1. Home
  2. > ICT
  3. > Cybersecurity Market Trends
Latin America Cyber Security Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Latin America Cyber Security Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

  • March 2022
  • 188 pages
  • ID: 6028462
  • Format: PDF
  • Mordor Intelligence LLP

Summary

Table of Contents

Search Inside

The Latin American Cybersecurity Market was valued at USD 5.73 billion in 2021 and is expected to register a CAGR of 11.8% during the forecast period (2022-2027). 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.

Key Highlights
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 monitor, detect, report, and counter cyber threats to maintain data confidentiality.
The rising digital penetration augmented by internet usage and mobile growth in the region is pushing the demand for cybersecurity. According to Atlantico, the technology penetration as a percentage of GDP has been rapidly growing at 65% year on year. Moreover, the adoption of technologies such as IoT in industrial space is increasing in the region.
As Latin America embraces the digital revolution, the risk of abuse rises. The region has the world’s fourth-largest mobile market. The Internet is used by half of the country’s population. In Latin America, some countries process all their government purchases electronically. The risk will increase continuously with the advent of the IoT, in which not only computers but also all kinds of smart devices and sensors will monitor and control virtually.
The adoption of cybersecurity solutions is expected to grow with the increasing penetration of the Internet among 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 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 are strengthening the demand for cybersecurity solutions.
However, the lack of a cyber security profession has been a concerning factor, limiting the growth of the cybersecurity market in Latin America.

Key Market Trends

Rapidly Increasing Cybersecurity Incidents and Regulations Requiring its Reporting

Emerging markets in Latin America are the most vulnerable to hacks and breaches because they are still struggling in terms of cybersecurity. As things stand, Latin America lacks the strong cybersecurity foundation required to safeguard the future of its businesses. In Latin America, cybercrime has manifested most through computer hacking techniques, such as malware, phishing, and denial of service (DoS) attacks.
As Latin America embraces the digital revolution, the risk of abuse rises. The region has the world’s fourth-largest mobile market. The Internet is used by half of the country’s population. In Latin America, some countries process all their government purchases electronically. The risk will increase continuously with the advent of the IoT, in which not only computers but also all kinds of smart devices and sensors will monitor and control virtually.
Cybersecurity incidents in the region are rapidly increasing due to the growing enterprise propensity toward digitalization and adopting connected solutions as part of their operations. According to IBM, in 2020, Brazil observed a 29% increase in the number of data breaches, which was the highest across the world. Such developments are pushing the demand for cybersecurity solutions in the region.
For instance, in September 2021, SoftBank Group announced the launch of the SoftBank Latin America Fund II, its second dedicated private investment fund focused on Latin American technology companies, with a USD 3 billion initial commitment.
Owing to such developments, countries such as Colombia, Brazil, and Mexico are expected to be at the forefront of the security budget increase over the coming years. According to a Cyber Edge study, Colombia, Brazil, and Mexico are expected to be at the top when it comes to an increase in the security budget across the world.

Growing M2M/IoT Connections Demanding Strengthened Cybersecurity In Enterprises

With the increasing internet penetration across Latin American countries, the adoption of cybersecurity solutions is expected to grow. Furthermore, the growing wireless network for mobile devices has increased data vulnerability, making cybersecurity an essential component of every organization in Latin America.
In Latin America, IoT is increasingly being used as part of a larger enterprise transformation agenda. Furthermore, the urgency to deploy IoT solutions as part of digital transformation initiatives is growing rapidly in several markets, including Brazil.
In March 2021, Movistar announced the first implementation of IoT technologies in a public services company in Argentina. It launched a six-month NB-IoT network pilot with electricity provider Edenor, enabling remote intelligent meter reading and remote detection of faults, clandestine connections, and cuts in power lines.
In March 2022, Amazon Web Services (AWS) has announced collaborations with two Latin American operators, Amazon Web Services (AWS) has announced collaborations with two Latin American operators, reflecting a global trend in cloud-telecoms collaboration. Meanwhile, Claro’s collaboration with AWS will accelerate its adoption of cloud-based applications while also assisting in the improvement of IoT services to serve a variety of industry verticals.
IoT is the new wave of technological change that is disrupting Latin American industries. Companies and governments alike are investing in IoT solutions; according to GSMA Intelligence, the number of IoT connections in the region is expected to reach 1,200 million by 2025.
Moreover, according to various sources, there’s expected to be lower double-digit percentage growth in the number of machine-to-machine (M2M) connections in the region. According to Machina, the total revenue opportunity for the region by 2023 is USD 176 billion, out of which about USD 82 billion will be the application itself. Such growth is expected to further augment the demand over the forecast period.

Competitive Landscape

The Latin America Cyber Security Market is riddled with both major global vendors as well as smaller regional vendors that cater to various segments of the market, owing to which the competitive space of the market is expected to be high.

October 2021 - Telefónica Tech and CyberArk teamed up to deliver an expanded portfolio of SaaS-based cybersecurity solutions that prioritize a security-first approach to protecting against identity-driven risk. Additionally, the customers will benefit from being able to secure access for all human and machine identities without sacrificing business agility.
August 2021 - Check point software technologies Ltd one of the leading providers of cyber security solutions to corporate enterprises and governments globally, announced the acquisition of Avanan, the fastest-growing cloud email security company. Avanan technology provides the highest level of security for emails and SaaS collaboration suites. Avanan will integrate into the Check Point Infinity consolidated architecture to deliver the world’s most secure email security offering

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 150+ Million searchable statistics with tables, figures & datasets
  • More than 25,000 trusted sources
  • Single User License — provides access to the report by one individual.
  • Department License — allows you to share the report with up to 5 users
  • Site License — allows the report to be shared amongst all employees in a defined country
  • Corporate License — allows for complete access, globally.

ReportLinker may already be registered as a supplier with your company. If you want to Order by PO, check with us first and we'll let you know if we are a registered supplier and what the vendor number is. Otherwise, we'll provide you with the necessary information to register ReportLinker as a vendor.

Grace helps you find the right report:
Testimonials

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.

Category Manager at
Ikea

ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.

Executive Director at
PwC Advisory

The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!

Scott Griffith

Vice President Marketing at
Maurice Sporting Goods

The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research

Jessica P Huffman

Research Associate at
American Transportation Research Institute

Excellent customer service. Very responsive and fast.

Director, Corporate Strategy at
Ingredion

I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.

Mariana Mendoza

Global Platform Senior Manager at
Whirlpool Corporation

Thanks! I like what you've provided and will certainly come back if I need to do further research works.

Bee Hin Png

CEO at
LDR Pte Ltd

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

FAQ
  • How we can help
    • I am not sure if the report I am interested in will fulfill my needs. Can you help me?
    • Yes, of course. You can call us at +33(0) 4 37 65 17 03 or drop us an email at [email protected] to let us know more about your requirements.
    • We buy reports often - can ReportLinker get me any benefits?
    • Yes. Set up a call with a Senior Research Advisor to learn more - [email protected] or +33(0) 4 37 65 17 03.
    • I have had negative experiences with market research reports before. How can you avoid this from happening again?
    • We advise all clients to read the TOC and Summary and list your questions so that we can get more insight for you before you make any purchase decision. A research advisor will accompany you so that you can compare samples and reports from different sources, and choose the study that is right for you.

  • Report Delivery
    • How and when I will receive my Report?
    • Most reports are delivered right away in a pdf format, while others are accessed via a secure link and access codes. Do note that sometimes reports are sent within a 12 hour period, depending on the time zones. However, you can contact us to escalate this. Should you need a hard copy, you can check if this option is offered for the particular report, and pay the related fees.
  • Payment conditions
    • What payment methods do you accept?
      1. Credit card : VISA, American Express, Mastercard, or
      2. You can download an invoice to pay by wire transfer, check, or via a Purchase Order from your company, or
      3. You can pay via a Check made out in US Dollars, Euros, or British Pounds for the full amount made payable to ReportLinker
    • What are ReportLinker’s Payment Terms?
    • All payments must normally be submitted within 30 days. However, you can let us know if you need extended time.
    • Are Taxes and duties included?
    • All companies based in France must pay a 20% tax per report. The same applies to all individuals based in the EU. All EU companies must supply their VAT number when purchasing to avoid this charge.
    • I’m not satisfied. Can I be refunded?
    • No. Once your order has been processed and the publisher has received a notification to send you the report, we cannot issue any refund or cancel any order. As these are not ‘traditional’ products that can be returned, reports that are dispatched are considered to be ‘consumed’.
  • User license
    • The license that you should acquire depends on the number of persons that need to access the report. This can range from Single User (only one person will have the right to read or access the report), or Department License (up to 5 persons), to Site License (a group of persons based in the same company location), or Corporate License (the entire company personnel based worldwide). However, as publishers have different terms and conditions, we can look into this for you.
Purchase Reports From Reputable Market Research Publishers

Business Email Compromise Market by Offering, Deployment Mode, Organization Size, Vertical and Region - Global Forecast to 2027

  • $ 4950
  • August 2022
  • 218 pages

The global BEC market size is expected to grow from an estimated value of USD 1.1 billion in 2022 to USD 2.8 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 19.4% from 2022 to 2027. Some of ...

  • World
  • APAC
  • Cybersecurity
  • ICT
  • Industry analysis
  • Internet Penetration
  • Number Of Enterprises

ref:plp2022

Reportlinker.com © Copyright 2022. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.

Make sure you don’t miss any news and follow us on