Market Size of Latin America Cybersecurity Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 8.92 Billion |
| Market Size (2029) | USD 12.48 Billion |
| CAGR (2024 - 2029) | 6.95 % |
| Market Concentration | Low |
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?
Latin America Cyber Security Market Analysis
The Latin America Cybersecurity Market size is estimated at USD 8.92 billion in 2024, and is expected to reach USD 12.48 billion by 2029, growing at a CAGR of 6.95% during the forecast period (2024-2029).
The region's expanding digital penetration, reinforced by internet usage and mobile development, drives demand for cybersecurity, but digital transformation is unattainable unless cybersecurity is prioritized. Rapid digitalization and extensive use of digital technology drive Latin American cybersecurity adoption.
- Latin American emerging markets are the most exposed to hackers and breaches because they are still confronting cybersecurity. As things stand, Latin America requires a more strong cybersecurity basis in order to defend the future of its firms. In Latin America, cybercrime has manifested mostly through computer hacking strategies such as malware, phishing, and denial of service (DoS) attacks.
- Furthermore, the region's rising consumer bias towards mobile payments is driving up the need for application security as application-based payments become more widespread and investment in creating payment apps increases.
- The key drivers of the Latin American cybersecurity industry have been the use of new technologies such as the IoT, Big Data, and cognitive intelligence, as well as the acceptance of cloud-managed services. Cloud providers will exert more control over data centers, and companies will rely more on the public cloud during the epidemic to take advantage of its flexibility and scalability.
- The area needs more professionals with skill sets that benefit the cybersecurity sector. According to an Inter-American Bank and Organisation of American States assessment, the Latin American and Caribbean (LAC) area needs to be better equipped to deal with cyberattacks.
- COVID-19 has heightened the need for cybersecurity as businesses prepare to implement months-long business continuity plans (BCP), including information security monitoring and response while working under quarantine circumstances to boost cybersecurity.
