Latin America Cyber Security Market

Latin America Cyber Security Market

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Raksha

Author:

Raksha Sharma

Amulya

Fact-checked by:

Amulya Agarwal

Shruti

Editor:

Shruti Bhat

The Latin America cyber security market size was valued at USD 6.45 Billion in 2022 and is expected to surpass USD 11.81 Billion by 2031, expanding at a CAGR of 6.95during the forecast period, 2023–2031. The growth of the market is attributed to the surge in incidences of cyber-attacks and rising demand for robust solutions to protect from cyber threats.

Cyber security deals with providing solutions and services that help users to protect data, computers, networks, servers, electronic systems, and mobile devices from malicious attacks. Cyber-attacks are web-based threats, which include data thefts and identity thefts that can disrupt and affect the normal functioning of an organization.

Latin America Cyber Security Market Outlook

The main purpose of these attacks is to hack critical information by using malware, spyware, ransom ware, or by phishing from the system used by companies. The cyber attackers have also moved from traditional methods of phishing to more specific and targeted methods, which makes more difficult for experts to trace the attacks.

Cyber security solutions help an organization in monitoring, detecting, reporting, and countering cyber-attacks while maintaining the integrity of information system. The security solution is widely used in various applications across sectors due to several benefits such as preventing banks from financial losses, protection of consumer data, and offering strong confidence to the customers.


The COVID-19 pandemic outbreak had positively impacted the Latin America cyber security market. During the pandemic, business organizations had to rely on digital platforms to resume their operations due to temporary shutdown of office, impacted by governments’ emergency lockdown. As a result, the deployment of cyber security solution has expanded rapidly across businesses to facilitate data protection and secured information access of companies. Additionally, the demand for internet based security solutions has risen exponentially in the healthcare, manufacturing, and government sectors.

Market Trends, Drivers, Restraints, and Opportunities

  • Increasing internet penetration as well as wide use of consumer electronic devices such as smartphone and laptops for various online activities are key factors driving the market.

  • Surge in the demand for cloud-based cyber security solution from various large-sized business organizations is projected to boost the market during the forecast period.

  • Lack of availability of experienced and skilled cyber security professional acts as a major challenge that can restrict the market growth in the coming years.

  • Low cyber security budget and high installation cost of cyber security solution are expected to hamper the market growth during the projected timeline.

  • Growing need for strong authentication methods, rising mobile device platforms, and transformation in traditional antivirus software programs are anticipated to create significant growth opportunities for the market.

Scope of the Report

The report on the Latin America cyber security market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Cyber Security Market - Latin America Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2022

Historic Data

2016–2021

Forecast Period

2023–2031

Segmentation

Components (Services, Hardware, and Solution), Deployments (On-premise and Cloud-based), Types (Cloud Security, Network Security, Application Security, Wireless Network Security, and End-point Security), and End-users (Government, BFSI, IT & Telecommunication, Retail, Manufacturing, and Healthcare)

Geographical Scope

Brazil, Mexico, and Rest of Latin America

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Check Point Software Technologies Ltd.; Cyber Ark Software Ltd.; AVG Technologies; Dell Technologies Inc.; and Cisco Systems, Inc.

Market Segment Insights

Solution segment to grow at high CAGR

In terms of components, the Latin America cyber security market is segregated into services, hardware, and solution. The solution segment is estimated to grow at high CAGR during the forecast period owing to the escalating adoption of access management tool, endpoint security software, and hardware across end-users.

However, the service segment is anticipated to register significant growth during the projected period attributed to the rising demand for maintenance, update, and consultancy services from small & medium sized enterprises.

Latin America Cyber Security Market Components

Cloud-based segment to register a significant growth

On the basis of deployments, the market is bifurcated into on-premise and cloud-based. The cloud-based segment is projected to register a significant growth during the projected period owing to the growing demand for application to store and secure data with improved security techniques.

On the other hand, the on-premise segment is expected to expand at a substantial growth rate in the coming years attributed to the surging demand for managed security services.

Cloud security segment to grow at rapid pace

Based on types, the Latin America cyber security market is fragmented into cloud security, network security, application security, wireless network security, and end-point security. The cloud security segment is expected to grow at a rapid pace during the forecast period owing to certain benefits such as advanced threat detection, reduced cost, higher availability, improved data security, and regulatory compliance.

However, the end-point security segment is expected to expand at a substantial growth rate in the coming years attributed to the unified security and management and safeguard against key threat vectors.

Latin America Cyber Security Market Types

BFSI segment to expand at robust growth

On the basis of end-users, the market is divided into government, BFSI, IT & telecommunication, retail, manufacturing, and healthcare. The BFSI segment is projected to expand at robust growth rate during the forecast period due to the increasing demand for digital privacy and improved security system.

Additionally, rise in contactless payment methods, insurance fraud, and digitalization in the sector are key factors accelerating the segment growth further. On the other hand, the healthcare segment is anticipated to expand at a substantial CAGR during the forecast period owing to the rising adoption of cyber security solution for data protection of customer health care records.

Brazil to constitute a key market share

In terms of geography, the Latin America cyber security market is classified as Brazil, Mexico, and Rest of Latin America. Brazil is anticipated to constitute a key share of the market during the projected period owing to the rising investment in information technology infrastructure, growing penetration of internet, and surging use of smartphone in the country.

However, the market of rest of Latin America is anticipated to grow at a rapid pace during the forecast period due to the increasing regulations regarding cyber-attacks and data privacy by governments across the region. Moreover, expanding wireless network of mobile devices and rising rate of cyber-attacks are driving the regional growth further.

Segments

The Latin America cyber security market has been segmented on the basis of

Components

  • Services
  • Hardware
  • Solution

Deployments

  • On-premise
  • Cloud-based

Types

  • Cloud Security
  • Network Security
  • Application Security
  • Wireless Network Security
  • End-point Security

End-users

  • Government
  • BFSI
  • IT & Telecommunication
  • Retail
  • Manufacturing
  • Healthcare

Geography

  • Brazil
  • Mexico
  • Rest of Latin America

Key Players

Competitive Landscape

Key players competing in the Latin America cyber security market are Check Point Software Technologies Ltd.; Cyber Ark Software Ltd.; AVG Technologies; Dell Technologies Inc.; and Cisco Systems, Inc.

Companies are focusing on investment in R&D for development for advancements in cyber security solutions to maintain their competitive position in the market.
Companies have been widely engaged in strategic partnership, merger & acquisition, new product launch, and collaborations to boost their market share and acquire new buyers.


For instance, in August 2021, Avanan, a major rapid-growing cloud email security company was acquired by Check Point Software Technologies Ltd., one of the leading providers of cyber security solutions to governments and corporate enterprises across the globe.

Avanan technology offers the highest level of security for SaaS collaboration and emails suites. By this acquisition, Avanan agreed to incorporate into the Check Point Infinity consolidated set-up to deliver the most secure email security offering worldwide.

Latin America Cyber Security Market Key Players

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Cyber Security Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Cyber Security Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Cyber Security Market - Supply Chain
  4.5. Global Cyber Security Market Forecast
     4.5.1. Cyber Security Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Cyber Security Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Cyber Security Market Absolute $ Opportunity
5. Global Cyber Security Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Cyber Security Market Size and Volume Forecast by Types
     5.3.1. Cloud Security Network Security Application Security Wireless Network Security End-point Security
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Cyber Security Market Analysis and Forecast by End Users
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by End Users
     6.2.2. Y-o-Y Growth Projections by End Users
  6.3. Cyber Security Market Size and Volume Forecast by End Users
     6.3.1. Government BFSI IT & Telecommunication Retail Manufacturing Healthcare
  6.4. Absolute $ Opportunity Assessment by End Users
  6.5. Market Attractiveness/Growth Potential Analysis by End Users
7. Global Cyber Security Market Analysis and Forecast by Region
  7.1. Market Trends
  7.2. Introduction
     7.2.1. Basis Point Share (BPS) Analysis by Region
     7.2.2. Y-o-Y Growth Projections by Region
  7.3. Cyber Security Market Size and Volume Forecast by Region
     7.3.1. North America
     7.3.2. Latin America
     7.3.3. Europe
     7.3.4. Asia Pacific
     7.3.5. Middle East and Africa (MEA)
  7.4. Absolute $ Opportunity Assessment by Region
  7.5. Market Attractiveness/Growth Potential Analysis by Region
  7.6. Global Cyber Security Demand Share Forecast, 2019-2026
8. North America Cyber Security Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
  8.2. North America Cyber Security Market Size and Volume Forecast by Country
     8.2.1. U.S.
     8.2.2. Canada
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. North America Cyber Security Market Size and Volume Forecast by Types
     8.4.1. Cloud Security Network Security Application Security Wireless Network Security End-point Security
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. North America Cyber Security Market Size and Volume Forecast by End Users
     8.7.1. Government BFSI IT & Telecommunication Retail Manufacturing Healthcare
  8.8. Basis Point Share (BPS) Analysis by End Users
  8.9. Y-o-Y Growth Projections by End Users
  8.10. Market Attractiveness/Growth Potential Analysis
     8.10.1. By Country
     8.10.2. By Product Type
     8.10.3. By Application
  8.11. North America Cyber Security Demand Share Forecast, 2019-2026
9. Latin America Cyber Security Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Latin America Average Pricing Analysis
  9.2. Latin America Cyber Security Market Size and Volume Forecast by Country
      9.2.1. Brazil
      9.2.2. Mexico
      9.2.3. Rest of Latin America
   9.3. Absolute $ Opportunity Assessment by Country
  9.4. Latin America Cyber Security Market Size and Volume Forecast by Types
     9.4.1. Cloud Security Network Security Application Security Wireless Network Security End-point Security
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Latin America Cyber Security Market Size and Volume Forecast by End Users
     9.7.1. Government BFSI IT & Telecommunication Retail Manufacturing Healthcare
  9.8. Basis Point Share (BPS) Analysis by End Users
  9.9. Y-o-Y Growth Projections by End Users
  9.10. Market Attractiveness/Growth Potential Analysis
     9.10.1. By Country
     9.10.2. By Product Type
     9.10.3. By Application
  9.11. Latin America Cyber Security Demand Share Forecast, 2019-2026
10. Europe Cyber Security Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Europe Average Pricing Analysis
  10.2. Europe Cyber Security Market Size and Volume Forecast by Country
     10.2.1. Germany
     10.2.2. France
     10.2.3. Italy
     10.2.4. U.K.
     10.2.5. Spain
     10.2.6. Russia
     10.2.7. Rest of Europe
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Europe Cyber Security Market Size and Volume Forecast by Types
     10.4.1. Cloud Security Network Security Application Security Wireless Network Security End-point Security
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Europe Cyber Security Market Size and Volume Forecast by End Users
     10.7.1. Government BFSI IT & Telecommunication Retail Manufacturing Healthcare
  10.8. Basis Point Share (BPS) Analysis by End Users
  10.9. Y-o-Y Growth Projections by End Users
  10.10. Market Attractiveness/Growth Potential Analysis
     10.10.1. By Country
     10.10.2. By Product Type
     10.10.3. By Application
  10.11. Europe Cyber Security Demand Share Forecast, 2019-2026
11. Asia Pacific Cyber Security Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Asia Pacific Average Pricing Analysis
  11.2. Asia Pacific Cyber Security Market Size and Volume Forecast by Country
     11.2.1. China
     11.2.2. Japan
     11.2.3. South Korea
     11.2.4. India
     11.2.5. Australia
     11.2.6. Rest of Asia Pacific (APAC)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Asia Pacific Cyber Security Market Size and Volume Forecast by Types
     11.4.1. Cloud Security Network Security Application Security Wireless Network Security End-point Security
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Asia Pacific Cyber Security Market Size and Volume Forecast by End Users
     11.7.1. Government BFSI IT & Telecommunication Retail Manufacturing Healthcare
  11.8. Basis Point Share (BPS) Analysis by End Users
  11.9. Y-o-Y Growth Projections by End Users
  11.10. Market Attractiveness/Growth Potential Analysis
     11.10.1. By Country
     11.10.2. By Product Type
     11.10.3. By Application
  11.11. Asia Pacific Cyber Security Demand Share Forecast, 2019-2026
12. Middle East & Africa Cyber Security Market Analysis and Forecast
  12.1. Introduction
     12.1.1. Basis Point Share (BPS) Analysis by Country
     12.1.2. Y-o-Y Growth Projections by Country
     12.1.3. Middle East & Africa Average Pricing Analysis
  12.2. Middle East & Africa Cyber Security Market Size and Volume Forecast by Country
     12.2.1. Saudi Arabia
     12.2.2. South Africa
     12.2.3. UAE
     12.2.4. Rest of Middle East & Africa (MEA)
  12.3. Absolute $ Opportunity Assessment by Country
  12.4. Middle East & Africa Cyber Security Market Size and Volume Forecast by Types
     12.4.1. Cloud Security Network Security Application Security Wireless Network Security End-point Security
  12.5. Basis Point Share (BPS) Analysis by Types
  12.6. Y-o-Y Growth Projections by Types
  12.7. Middle East & Africa Cyber Security Market Size and Volume Forecast by End Users
     12.7.1. Government BFSI IT & Telecommunication Retail Manufacturing Healthcare
  12.8. Basis Point Share (BPS) Analysis by End Users
  12.9. Y-o-Y Growth Projections by End Users
  12.10. Market Attractiveness/Growth Potential Analysis
     12.10.1. By Country
     12.10.2. By Product Type
     12.10.3. By Application
  12.11. Middle East & Africa Cyber Security Demand Share Forecast, 2019-2026
13. Competition Landscape
  13.1. Global Cyber Security Market: Market Share Analysis
  13.2. Cyber Security Distributors and Customers
  13.3. Cyber Security Market: Competitive Dashboard
  13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     13.4.1. Check Point Software Technologies Ltd. Cyber Ark Software Ltd. AVG Technologies Dell Technologies Inc. Cisco Systems, Inc.

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