The past year has been economically challenging for South Africa as it has been for the rest of the world. Virtually every sector has been impacted with many companies keeping a tight lid on their budgets when it comes to new projects. Despite this, our transition from Syrex to inq. was a significant milestone. It was a period of strategic realignment, bringing its challenges but also heralding a positive future. This shift allowed us to work with an array of cultures and personalities, broadening our perspective both locally and across the African continent.
inq. South Africa has proudly become the home market for our group on the African continent. We have been adapting to this new role, navigating the intricacies of a diverse market landscape.
The first quarter of 2024 is expected to be slow due to the South African elections. However, we are looking beyond this period to capitalise on strategic opportunities in large accounts and government sectors with a host of leading edge technologies borne within the inq group. We remain committed to the fabric of our business which has and always will be our clients. As such, we are keenly focused on the client experience and improving it wherever possible.
A landmark development for us is the upcoming launch of the Equiano cable into our regions. This initiative will not only provide significant internet capacity to the continent but also enhance connectivity between Nigeria, South Africa, and Europe. This will result in better pricing and represent a significant step forward for Africa in the digital world.
There has been a significant shift to Secure Access Service Edge (SASE) technologies, emphasising zero trust, multi-factor authentication, and security beyond traditional endpoint measures. Alongside this, the last 12 months have seen a substantial reduction in internet costs per megabyte, a trend set to continue with the Equiano cable’s influence.
At inq., we are embracing ‘Everything as a Service,’ including our launch of Vision AI technology for cameras to improve security, safety, and monitoring including our AI document management solution. This development, driven by our internal development team in India, is part of our commitment to innovation. AI is revolutionising the global landscape, offering new opportunities but also introducing new cybersecurity challenges. We are witnessing different attack vectors, with hackers increasingly targeting business IP and leveraging AI to manipulate security systems.
As we step into 2024, our commitment at inq. South Africa is to remain at the forefront of technological innovation and to continue adapting to the evolving digital landscape. We are dedicated to protecting our businesses in this new era, leveraging our strengths, and seizing the opportunities that lie ahead.