Latin America Cyber Security Market - Growth, Trends, and Forecast (2020 - 2025)

Latin America Cyber Security Market is segmented by Type of Security (Network Security, End Point Security, Application Security, Cloud Security, Wireless Security), Type of Deployment (Cloud, On-Premise), Solution (IAM, DLP, SVM, IPS, UTM, Enterprise Risk and Compliance, Managed Security Services), and Country.

Market Snapshot

Study Period:

2019-2025

Base Year:

2019

CAGR:

13.87 %

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Market Overview

The Latin America Cyber Security Market was valued at USD 12.88 billion in 2019 and is expected to reach USD 26.20 billion by 2025, at a CAGR of 13.87% over the forecast period 2020 - 2025. 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.

By Security Type
Network Security
Cloud Security
Application Security
End-point Security
Wireless Network Security
Other Types of Security
By Solution
Threat Intelligence and Response
Identity and Access Management
Data Loss Prevention
Security and Vulnerability Management
Intrusion Prevention System
Managed Security
Other Solutions
By Deployment
Cloud
On-Premise
By Industry
Banking, Financial Services and Insurance
Healthcare
Manufacturing
Retail
Public Utility
IT and Telecommunication
Other Industries
By Country
Brazil
Argentina
Mexico
Rest of Latin America

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Key Market Trends

BFSI Sector to Grow Significantly

  • The BFSI sector is one of the critical infrastructure segments that suffers several data breaches and cyber-attacks, owing to the large customer base that the industry serves and the financial information that is at stake. The financial service institutions have been identified to be four times more susceptible to cyber attacks, as compared to other industries, which is expected to drive the demand for such solutions.
  • The phishing attacks have been rising in the region accounted for 192,000 attacks per day in 2017, which grew by 115% from the previous year.  In 2018, more than 2,000 mobile banking users in Brazil downloaded android-based malware, which breached the confidential data from the device.
  • Moreover, in May 2018, Mexico central bank announced that a cyber attack in April 2018 cost undisclosed five financial institutions around USD 15.2 million was owing to several fraudulent transfers.
  • In Latin America, Brazil is the most targeted country for cyber attacks. it registered over 28% of the phishing attacks occurred in the region and the country is followed by Guatemala with 20.34%.

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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.

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Competitive Landscape

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.

  • May 2019 - Proofpoint Inc. signed a definitive agreement to acquire Meta Networks, an innovator in zero-trust network access. With this acquisition, the company is aiming at strengthening its cloud-based architecture and people-centric security platform.

  • May 2019 - FireEye Inc. acquired security instrumentation company Verodin at USD 250 million. With this acquisition, the company is planning to leverage the Verodin Security Instrumentation Platform into its portfolio by identifying gaps in security effectiveness due to equipment misconfiguration, changes in the IT environment.

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Table Of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Introduction to Market Drivers and Restraints

    3. 4.3 Market Drivers

      1. 4.3.1 Rapidly Increasing Cyber Security Incidents and Regulations Requiring its Reporting

      2. 4.3.2 Growing M2M/Iot Connections Demands for Strengthened Cyber Security in Enterprises

    4. 4.4 Market Restraints

      1. 4.4.1 Lack of Cyber Security Professionals

    5. 4.5 Industry Value Chain Analysis

    6. 4.6 Industry Attractiveness - Porter's Five Force Analysis

      1. 4.6.1 Threat of New Entrants

      2. 4.6.2 Bargaining Power of Buyers/Consumers

      3. 4.6.3 Bargaining Power of Suppliers

      4. 4.6.4 Threat of Substitute Products

      5. 4.6.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Security Type

      1. 5.1.1 Network Security

      2. 5.1.2 Cloud Security

      3. 5.1.3 Application Security

      4. 5.1.4 End-point Security

      5. 5.1.5 Wireless Network Security

      6. 5.1.6 Other Types of Security

    2. 5.2 By Solution

      1. 5.2.1 Threat Intelligence and Response

      2. 5.2.2 Identity and Access Management

      3. 5.2.3 Data Loss Prevention

      4. 5.2.4 Security and Vulnerability Management

      5. 5.2.5 Intrusion Prevention System

      6. 5.2.6 Managed Security

      7. 5.2.7 Other Solutions

    3. 5.3 By Deployment

      1. 5.3.1 Cloud

      2. 5.3.2 On-Premise

    4. 5.4 By Industry

      1. 5.4.1 Banking, Financial Services and Insurance

      2. 5.4.2 Healthcare

      3. 5.4.3 Manufacturing

      4. 5.4.4 Retail

      5. 5.4.5 Public Utility

      6. 5.4.6 IT and Telecommunication

      7. 5.4.7 Other Industries

    5. 5.5 By Country

      1. 5.5.1 Brazil

      2. 5.5.2 Argentina

      3. 5.5.3 Mexico

      4. 5.5.4 Rest of Latin America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 AVG Technologies

      2. 6.1.2 Check Point Software Technologies Ltd

      3. 6.1.3 Cisco Systems Inc.

      4. 6.1.4 Cyber Ark Software Ltd

      5. 6.1.5 Dell Technologies Inc.

      6. 6.1.6 FireEye Inc.

      7. 6.1.7 Fortinet Inc.

      8. 6.1.8 IBM Corporation

      9. 6.1.9 Imperva Inc.

      10. 6.1.10 Proofpoint Inc.

      11. 6.1.11 Intel Corporation

      12. 6.1.12 Broadcom Inc. (Symantec Corporation)

  7. *List Not Exhaustive
  8. 7. INVESTMENT ANALYSIS

  9. 8. MARKET OPPORTUNITIES AND FUTURE TRENDS

** Subject to Availability

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