Market Size of Latin America IoT Security Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | 25.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Latin America IoT Security Market Analysis
The Latin America Internet of Things (IoT) Security Market has registered a CAGR of 25.5% during the forecast period. An increase in the number of ransomware attacks on various IoT devices and the rise in the number of IoT security regulations among the developing economies in the region, along with an increase in malware and phishing threats among different enterprises, are driving the growth of the market in Latin America. Further, COVID-19 has played a significant role in giving rise to the work-from-home concept, increasing the demand for IoT security solutions.
- Latin America has been one of the most successful developing regions, but the expansion of technology could be better for the growth of IoT. The emerging business models and applications, coupled with the reducing device costs, have been instrumental in driving the adoption of IoT. Consequently, the number of connected devices, such as connected cars, machines, meters, wearables, and consumer electronics.
- Brazil is one of the largest countries in the world in terms of size and population. It is also among the world's largest economies by nominal GDP and by purchasing power parity. Trading Economics states Brazil is the tenth-largest economy globally and the biggest in Latin America. According to the Brazilian Institute of Geography and Statistics, in the second quarter of last year, the GDP in Brazil decreased by 0.1% compared to the previous quarter.
- IoT solutions in Latin America, specifically Mexico, Brazil, and Argentina, have grown from servicing the supply chain process to adding visibility to healthcare, government offices, and hospitality industries. The rapidly growing implementation of Wi-Fi, RFID, Bluetooth, and sensors has brought on the IoT revolution, which is believed to be the most transformative technology for the next decade by 99% of respondents.
- To manage employees working from home, organizations in the region rely extensively on remote-based monitoring of the workforce, improving the demand for IoT solutions. This helps bring transparency, improve safety, provide real-time tracking and ensure meeting government compliance. However, the cybersecurity of remote workforce and enterprises plays a crucial role in catering to their clients during lockdowns. Therefore, it offers a significant market opportunity for IoT security vendors.
