| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| 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 |
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.
Latin America Cyber Security Market Trends
Growing M2M/IoT Connections Demanding Strengthened Cybersecurity in Enterprises
- The usage of cybersecurity solutions is likely to increase as internet access increases across Latin American countries. Furthermore, the expanding wireless network for mobile devices has increased data susceptibility, making cybersecurity a critical component of any Latin American organisation.
- IoT is increasingly being employed as part of a bigger corporate transformation plan in Latin America. Furthermore, in certain areas, like Brazil, the pressure to implement IoT solutions as part of digital transformation programmes is developing quickly.
- The IoT is a new wave of technological transformation that is upending Latin American industry. Companies and governments alike are investing in IoT solutions; the number of IoT connections in the area is estimated to reach 1,200 million by 2025, according to GSMA Intelligence.
- Across the area, industries are eager to invest in IoT and Industry 4.0 technologies. Agroindustrial Laredo, a sugar mill, for example, was an early adopter of M2M technologies. The firm collaborated with IoT supplier AZLogica to create an IoT solution for optimising harvesting logistics. The use of IoT resulted in a tenfold return on investment, a 16% reduction in fuel usage, and timely product delivery. As a result of such advancements, organisations in the area are aiming to implement IoT, driving up demand for security solutions.
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Brazil to Witness the Growth
- The cybersecurity market. Brazil, Argentina, and Mexico have formed. To counteract cyber-attacks Cyber Emergency Response Teams and Computer Security Incident, Response Teams will be required, with demand expected to grow throughout the projected period.
- Brazilian businesses aggressively invest in cybersecurity solutions and services to secure corporate systems in danger during the epidemic and comply with new data protection rules. This tendency has also prompted fresh investments in the country's cybersecurity business.
- Brazil is the most significant revenue-generating country in the Latin American cybersecurity industry, thanks to the country's expanding digital revolution. Recent regulatory changes like the new General Data Protection Regulation (GDPR) and 5G will likely drive business investment.
- Furthermore, the government provides several commercial opportunities for foreign enterprises providing innovative cybersecurity solutions. Brazil's cybersecurity investment is mainly driven by the private sector, including banking and financial services, e-commerce, telecommunications, etc. The government sector accounts for approximately 20% of the Brazilian cybersecurity market.
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Latin America Cyber Security Industry Overview
The Latin American cybersecurity market is riddled with major global vendors and smaller regional vendors that cater to various segments of the market, owing to which the competitive space of the market is expected to be high.
- May 2023 - Check Point Software Technologies Ltd has announced the expansion of its check point harmony endpoint protection solution by incorporating vulnerability and automated patch management capabilities. This enhancement addresses the mounting number of cyberattacks that exploit unpatched system vulnerabilities for unauthorized access. To deliver this advanced feature, Check Point has joined forces with Ivanti, integrating Ivanti Patch Management to assess and remediate software vulnerabilities from cloud to edge, into Check Point's Harmony Endpoint protection solution.
- May 2023 - Cyber ark software ltd and Identity Security has announced new products and features across the CyberArk Identity Security Platform, making It is one of the most powerful platforms available. Investments in cloud security and automation and artificial intelligence (AI) breakthroughs throughout the platform make it simpler than ever to apply intelligent privilege controls to all human and non-human identities from a single vendo.
Latin America Cyber Security Market Leaders
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AVG Technologies
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Check Point Software Technologies Ltd
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Cisco Systems Inc.
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Cyber Ark Software Ltd
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Dell Technologies Inc.
- *Disclaimer: Major Players sorted in no particular order
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Latin America Cyber Security Market News
- May 2023 - Check Point Software Technologies Ltd has announced the general availability of its industry-leading Next-Generation Cloud Firewall natively integrated with Microsoft Azure Virtual WAN to provide customers with top-notch security. The integration offers advanced threat prevention and multi-layered network security across public, private, and hybrid clouds, enabling businesses to migrate confidently to Azure with maximum operational efficiency.
- May 2023 - Cyber-Ark Software Ltd has introduced a cyber ark secure browser; this first-of-its-kind Identity Security web browser enables organizations to better protect against attacks with a flexible, identity-based approach to securing employee and third-party access to enterprise resources; by 2030, enterprise browsers will be the core platform for delivering workforce productivity and security software on managed and unmanaged devices for a seamless hybrid work experience
Latin America Cyber Security Industry Segmentation
The practise of safeguarding computers, servers, mobile devices, electronic systems, networks, and data from hostile intrusions is known as cyber security. It is often referred to as information technology security or electronic data security.
The study analyzes the current market scenario and growth trends related to cybersecurity technology in the Latin American region, which has emerged as one of the major hotspots for investments, aided by strong M&A activity, partnerships, and supportive governmental policies. The study tracks the country-level market dynamics and the major implementation use cases for cybersecurity.
The Latin America cybersecurity market is segmented by security type (network security, endpoint security, application security, cloud security, and wireless network security), component (hardware, solution (threat intelligence and response, identity and access management, data loss prevention, security and vulnerability management, intrusion prevention system), and services (professional services, managed services)), deployment (cloud and on-premise), end-user industry (banking, financial services, and insurance, healthcare, manufacturing, retail, government, and it and telecommunication), and country (Brazil, Argentina, Mexico, Rest of Latin America). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.
| Security Type | Network Security | |
| Cloud Security | ||
| Application Security | ||
| End-point Security | ||
| Wireless Network Security | ||
| Other Types of Security | ||
| Component | Hardware | |
| Solution | Threat Intelligence and Response | |
| Identity and Access Management | ||
| Data Loss Prevention | ||
| Security and Vulnerability Management | ||
| Intrusion Prevention System | ||
| Other Solutions | ||
| Services | Professional Services | |
| Managed Services | ||
| Deployment | Cloud | |
| On-premise | ||
| End-user Industry | Banking, Financial Services, and Insurance | |
| Healthcare | ||
| Manufacturing | ||
| Retail | ||
| Government | ||
| IT and Telecommunication | ||
| Other End-user Industries | ||
| Country | Brazil | |
| Argentina | ||
| Mexico | ||
| Rest of Latin America |
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Latin America Cyber Security Market Research FAQs
How big is the Latin America Cybersecurity Market?
The Latin America Cybersecurity Market size is expected to reach USD 8.92 billion in 2024 and grow at a CAGR of 6.95% to reach USD 12.48 billion by 2029.
What is the current Latin America Cybersecurity Market size?
In 2024, the Latin America Cybersecurity Market size is expected to reach USD 8.92 billion.
Who are the key players in Latin America Cybersecurity Market?
AVG Technologies, Check Point Software Technologies Ltd, Cisco Systems Inc., Cyber Ark Software Ltd and Dell Technologies Inc. are the major companies operating in the Latin America Cybersecurity Market.
What years does this Latin America Cybersecurity Market cover, and what was the market size in 2023?
In 2023, the Latin America Cybersecurity Market size was estimated at USD 8.30 billion. The report covers the Latin America Cybersecurity Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Latin America Cybersecurity Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What future trends are expected to influence the Cyber Security Market in Latin America?
Future trends in the Latin America Cyber Security Market are a) Adoption of artificial intelligence and machine learning in cyber defense b) Increased use of cloud-based security solutions c) Greater emphasis on securing IoT devices as connectivity increases
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Latin America Cyber Security Industry Report
The Latin American cyber security market is witnessing substantial growth, fueled by an uptick in sophisticated cyber threats like malware, ransomware, and phishing. This increase in cyber incidents is compelling sectors such as banking, healthcare, and government to implement stringent cyber security measures. Market analysis indicates a varied demand for security solutions including network, cloud, and application security, segmented further into hardware solutions and services. Both cloud-based and on-premise deployment models are being adopted to meet diverse end-user requirements. Amidst digital transformation and strict regulatory frameworks, Latin American cyber security companies are driven to innovate and broaden their services to safeguard sensitive data and uphold system integrity against cyber-attacks. This evolving market scenario is creating a competitive landscape, emphasizing the essential role of cyber security in maintaining operational continuity and data confidentiality in a digitally connected region. For detailed insights, Mordor Intelligence™ offers a comprehensive analysis of the market share, size, revenue growth, and forecast outlook for the Latin America Cyber Security market. Download a free report PDF sample from their industry reports for more information.
