise Type (Large, SMEs), Trend Analysis, Competitive Landscape & Forecast, 2019–2029
South Africa Cybersecurity in BFSI Market Size More Than Doubles to Cross USD 6.1 Billion by 2029
South Africa cybersecurity in BFSI market is flourishing due to growing focus on thwarting cyberattacks and events targeting BFSI companies and increasing adoption of artificial intelligence (AI) and machine learning (ML) for cybersecurity.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated South Africa cybersecurity in BFSI market size at USD 2.82 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects South Africa cybersecurity in BFSI market size to grow at a significant CAGR of 11.79% reaching a value of USD 6.14 billion by 2029. The increase adoption of IoT and BYOD trend, as well as the rise in physical and virtual danger in the BFSI sector, are key drivers propelling the growth of the cybersecurity in BFSI market in South Africa. The expansion of mobile device platforms and applications also aids in the BFSI sector's acceptance of cybersecurity. However, it is anticipated that excessive cost to implement technical security measures may impede industry expansion.
South Africa Cybersecurity in BFSI Market – Overview
Cybersecurity refers to the technologies, procedures, and methods used to safeguard networks, devices, programs, and data from attack, damage, malware, viruses, hacking, data theft, and unauthorized access. The banking, financial services, and insurance (BFSI) industries have rapidly remade themselves and embraced technology to meet the changing needs of their customers. Various digital services such as online purchases and premium payments are all done to fulfill the needs of the consumer, from processing paper records to a component.
Impact of COVID-19 on South Africa Cybersecurity in BFSI Market
The COVID-19 outbreak impacted South Africa's cybersecurity in BFSI market. This was brought on by the rise in smartphone adoption, the growing use of linked devices, and a booming e-commerce industry, all of which provide the BFSI market with an alluring potential for cybersecurity. To comply with new regulations and rules, the BFSI sector is also gradually implementing and investing in technologies including artificial intelligence (AI), machine learning (ML), and blockchain solutions.
South Africa Cybersecurity in BFSI Market - By Deployment Mode
On basis of deployment mode, South Africa cybersecurity in BFSI market is split into On-premises and Cloud segments. The cloud segment is a higher contributor to the growth of South Africa cybersecurity in BFSI market. This expansion is attributed to the increased demand for scalable and flexible solutions to track and provide data access to cloud users, as well as the increased use of mobile devices. However, due to the rising necessity for securing important data in on-premises data centers from cyberattacks and monitoring the influx of data within the organization, the on-premises category held a higher market share in 2021.
Competitive Landscape
South Africa cybersecurity in BFSI market is fiercely competitive. Major companies in the market include Cisco Systems, IBM Corporation, Microsoft Corporation, DXC Technology, FireEye Inc., Broadcom Inc., MacAfee Inc., SAS Institute Inc., ThreatMetrix, Symantec, Fortinet, Proofpoint, CyberArk, Palo Alto Networks, BAE Systems plc, Check Point Software Technologies, and Trend Micro Inc. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the South Africa cybersecurity in BFSI market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of South Africa Cybersecurity in BFSI Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in South Africa Cybersecurity in BFSI Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
- 1. Research Framework
- 1.1. Research Objective
- 1.2. Product Overview
- 1.3. Market Segmentation
- 2. Executive Summary
- 3. South Africa Cyber Security in BFSI Market Insights
- 3.1. Industry Value Chain Analysis
- 3.2. DROC Analysis
- 3.2.1. Growth Drivers
- 3.2.1.1. Growing cyber threats and incidents targeting BFSI institutions
- 3.2.1.2. Increasing regulatory compliance requirements for data protection and privacy
- 3.2.1.3. Rising awareness among BFSI institutions about the importance of cybersecurity
- 3.2.2. Restraints
- 3.2.2.1. Lack of skilled cybersecurity professionals in the region
- 3.2.3. Opportunities
- 3.2.3.1. Growing adoption of cloud-based security solutions
- 3.2.3.2. Increasing adoption of artificial intelligence and machine learning for cybersecurity
- 3.2.4. Challenges
- 3.2.4.1. Lack of uniform cybersecurity standards and regulations in the regionou
- 3.3. Technology Advancements/Recent Developments
- 3.4. Regulatory Framework
- 3.5. Porter’s Five Forces Analysis
- 3.5.1. Bargaining Power of Suppliers
- 3.5.2. Bargaining Power of Buyers
- 3.5.3. Threat of New Entrants
- 3.5.4. Threat of Substitutes
- 3.5.5. Intensity of Rivalry
- 4. South Africa Cyber Security in BFSI Market Overview
- 4.1. Market Size & Forecast, 2019–2029
- 4.1.1. By Value (USD Million)
- 4.1.2. Market Share and Forecast
- 4.1.3. By Component
- 4.1.3.1. Solution
- 4.1.3.1.1. Identity and Access Management (IAM)
- 4.1.3.1.2. Data Loss Prevention (DLP)
- 4.1.3.1.3. Fraud Detection and Prevention
- 4.1.3.2. Service
- 4.1.4. By Deployment Mode
- 4.1.4.1. On-premises
- 4.1.4.2. Cloud
- 4.1.5. By Enterprise Type
- 4.1.5.1. Large Enterprises
- 4.1.5.2. SMEs
- 5. Competitive Landscape
- 5.1.
- List of Key Players and Their Offerings
- 5.2. South Africa Cyber Security in BFSI Market Share Analysis, 2022
- 5.3. Competitive Benchmarking, By Operating Parameters
- 5.4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
- 6. Impact of Covid-19 on South Africa Cyber Security in BFSI Market
- 7. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
- 7.1. Cisco Systems
- 7.2. IBM Corporation
- 7.3. Microsoft Corporation
- 7.4. DXC Technology
- 7.5. FireEye Inc.
- 7.6. Broadcom Inc.
- 7.7. MacAfee Inc.
- 7.8. SAS Institute Inc.
- 7.9. ThreatMetrix
- 7.10. Symantec
- 7.11. Fortinet
- 7.12. Proofpoint
- 7.13. CyberArk
- 7.14. Palo Alto Networks
- 7.15. BAE Systems plc
- 7.16. Check Point Software Technologies
- 7.17. Trend Micro Inc.
- 7.18. Other Prominent Players
- 8. Key Strategic Recommendations
- 9. Research Methodology
- 9.1. Qualitative Research
- 9.1.1. Primary & Secondary Research
- 9.2. Quantitative Research
- 9.3. Market Breakdown & Data Triangulation
- 9.3.1. Secondary Research
- 9.3.2. Primary Research
- 9.4. Breakdown of Primary Research Respondents, By Region
- 9.5. Assumptions & Limitations
- *Financial information in case of non-listed companies can be provided as per availability.
- **The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable
- List of Figures
- Figure 1 South Africa Cyber Security in BFSI Segmentation
- Figure 2 South Africa Cyber Security in BFSI Market Value Chain Analysis
- Figure 3 Company Market Share Analysis, 2022
- Figure 4 South Africa Cyber Security in BFSI Market Size, By Value (USD Million), 2019–2029
- Figure 5 South Africa Cyber Security in BFSI Market Share, By Component, By Value, 2019–2029
- Figure 6 South Africa Cyber Security in BFSI Market Share, By Deployment Model, By Value, 2019–2029
- Figure 7 South Africa Cyber Security in BFSI Market Share, By Enterprise Type, By Value, 2019–2029
- List of Tables
- Table 1 South Africa Cyber Security in BFSI Market Size, By Value (USD Million), 2019–2029
- Table 2 South Africa Cyber Security in BFSI Market Size, By Component, By Value, 2019–2029
- Table 3 South Africa Cyber Security in BFSI Market Size, By Deployment Model, By Value, 2019–2029
- Table 4 South Africa Cyber Security in BFSI Market Size, By Enterprise Type, By Value, 2019–2029
- Table 5 Cisco Systems Company Overview
- Table 6 Cisco Systems Financial Overview
- Table 7 IBM Corporation Company Overview
- Table 8 IBM Corporation Financial Overview
- Table 9 Microsoft Corporation Company Overview
- Table 10 Microsoft Corporation Financial Overview
- Table 11 DXC Technology Company Overview
- Table 12 DXC Technology Financial Overview
- Table 13 FireEye Inc. Company Overview
- Table 14 FireEye Inc. Financial Overview
- Table 15 Broadcom Inc. Company Overview
- Table 16 Broadcom Inc. Financial Overview
- Table 17 MacAfee Inc. Company Overview
- Table 18 MacAfee Inc. Financial Overview
- Table 19 SAS Institute Inc. Company Overview
- Table 20 SAS Institute Inc. Financial Overview
- Table 21 ThreatMetrix Company Overview
- Table 22 ThreatMetrix Financial Overview
- Table 23 Symantec Company Overview
- Table 24 Symantec Financial Overview
- Table 25 Fortinet Company Overview
- Table 26 Fortinet Financial Overview
- Table 27 Proofpoint Company Overview
- Table 28 Proofpoint Financial Overview
- Table 29 CyberArk Company Overview
- Table 30 CyberArk Financial Overview
- Table 31 Palo Alto Networks Company Overview
- Table 32 Palo Alto Networks Financial Overview
- Table 33 BAE Systems plc Company Overview
- Table 34 BAE Systems plc Financial Overview
- Table 35 Check Point Software Technologies Company Overview
- Table 36 Check Point Software Technologies Financial Overview
- Table 37 Trend Micro Inc. Company Overview
- Table 38 Trend Micro Inc. Financial Overview
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