Latin America Cyber Security Market Size, Growth [2031]
Latin America Cyber Security Market Size, Growth [2031]
Segments - Latin America Cyber Security Market by 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), End-users (Government, BFSI, IT & Telecommunication, Retail, Manufacturing, and Healthcare), and Geography (Brazil, Mexico, and Rest of Latin America) - Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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| Report ID :ICT-SE-3968
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| 220 Pages
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Report Description
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 6.95% during 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.
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
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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.
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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.
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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.
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Low cyber security budget and high installation cost of cyber security solution are expected to hamper the market growth during the projected timeline.
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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.
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Attributes |
Details |
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Report Title |
Cyber Security Market - Latin America Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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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) |
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Geographical Scope |
Brazil, Mexico, and Rest of Latin America |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
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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.
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.
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
- Check Point Software Technologies Ltd.
- Cyber Ark Software Ltd.
- AVG Technologies
- Dell Technologies Inc.
- Cisco Systems, Inc.
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.
Table Of Content
1. Executive Summary2. 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.
Methodology
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