Market Size of Chile Cybersecurity Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 9.80 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Chile Cybersecurity Market Analysis
The Chile Cybersecurity Market is anticipated to witness a CAGR of 9.8% during the forecast period. The number of securities-related incidents in Chile continues to be an issue of national concern.
- Internet penetration in Chile is the highest in Latin America at 92%, with 17.7 million permanent users. The adoption of cybersecurity solutions is expected to grow with the increasing internet penetration.
- Chile has the region's highest penetration of mobile connections at 137% or 26.32 million cellular mobile connections. Currently, 3G and 4G connections dominate the market. However, in December 2021, Chile launched its first 5G network with an investment of USD 3.5 billion. Such investments are creating new business opportunities in the sector.
- According to National Cybersecurity Index, Chile's population is 18.2 million, ranked 74th by Global Cybersecurity Index. Government and private organizations in Chile are looking for secure digital infrastructure platforms where a huge amount of data can be managed and stored in a secure platform.
- For instance, according to National Cybersecurity Policy for 2017 to 2022, the Bill's purpose is to set out the necessary institutional framework to strengthen cybersecurity, expand and reinforce preventive work, create a public culture of digital security, address contingencies in the public and private sectors, and safeguard the security of people in the cyberspace.
- In September 2022, several government agencies in Latin America were targeted in ransomware attacks, and the latest victims are Chile and the Dominican Republic. Chile's Ministry of Interior reported that a government agency had its systems and online services disrupted by a piece of ransomware that targeted Windows and VMware ESXi servers.
- Due to the COVID-19 crisis, many IT organizations were facing more cyberattacks due to the security vulnerability of remote work as well as the shift to virtualized IT environments, such as the infrastructure, data, and network of cloud computing. In Chile, the demand for cybersecurity solutions is expected to grow high in the future.
