Network security market in Nigeria, America and other countries is expected to reach $11.4 billion before the end of this year, according to the Global Cyber Security Market 2015 report. The report also noted that the security market would reach $17.3 billion by 2025, representing a CAGR of 4.23 per cent during the forecast period.
It stressed that the market is expected to be dominated by North America, occupying 56 per cent of the market share, followed by Asia-Pacific and Europe. It added that Middle East, Latin America and Nigeria, Ghana, South Africa, Egypt and some African countries would account for the remaining 10 per cent of the overall market.
The network security market is estimated to account for 44 per cent of the global cyber security market. Banking, financial services and insurance (BFSI) and energy and utilities have significantly increased their spending on the solutions and services. This rise in the global spending for solutions and services has boosted the market opportunities for the companies providing cyber security solutions.
The report brings out the potential across various countries such as Kenya, South Africa, Nigeria, Morocco and others. It said: “Data security and Identity and Access security are also expected to account for a significant portion of the total cyber security market during the forecast period, with shares of 25 per cent and 16 per cent respectively. “Cloud security will account for the remaining 15 per cent of global cyber security expenditure.
This research provides an in-depth analysis of cyber security market size and drivers, recent developments and industry challenges, SWOT analysis, regional highlights, major programmes as well as competitive landscape and strategic insights providing analysis of the competitive landscape of the global market. It provides an overview of key players, together with information regarding key alliances, strategic initiatives, and financial analysis.
According to the report, “Machine Learning technology to be the new platform for future cyber security measures , FlowID10G to enable constant internet traffic monitoring , Japan developing defensive cyber weapon and US DHS’ cyber security division licenses new advanced malware security technology are also covered in the report.
On a related note, another and regional research titled Africa Cyber Security Market by Solution (IAM, Risk and Compliance Management, IDS/IPS, Encryption, Antivirus and Antimalware, Firewall, DLP, UTM, Security and Vulnerability management, Disaster Recovery and Business Continuity, DDOS Mitigation, Web Filtering) by Service, by Verticals, by Country – Global forecast to 2020 says over the next five years, the market for Africa cyber security market is expected to become highly persistent across its ecosystem, and penetrate the market to a huge extent, covering all geographical territories.
