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Latin America Cyber Security Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Latin America Cyber Security Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

  • February 2021
  • 169 pages
  • ID: 6028462
  • Format: PDF
  • Mordor Intelligence LLP

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The Latin American Cybersecurity Market was valued at USD 4.84 billion in 2020, and it is projected to be worth USD 9.57 billion by 2026, registering a CAGR of 10.8% during the forecast period (2021-2026). With the recent outbreak of the COVID-19 pandemic, organizations across the world must respond proactively to cyber threats that have witnessed a spike during the pandemic. Owing to this, cyber resilience, which refers to a sector or organization’s ability to respond to, prepare for, and recover from cyberattacks, has become an absolute necessity rather than an option in the current scenario.

- Cyber threats are internet-based attempts to damage or disrupt information systems and hack critical information using spyware, malware, and phishing. Cybersecurity solutions help an organization to monitor, detect, report, and counter cyber threats to maintain data confidentiality.
- The adoption of cybersecurity solutions is expected to grow with the increasing penetration of the internet among the Latin American countries. Also, the expanding wireless network for mobile devices has increased data vulnerability making cybersecurity an integral part of every single organization across Latin America. The rising incidents of cyber attacks and regulations requiring for reporting are driving the growth of the cybersecurity market in Latin America.
- Brazil is one of the emerging economies with increasing investment in IT infrastructure and rising smartphone and internet penetration. Although the country is moving towards advanced ICT, it lacks proper cybersecurity measures owing to which the hackers are finding vulnerabilities to exploit. Hence, the growing M2M or IoT connections is strengthening the demand for cybersecurity solutions.
- However, the lack of cyber security profession has been a concerning factor, limiting the growth for cybersecurity market in Latin America.

Key Market Trends
Cloud Deployment to Grow Significantly

- The increasing realization among enterprises about the importance of saving money and resources by moving their data to the cloud, instead of building and maintaining new data storage, is driving the demand for cloud-based solutions, and hence, the adoption of on-demand security services in the region.
- Owing to multiple benefits, both large enterprises and SMEs in the region are increasingly opting for cloud-based solutions. Over the course of the next few years, cloud platforms and ecosystems are anticipated to serve as a launchpad for an explosion in the pace and scale of digital innovation.
- Security has been a critical consideration at each step of the cloud adoption cycle, as IT provision has moved from on-premise to outside of company’s walls. In the case of the Latin American region, SMEs have been preferring cloud deployment as it allows them to focus on their core competencies, rather than invest their capital in security infrastructure since they have limited cybersecurity budgets.
- Furthermore, deployment of public cloud service extends the boundary of trust beyond the organization, which makes security a vital part of the cloud infrastructure. However, the increasing usage of cloud-based solutions has significantly simplified the adoption of cybersecurity practices by enterprises.
- With the increased adoption of cloud services, such as Google Drive, Dropbox, and Microsoft Azure, among others, and with these tools emerging as an integral part of business processes, enterprises have to deal with security issues, such as loss of control over sensitive data. This gives rise to increased incorporation of on-demand cybersecurity solutions.

Increasing M2M Connections Demand Cyber Security

- While GSMA reported that IoT connections in Latin America are expected to grow to 1300 million by 2025 from 444 million in 2017, M2M connections are also anticipated to witness a significant rise. The IoT describes the coordination of multiple devices, machines, and appliances connected to the Internet through multiple networks.
- These devices include everyday objects such as tablets, consumer electronics, and other machines, such as vehicles, monitors, and sensors equipped with M2M communications that allow them to send and receive data.
- As M2M connectivity support sensors, probes, modems, modules and routers used, the IoT and M2M connectivity has driven the market for cyber security in the region.
- Owing to the positive growth prospect in the region, various firms are offering IoT design, consulting, and integration services. For instance, Agrus Data is a Brazilian IoT provider who specializes in the agriculture vertical; In April of 2019, Agrus Data and Embratel, a telecommunications operator in Brazil, have partnered in order to collaborate in the development and sale of connectivity solutions for agriculture. Argus Data already has 10 million data collected and 20 developed projects.

Competitive Landscape
The market for cyber security in Latin America has witnessed increased competition among many big players existing in the market. Additionally, more emerging companies are entering into the market with the growing economies in the region. Moreover, the market players are witnessing innovation as a key market catalyst.

- December 2020- CyberArk, launched a free assessment offer to help SolarWinds Orion customers identify privileged access-related risk and implement steps to mitigate future exposure to a potential cyber attack.

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