Latin America Cybersecurity Market Trends

Market Trends of Latin America Cybersecurity Industry

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.

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.