Market Size of Colombia Cybersecurity Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 1.03 Billion |
| Market Size (2029) | USD 1.74 Billion |
| CAGR (2024 - 2029) | 11.12 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Colombia Cybersecurity Market Analysis
The Colombia Cybersecurity Market size is estimated at USD 1.03 billion in 2024, and is expected to reach USD 1.74 billion by 2029, growing at a CAGR of 11.12% during the forecast period (2024-2029).
The covid-19 pandemic has impacted many sectors and industries in Colombia. According to the Ministry of Information Technologies and Communications, the adoption of remote work increased almost 400% in the first semester of 2020 compared to the previous two years. The increase led companies and people across Colombia more exposed and vulnerable to cyberattacks.
- Cyber threats are internet-based attempts to harm or disrupt information systems and hack critical information using spyware, malware, and phishing. Cybersecurity solutions help organizations monitor, detect, report, and counter cyber dangers to maintain data confidentiality.
- Colombia has Statutory Law 1581 in place for data breaches in the country. According to section 18 and section 17 of the law, the data controller and the data processor shall notify the data protection authority of any kind of breach of security, a security risk, or risk for data administration.
- In February 2022, the Government of Israel joined the Inter-American Development Bank to establish new cybersecurity initiatives through its Ministry of Finance and the National Cyber Directorate. Through a USD 2 million contribution, Israel is helping strengthen cybersecurity capabilities in Latin America, including Colombia and the Caribbean.
- The implementation of cybersecurity solutions is expected to grow with the increasing Internet penetration in the country. Moreover, the rapidly expanding wireless network for mobile devices has increased data vulnerability, making cybersecurity an integral part of every organization across Colombia. The rising incidents of cyberattacks and regulations requiring reporting are driving the growth of the cybersecurity market in Colombia.
