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South Africa Cybersecurity In Bfsi Market

South Africa Cybersecurity In Bfsi Market

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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

  • Published Date: April 2023
  • Report ID: BWC23341
  • Available Format: PDF
  • Page: 200

Report Overview

Growing cyber threats and incidents targeting BFSI institutions, increasing regulatory compliance requirements for data protection and privacy, and growing adoption of cloud-based security solutions could boost the growth of South Africa Cybersecurity in BFSI Market during the forecast period between 2023 and 2029.

South Africa Cybersecurity in BFSI Market – Industry Trends & Forecast Report, 2029

South Africa cybersecurity in BFSI market size was estimated at USD 2.82 billion in 2022. During the forecast period between 2023 and 2029, South Africa cybersecurity in BFSI market size to grow at a CAGR of 11.79% reaching a value of USD 6.14 billion by 2029. Major factors driving the growth of cybersecurity in BFSI market are the increase in digitalization adoption in the BFSI sector, the increase in IoT & BYOD trend adoption, and the increase in physical & virtual danger in the BFSI sector. Also, the BFSI industry's adoption of cybersecurity is boosted by the growth of mobile device platforms and applications.

South Africa Cybersecurity in BFSI Market

South Africa Cybersecurity in BFSI Market - Overview

Cybersecurity refers to technologies, procedures, and methods for protecting networks, devices, programs, and data from attack, damage, malware, viruses, hacking, data theft, and unauthorized access. To satisfy the changing needs of their consumers, the banking, financial services, and insurance (BFSI) sectors have rapidly reinvented themselves and exploited technology. From handling paper records to a component, various digital services such as online purchases and premium payments are all done to meet the needs of the consumer.

Growth Drivers

Increased Use of Digitalization in BFSI Sector

The BFSI industry's rapid embrace of technologies like artificial intelligence, machine learning, and blockchain has created significant threats to the security of data. The market for BFSI security is also seeing an increase in demand for data protection due to cyberattacks and thefts. Also, banks, financial institutions, and other financing companies are quickly converting their business operations to digital ones; Thus, the acceptance & implementation of security solutions & services has significantly expanded.

Growing Adoption of IoT and BYOD trend

The increasing IoT and BYOD trend among enterprises has made devices and applications increasingly susceptible to advanced persistent threats (APTs). Also, IT staff members should find it harder to manage and track data flow in various systems as the number of mobile devices within businesses increases. Therefore, companies are utilizing cybersecurity solutions to protect sensitive data by keeping track of, categorizing, and resolving numerous threats, which is driving market expansion. Also, a lot of firms are aware that BYOD's advantages outweigh any possible concerns in the workplace. In most cases, such security threats can be eliminated. There are numerous advantages to having a BYOD policy, including higher productivity, employee happiness, and lower company costs, all of which encourage the adoption of cybersecurity.

Impact of COVID-19 on the South Africa Cybersecurity in BFSI Market

The COVID-19 outbreak significantly affected the growth of South Africa cybersecurity in BFSI market, due to the increasing number of smartphone users, increased usage of connected devices, and a thriving e-commerce sector, all of which create an attractive potential for cybersecurity in the BFSI market. Also, the BFSI sector is progressively adopting and investing in technologies, such as artificial intelligence (AI), machine learning (ML), and blockchain solutions to deal with new directives and laws.

South Africa Cybersecurity in BFSI Market

Segmental Coverage

South Africa Cybersecurity in BFSI Market - By Component

On the basis of component, South Africa cybersecurity in BFSI market is divided into Solution (Identity and Access Management (IAM), Data Loss Prevention (DLP), Fraud Detection & Prevention), and Service segments. The solution segment dominated the South Africa cybersecurity in BFSI market growth in 2022 and is expected to continue this trend during the forecast period, owing to an increase in the need for monitoring security and management services to improve banking operations and an increase in the need to manage large risks in banks driving the market growth. Also, the availability of advanced security solutions, such as silent alarm notification, advanced anti-skimming technology, ATM lighting, video surveillance, and remote video monitoring is expected to encourage banks and financial institutions to adopt security solutions, contributing to the growth of the South Africa cybersecurity in BFSI market.

South Africa Cybersecurity in BFSI Market Size

South Africa Cybersecurity in BFSI Market - By Deployment Mode

On basis of deployment mode, South Africa cybersecurity in BFSI market is divided into On-premises and Cloud segments. The cloud segment is a higher contributor to 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 segment held a higher market share in 2021.

South Africa Cybersecurity in BFSI Market - By Enterprise Type

On basis of enterprise type, South Africa cybersecurity in BFSI market is divided into Large Enterprises and Small and Medium-sized Enterprises (SMEs).

Competitive Landscape

Major players in the South Africa Cybersecurity in BFSI 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. The key strategies used by these market leaders are new product launches, mergers & acquisitions, and alliances. To grow their market share, these companies are also focusing on investing in innovations, collaborations, and expansions.

Scope of the Report

Attributes

Details

Years Considered

Historical Data – 2019–2022

Base Year – 2022

Estimated Year – 2023

Forecast Period – 2023–2029

Facts Covered

Revenue in USD Billion

Market Coverage

South Africa

Product/ Service Segmentation

Component, Deployment Mode, Enterprise Type

Key Players

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, Trend Micro Inc.

 

By Component

    • Solution

  1. Identity and Access Management (IAM)

  2. Data Loss Prevention (DLP)

  3. Fraud Detection and Prevention

    • Services

By Deployment Mode

    • On-premises

    • Cloud

By Enterprise Type

    • Large Enterprises

    • SMEs

  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Market Segmentation
  2. Executive Summary
  3. South Africa Cyber Security in BFSI Market Insights
    1. Industry Value Chain Analysis
    2. DROC Analysis
      1. Growth Drivers
        1. Growing cyber threats and incidents targeting BFSI institutions
        2. Increasing regulatory compliance requirements for data protection and privacy
        3. Rising awareness among BFSI institutions about the importance of cybersecurity
      2. Restraints
        1. Lack of skilled cybersecurity professionals in the region
      3. Opportunities
        1. Growing adoption of cloud-based security solutions
        2. Increasing adoption of artificial intelligence and machine learning for cybersecurity
      4. Challenges
        1. Lack of uniform cybersecurity standards and regulations in the regionou
    3. Technology Advancements/Recent Developments
    4. Regulatory Framework
    5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
  4. South Africa Cyber Security in BFSI Market Overview
    1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
      2. Market Share and Forecast
      3. By Component
        1. Solution
          1. Identity and Access Management (IAM)
          2. Data Loss Prevention (DLP)
          3. Fraud Detection and Prevention
        2. Service
      4. By Deployment Mode
        1. On-premises
        2. Cloud
      5. By Enterprise Type
        1. Large Enterprises
        2. SMEs
  5. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. South Africa Cyber Security in BFSI Market Share Analysis, 2022
    3. Competitive Benchmarking, By Operating Parameters
    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)
    1. Cisco Systems
    2. IBM Corporation
    3. Microsoft Corporation
    4. DXC Technology
    5. FireEye Inc.
    6. Broadcom Inc.
    7. MacAfee Inc.
    8. SAS Institute Inc.
    9. ThreatMetrix
    10. Symantec
    11. Fortinet
    12. Proofpoint
    13. CyberArk
    14. Palo Alto Networks
    15. BAE Systems plc
    16. Check Point Software Technologies
    17. Trend Micro Inc.
    18. Other Prominent Players
  8. Key Strategic Recommendations
  9. Research Methodology
    1.    Qualitative Research
      1.  Primary & Secondary Research
    2.    Quantitative Research
    3.    Market Breakdown & Data Triangulation
      1.  Secondary Research
      2.  Primary Research
    4.    Breakdown of Primary Research Respondents, By Region
    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

Market Segmentation

No data available
No data available

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Frequently Asked Questions (FAQs):

Ans: South Africa Cybersecurity in BFSI Market size was estimated at USD 2.82 billion in 2022.
Ans: The cloud segment holds a higher market share in the South Africa Cybersecurity in BFSI Market by deployment mode.
Ans: The solution segment accounts for a higher market share in the South Africa Cybersecurity in BFSI Market by type.
Ans: Major factors driving the growth of South Africa Cybersecurity in BFSI Market include growing cyber threats and incidents targeting BFSI institutions, increasing regulatory compliance requirements for data protection and privacy, and growing adoption of cloud-based security solutions.
Ans: Key players in South Africa Cybersecurity in BFSI 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.