Latin America IoT Security Market Size
| 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.
Latin America IoT Security Market Trends
This section covers the major market trends shaping the Latin America IoT Security Market according to our research experts:
Solution Segment to Record a Larger Market Share
- IoT security solutions are expected to record a larger market share during the forecast period. Security is integral to any IoT network to ensure data confidentiality and authorized control over connected devices. With the increasing reach of IoT in multiple industries in the region and the growing number of IoT deployments, the intensity of cyberattacks is also growing, driving the growth of IoT security in the region.
- IoT security solutions ensure security using various solutions, including identity access management, data encryption, and tokenization, intrusion detection system/intrusion prevention system, device authentication and management, secure software and firmware update, secure communications, PKI lifecycle management, DDoS protection, security analytics, and other solutions (virtual firewall and incidence response system).
- Internet of Things (IoT) devices are increasing in popularity, but they show various serious cyber security challenges for large enterprises. However, even though wearables, smart thermostats, routers, printers, and other devices connected to the internet can be hacked, just like laptop and desktop computers, scant attention has been paid to IoT security solutions.
- Large enterprises especially lack IoT security solutions because they do not manufacture their equipment. These enterprises purchase connected devices from third-party manufacturers and assume they are secure. IoT device manufacturers in Latin America operate in an environment with few regulations or oversight. This is increasing the demand for IoT security solutions in the region.
- The rising number of internet users in the region also exposes the users' data to certain security threats. According to Hootsuite, Brazil had approximately 165.3 million internet users in January this year. Additionally, South America had a 75% internet penetration rate in the same year.
Brazil Witnesses Significant Market Growth Opportunities
- Brazil has taken a huge step towards encouraging innovation by promoting Internet of Things (IoT) technologies and IoT security implementation across companies and industries. Instances involving compromised devices, botnets, and vulnerabilities have become ordinary occurrences, where IoT devices are being used as part of a botnet or a scanning activity in Brazil, where Brazilian Hackers are targetting IoT Devices with malware.
- According to IBM, the major attack type for Latin America last year was ransomware, making up 29% of attacks, followed by BEC (21%) and credential harvesting (21%). Manufacturing was the most-targeted industry in Latin America last year, but at 22% led by only a small margin. Retail and wholesale (20%), finance and insurance (15%), and perhaps most surprisingly, mining (11%) followed closely behind.
- According to the SonicWall report, Brazil also stands out in terms of malware attacks, with a more than 61% increase in 2021 and 210 million attacks last year, compared to about 130 million in the previous year.
- In July last year, the Brazilian government launched a new technology development center focusing on the Internet of Things (IoT) approach, robotics, and 5G. According to the Ministry for Science, Technology, and Innovation (MCTI), the center is the first government research facility to employ the quintuple innovation helix framework, which describes university-industry-government-public-environment interactions within a knowledge economy. Such research and development activities by the government are expected to fuel the growth of IoT security in the region.
- Brazil's National IoT Plan was announced as one of the country's Digital Transformation Strategy pillars, created in March 2018, which provides a mechanism for strengthening the IoT's national innovation ecosystem and development. Some other recent developments in the IoT front in Brazil include launching a USD 45 million venture capital fund in May last year focused on early-stage investments in companies active in the Internet of Things (IoT) and connectivity space.
Latin America IoT Security Industry Overview
Latin America Internet of Things (IoT) Security Market is fragmented with few major players, including various established international brands, domestic brands, and new entrants that form a competitive landscape. Some major players such as Symantec Corporation, IBM Corporation, FireEye Inc., Intel Corporation, and Infineon Technologies, are increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, and increasing investments in research and development.
- November 2022 - Sencinet, a Solutions and managed services integrator announced a partnership with IBM through IBM Security, a unit that offers integrated and advanced portfolios of enterprise security products and services. The partnership would cover Latin America to develop solutions based on IBM tools but also to resell these technologies to its customer base.
Latin America IoT Security Market Leaders
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Symantec Corporation (NortonLifeLock Inc)
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IBM Corporation
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FireEye Inc.
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Intel Corporation
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Infineon Technologies
*Disclaimer: Major Players sorted in no particular order
Latin America IoT Security Market News
- June 2022 - Telefónica Tech announced its partnership with Netskope to deliver cloud security solutions through the commercialization of Netskope's portfolio of products and services in the regions, including Latin America. The partnership would focus on supporting public sector organizations and large and mid-sized businesses in their digital transformation journeys.
- March 2022, Amazon Web Services (AWS) has announced collaborations with two Latin American operators, and Amazon Web Services (AWS) has announced collaborations with two Latin American operators, reflecting a global trend in IoT device collaboration.
Latin America IoT Security Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
- 4.1 Market Overview
- 4.2 Value Chain Analysis
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4.3 Porter's Five Forces Analysis
- 4.3.1 Threat of New Entrants
- 4.3.2 Bargaining Power of Buyers
- 4.3.3 Bargaining Power of Suppliers
- 4.3.4 Threat of Substitutes
- 4.3.5 Intensity of Competitive Rivalry
- 4.4 Impact of Covid-19 on the Market
5. MARKET DYNAMICS
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5.1 Market Drivers
- 5.1.1 Increasing Number of Data Breaches
- 5.1.2 Emergence of Smart Cities
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5.2 Market Restraints
- 5.2.1 Growing Complexity among Devices, coupled with the Lack of Ubiquitous Legislation
6. MARKET SEGMENTATION
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6.1 By Type of Security
- 6.1.1 Network Security
- 6.1.2 Endpoint Security
- 6.1.3 Application Security
- 6.1.4 Cloud Security
- 6.1.5 Others
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6.2 By Solutions
- 6.2.1 Identity Access Management (IAM)
- 6.2.2 Intrusion Prevention System (IPS)
- 6.2.3 Data Loss Protection (DLP)
- 6.2.4 Unified Threat Management (UTM)
- 6.2.5 Security & Vulnerability Management (SVM)
- 6.2.6 Network Security Forensics (NSF)
- 6.2.7 Others
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6.3 By Application
- 6.3.1 Home Automation
- 6.3.2 Wearables
- 6.3.3 Manufacturing Process Management
- 6.3.4 Patient Information Management
- 6.3.5 Supply Chain Operation
- 6.3.6 Customer Information Security
- 6.3.7 Others
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6.4 By End-User
- 6.4.1 Healthcare
- 6.4.2 Manufacturing
- 6.4.3 Utilities
- 6.4.4 BFSI
- 6.4.5 Retail
- 6.4.6 Government
- 6.4.7 Others
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6.5 By Geography
- 6.5.1 Brazil
- 6.5.2 Argentina
- 6.5.3 Mexico
- 6.5.4 Others
7. COMPETITIVE LANDSCAPE
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7.1 Company Profiles
- 7.1.1 Symantec Corporation (NortonLifeLock Inc)
- 7.1.2 IBM Corporation
- 7.1.3 FireEye Inc.
- 7.1.4 Intel Corporation
- 7.1.5 Infineon Technologies
- 7.1.6 Trend Micro Inc.
- 7.1.7 Sophos Group PLC
- 7.1.8 ARM Holdings PLC
- 7.1.9 Wurldtech Security Technologies Inc.
- 7.1.10 Gemalto NV
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
** Subject To AvailablityLatin America IoT Security Industry Segmentation
IoT security is a technological solution for safeguarding networks and connected mechanical or digital devices. These solutions aim to eradicate vulnerabilities and equip devices to identify, resist and recover from cyber-attacks. IoT security comprises various smart solutions, such as device authentication and management, secure connections, and data loss prevention. These solutions, integrated with IoT devices, provide real-time protection from threats.
IoT security solutions can secure Internet devices and the networks they're connected to from threats and breaches by protecting, identifying, and monitoring risks while helping fix vulnerabilities from various devices that can pose security risks to a business.
The Latin America Internet of Things (IoT) Security Market is segmented by Type of Security (Network Security, Endpoint Security, Application Security, Cloud Security), Solutions (IAM, IPS, DLP, UTM, SVM, NSF), Application (Home Automation, Wearables, Manufacturing Process Management, Patient Information Management, Supply Chain Operation, Customer Information Security), End-User Industries (Healthcare, Manufacturing, Utilities, BFSI, Retail, Government), and Geography (Brazil, Argentina, Mexico, and Others).
The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.
| By Type of Security | Network Security |
| Endpoint Security | |
| Application Security | |
| Cloud Security | |
| Others | |
| By Solutions | Identity Access Management (IAM) |
| Intrusion Prevention System (IPS) | |
| Data Loss Protection (DLP) | |
| Unified Threat Management (UTM) | |
| Security & Vulnerability Management (SVM) | |
| Network Security Forensics (NSF) | |
| Others | |
| By Application | Home Automation |
| Wearables | |
| Manufacturing Process Management | |
| Patient Information Management | |
| Supply Chain Operation | |
| Customer Information Security | |
| Others | |
| By End-User | Healthcare |
| Manufacturing | |
| Utilities | |
| BFSI | |
| Retail | |
| Government | |
| Others | |
| By Geography | Brazil |
| Argentina | |
| Mexico | |
| Others |
Latin America IoT Security Market Research FAQs
What is the current Latin America IoT Security Market size?
The Latin America IoT Security Market is projected to register a CAGR of 25.5% during the forecast period (2024-2029)
Who are the key players in Latin America IoT Security Market?
Symantec Corporation (NortonLifeLock Inc), IBM Corporation, FireEye Inc., Intel Corporation and Infineon Technologies are the major companies operating in the Latin America IoT Security Market.
What years does this Latin America IoT Security Market cover?
The report covers the Latin America IoT Security Market historical market size for years: 2021, 2022 and 2023. The report also forecasts the Latin America IoT Security Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Latin America IoT Security Industry Report
Statistics for the 2024 Latin America IoT Security market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Latin America IoT Security analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
