|Study Period:||2018 - 2026|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The Latin American Cybersecurity Market was valued at USD 4.84 billion in 2020, and it is projected to be worth USD 9.57 billion by 2026, registering a CAGR of 10.8% during the forecast period (2021-2026). With the recent outbreak of the COVID-19 pandemic, organizations across the world must respond proactively to cyber threats that have witnessed a spike during the pandemic. Owing to this, cyber resilience, which refers to a sector or organization’s ability to respond to, prepare for, and recover from cyberattacks, has become an absolute necessity rather than an option in the current scenario.
- Cyber threats are internet-based attempts to damage or disrupt information systems and hack critical information using spyware, malware, and phishing. Cybersecurity solutions help an organization to monitor, detect, report, and counter cyber threats to maintain data confidentiality.
- The adoption of cybersecurity solutions is expected to grow with the increasing penetration of the internet among the Latin American countries. Also, the expanding wireless network for mobile devices has increased data vulnerability making cybersecurity an integral part of every single organization across Latin America. The rising incidents of cyber attacks and regulations requiring for reporting are driving the growth of the cybersecurity market in Latin America.
- Brazil is one of the emerging economies with increasing investment in IT infrastructure and rising smartphone and internet penetration. Although the country is moving towards advanced ICT, it lacks proper cybersecurity measures owing to which the hackers are finding vulnerabilities to exploit. Hence, the growing M2M or IoT connections is strengthening the demand for cybersecurity solutions.
- However, the lack of cyber security profession has been a concerning factor, limiting the growth for cybersecurity market in Latin America.
Scope of the Report
The scope of the study for the cyber security market in Latin America is limited to the type of security solutions offered by the vendors in the region. Also, it has considered both cloud and on-premise deployment and type of solutions and their respective applications in a wide range of industries in Latin America.
|Wireless Network Security|
|Other Types of Security|
|Banking, Financial Services and Insurance|
|IT and Telecommunication|
|Other End-user Industries|
|Rest of Latin America|
Key Market Trends
Cloud Deployment to Grow Significantly
- The increasing realization among enterprises about the importance of saving money and resources by moving their data to the cloud, instead of building and maintaining new data storage, is driving the demand for cloud-based solutions, and hence, the adoption of on-demand security services in the region.
- Owing to multiple benefits, both large enterprises and SMEs in the region are increasingly opting for cloud-based solutions. Over the course of the next few years, cloud platforms and ecosystems are anticipated to serve as a launchpad for an explosion in the pace and scale of digital innovation.
- Security has been a critical consideration at each step of the cloud adoption cycle, as IT provision has moved from on-premise to outside of company’s walls. In the case of the Latin American region, SMEs have been preferring cloud deployment as it allows them to focus on their core competencies, rather than invest their capital in security infrastructure since they have limited cybersecurity budgets.
- Furthermore, deployment of public cloud service extends the boundary of trust beyond the organization, which makes security a vital part of the cloud infrastructure. However, the increasing usage of cloud-based solutions has significantly simplified the adoption of cybersecurity practices by enterprises.
- With the increased adoption of cloud services, such as Google Drive, Dropbox, and Microsoft Azure, among others, and with these tools emerging as an integral part of business processes, enterprises have to deal with security issues, such as loss of control over sensitive data. This gives rise to increased incorporation of on-demand cybersecurity solutions.
To understand key trends, Download Sample Report
Increasing M2M Connections Demand Cyber Security
- While GSMA reported that IoT connections in Latin America are expected to grow to 1300 million by 2025 from 444 million in 2017, M2M connections are also anticipated to witness a significant rise. The IoT describes the coordination of multiple devices, machines, and appliances connected to the Internet through multiple networks.
- These devices include everyday objects such as tablets, consumer electronics, and other machines, such as vehicles, monitors, and sensors equipped with M2M communications that allow them to send and receive data.
- As M2M connectivity support sensors, probes, modems, modules and routers used, the IoT and M2M connectivity has driven the market for cyber security in the region.
- Owing to the positive growth prospect in the region, various firms are offering IoT design, consulting, and integration services. For instance, Agrus Data is a Brazilian IoT provider who specializes in the agriculture vertical; In April of 2019, Agrus Data and Embratel, a telecommunications operator in Brazil, have partnered in order to collaborate in the development and sale of connectivity solutions for agriculture. Argus Data already has 10 million data collected and 20 developed projects.
To understand geography trends, Download Sample Report
The market for cyber security in Latin America has witnessed increased competition among many big players existing in the market. Additionally, more emerging companies are entering into the market with the growing economies in the region. Moreover, the market players are witnessing innovation as a key market catalyst.
- December 2020- CyberArk, launched a free assessment offer to help SolarWinds Orion customers identify privileged access-related risk and implement steps to mitigate future exposure to a potential cyber attack.
- November 2020- Dell Technologies expanded its PowerProtect portfolio to deliver data protection solutions designed to fit any IT strategy. New Dell EMC PowerProtect DP series appliances offer significant performance and efficiency improvements with up to 30% more logical capacity, 38% faster backups, and 45% quicker restores.
- October 2020- Fortinet’s latest Firewall integrates networking and security in a single platform to protect any edge and large remote workforces. FortiGate 2600F offers up to 10x higher performance enabled by Fortinet SPUs, allowing customers to replace multiple point products to reduce cost and complexity.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Force Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
4.4 Assessment of Impact of COVID-19 on the market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Rapidly Increasing Cybersecurity Incidents and Regulations Requiring its Reporting
5.1.2 Growing M2M/IoT Connections Demanding Strengthened Cybersecurity in Enterprises
5.2 Market Restraints
5.2.1 Lack of Cybersecurity Professionals
6. MARKET SEGMENTATION
6.1 Security Type
6.1.1 Network Security
6.1.2 Cloud Security
6.1.3 Application Security
6.1.4 End-point Security
6.1.5 Wireless Network Security
6.1.6 Other Types of Security
126.96.36.199 Threat Intelligence and Response
188.8.131.52 Identity and Access Management
184.108.40.206 Data Loss Prevention
220.127.116.11 Security and Vulnerability Management
18.104.22.168 Intrusion Prevention System
22.214.171.124 Other Solutions
126.96.36.199 Professional Services
188.8.131.52 Managed Services
6.4 End-user Industry
6.4.1 Banking, Financial Services and Insurance
6.4.6 IT and Telecommunication
6.4.7 Other End-user Industries
6.5.4 Rest of Latin America
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles*
7.1.1 AVG Technologies
7.1.2 Check Point Software Technologies Ltd
7.1.3 Cisco Systems Inc.
7.1.4 Cyber Ark Software Ltd.
7.1.5 Dell Technologies Inc.
7.1.6 FireEye Inc.
7.1.7 Fortinet Inc.
7.1.8 IBM Corporation
7.1.9 Imperva Inc.
7.1.10 Trend Micro Inc.
7.1.11 Intel Corporation
7.1.12 Symantec Corporation (Broadcom Inc.)
8. INVESTMENT ANALYSIS
9. MARKET OPPORTUNITIES AND FUTURE TRENDS
You can also purchase parts of this report. Do you want to check out a section wise price list?
Frequently Asked Questions
What is the study period of this market?
The LA Cyber Security Market market is studied from 2018 - 2026.
What is the growth rate of LA Cyber Security Market?
The LA Cyber Security Market is growing at a CAGR of 10.8% over the next 5 years.
Who are the key players in LA Cyber Security Market?
AVG Technologies, Check Point Software Technologies Ltd, Cisco Systems Inc., Cyber Ark Software Ltd, Dell Technologies Inc. are the major companies operating in LA Cyber Security Market.