Latin America Cybersecurity Market Scope Report

Latin America Cybersecurity Market Highlights Over 2023 - 2035

The Latin America cybersecurity market is estimated to garner a revenue of ~ USD 21 billion by the end of 2035 by growing at a CAGR of ~12% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of ~ USD 6 billion in the year 2023. The cyber-attack rate in the region which is high in comparison with the global rates is the primary factor driving the development of the Latin America cybersecurity market. For instance, the cyber-attack from mobile browsers in Latin America reached up to 4%, while the average worldwide the same was just over 2%. The region also witnessed a higher rate of cyber-attacks from desktops compared to the whole world.

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Latin American countries become regular targets of cyberattacks mainly for their poor defense mechanisms, lack of proper public awareness about the threats from the internet, and the weak coordination between businesses and governments regarding instances of cyberattacks. However, the forming of Computer Security Incident Response Teams (CSIRTs) and Cyber Emergency Response Teams (CERTs) and the recent adoption of national strategies on cyber security are thought to be favorable for the growth of the Latin America cybersecurity market.

Latin America Cybersecurity Market: Growth Drivers and Challenges

Growth Drivers

• Overall Growth of the Global Cybersecurity Market – According to Kenneth Research, the global cybersecurity market should grow at a CAGR of ~12% between 2022 and 2031. The creation and consumption of large amount of data, the surge in the number of devices connected to the internet, the rapidity of digital transformation and the rise in the number of small and medium enterprises have been observed to be the main reasons leading to the spike in worldwide cyberattacks and hence to the market growth. Further, the expenses caused by cybercrimes and the increased demand for automation too should favor the growth of the global cybersecurity market.

• Wide Internet Penetration in the Region – It has been observed that as of April 2022, ~70% of the Latin American population has access to the internet.

• Considerable Increase in Smart Phone Subscriptions – By 2027, over 599 million mobile subscriptions in the Latin America have been projected to operate on smart phones.

• Admirable Progress in Digital Transformation – It is estimated that by 2022, over 39% of the gross domestic product (GDP) of Latin America should come from digital businesses.

Challenges

• Lack of a Strong Governance for the Proper Implementation of Cyber Security

• Lack of Awareness About the Vulnerabilities to Cyber Threats

• Lack of Trained Cyber Security Officials

The Latin American cybersecurity market is segmented and analyzed for demand and supply by deployment into the cloud and on-premise. Between these, the cloud segment is anticipated to hold the largest market size by the end of 2035 as a result of the changes brought about by the pandemic in the vision for growth in many of the businesses in the region. Following the pandemic, Latin American enterprises imitating those worldwide wanted to concentrate more on increasing productivity, reducing costs, retaining old customers, and expanding with the introduction of new products and services. These objectives have led ~40% of Latin American companies to boost information technology (IT) spending on cloud technology in 2021. 

Market Segmentation

Our in-depth analysis of the Latin America cybersecurity market includes the following segments:

Key Companies Dominating the Latin America Cybersecurity Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the Latin America cybersecurity market that are included in our report are Avast Software s.r.o., Check Point Software Technologies Ltd, Cisco Systems, Inc., CyberArk Software Ltd, Dell Technologies, Inc., FireEye Security Holdings US LLC, Fortinet, Inc., Intel Corporation, Palo Alto Networks, Inc., Broadcom, Inc., and others.

Latin America Cybersecurity Market: Latest Developments

• January, 2022: Palo Alto Networks, Inc. – announced the appointment of the recognized business leader, Helmut Reisinger as the CEO of its businesses in Europe, Middle East and Africa, and Latin America.

• November, 2021: Cisco Systems, Inc. – announced the opening of a new data center in Mexico to fulfill its commitment towards Latin America for an excellent online experience and unparalleled cyber security.

Key Reasons to Buy Our Report

• The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.

• We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.

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