Brazil Cybersecurity Market Size (2024 - 2029)

Brazil Cybersecurity Market Analysis

The Brazil Cybersecurity Market size is estimated at USD 3.34 billion in 2024, and is expected to reach USD 5.46 billion by 2029, growing at a CAGR of 10.30% during the forecast period (2024-2029).

The country witnessed increased demand for cybersecurity solutions with the increasing digitalization. The companies leverage developing networking infrastructure to shift operations on the internet, requiring cybersecurity solutions to comply with the data protection norms led by the Brazilian government.

• Cyberattacks are increasing in Brazil with the increasing development of network infrastructure. According to Kaspersky, the amount of RDP attacks in the U.S. and Brazil increased by more than 5 million each in the first quarter of the current year compared to January last year. Also, the number of password stealers in Brazil tripled in the current year compared to the previous year. These figures indicate the need to strengthen the cybersecurity infrastructure, creating more scope in the future.
• The country is also welcoming the latest law regulations and frameworks to encourage the implementation of cybersecurity in businesses and strengthen the ecosystem. For instance, according to gov.br, in December of last year, the Federal Senate approved the Draft Legislative Decree No. 255/2021 regarding Brazil's adhesion to the Convention on Cybercrime signed in Budapest, Hungary, in 2001. This would guide the government's measures to fight international cyber crimes, strengthening the legislation for cybersecurity in Brazil.
• However, the need for more skilled cybersecurity professionals continues to affect the market's growth in Brazil. For instance, according to the Cybersecurity Workforce Study by ISC2 and SWZD last year, 441,000 cybersecurity professionals are needed in Brazil, compared to 377,000 in the U.S. and 260,000 in Mexico. Also, the study highlights cybersecurity accounts for 581,349 professionals, compared to 1,142,462 in the U.S. Brazil needs to focus on increasing the number of skilled professionals through talent upgradation programs and updating the policies accordingly.
• Meanwhile, the country witnessed a hike in cyber attacks and related breach incidents during the COVID-19 pandemic. Many companies in Brazil have introduced work-from-home policies, which require stringent data protection. This encouraged businesses to opt for cybersecurity solutions, ensuring the digital security of their operations for employees working from not-so-safe domestic networks.

Brazil Cybersecurity Industry Segmentation

Cybersecurity solutions are required to safeguard a company's digital operations and platforms from potential cyber-attacks and threats. A company faces several threats like ransomware, spyware, data breaches, etc., which might adversely impact its operations. hence, cybersecurity services and products offered by the solution providers help protect the company.

The Brazilian cybersecurity market is segmented by offering (security type (cloud security, data security, identity access management, network security, consumer security, and infrastructure protection) and services), deployment (cloud and on-premise), and end-user (BFSI, healthcare, manufacturing, government and defense, and IT and telecommunication).
The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.