Latin America Cyber Security Market (2020-2026) | Size, Share, Trend, Growth, Forecasrt, Revenue, Outlook & COVID-19 IMPACT

Latest 2023 Development of the Latin America Cyber Security Market

Latin America cyber security market is witnessing a rise in cyber-attacks in recent years. The attacks range from ransomware and phishing to data breaches and identity theft. Additionally, the adoption of cloud-based security solutions is on the rise in the region, as businesses and governments look for more efficient and cost-effective ways to protect their digital assets. Further, the governments in the region are taking steps to improve their cybersecurity posture and protect critical infrastructure from cyber threats. For example, the Brazilian government launched a national cybersecurity strategy, which aims to strengthen the country's cyber defense capabilities. Moreover, in the Latin America cyber security industry, several cybersecurity companies are partnering with local companies and governments in the region to expand their presence and provide better cybersecurity solutions.  Moreover, managed security services are becoming increasingly popular in Latin America as they offer a cost-effective way for organizations to access security expertise and technology.

With the increasing adoption of cloud technology, the demand for cloud security solutions is on the rise in Latin America. Cloud security solutions include cloud access security brokers (CASBs), cloud workload protection platforms (CWPPs), and cloud security posture management (CSPM) solutions. Additionally, with the increasing number of data breaches, data privacy has become a critical concern for organizations in Latin America. The General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) have influenced the development of data protection regulations in the region. Further, there is a growing awareness of cybersecurity threats in Latin America. As a result, more organizations are taking proactive measures to protect themselves from cyberattacks.

Latin America cyber security market Synopsis

Latin America Cyber Security Market is expected to register growth during the upcoming years on account of increasing mobile and internet penetration, growing investment in the commercial sector, and increasing demand for smart cities in the region. In contrast, the insufficient flow of information between authorities, the dearth of resources, and outdated laws related to data privacy obstruct the growth of the market in the region. 

According to 6Wresearch, the Latin America Cyber Security Market size is anticipated to grow notably during 2020-2026. Growing penetration towards usage of the internet coupled with surging digitalization is driving the Latin America Cyber Security Market Share. The rising digital revolution is leading to a surge in cyber security crimes which is further adding to the demand for cyber security. The health emergency caused by the outburst of coronavirus pandemic (Covid 19) has disrupted the growth of almost every industry. The various restrictions imposed by the government have led to a decline in the development of the market.

Latin America cyber security market is projected to witness substantial growth in the foreseeable future on the back of the profound growth of the banking & insurance, hospitality, and telecom sectors. Moreover, an increase in government mandates and norms regarding data security by using cyber security solutions by installing software such as antivirus and antispyware programs is anticipated to generate lucrative opportunities for cyber solutions in the coming years. Further, rising urbanization coupled with emerging economies leading to the vast expansion of digital infrastructure tends to instigate an increase in the cybersecurity solution to prevent data from cyber attackers and would boost the growth of the Latin American cybersecurity market in the coming timeframe.

Market Analysis by Offerings

Based on offerings, identity and access management solutions are likely to experience growth during the forecast period as the region lacks a uniform identity management system leading to potential inefficiencies in electronic government services.

Market Analysis by Verticals

Based on verticals, the banking, financial services, and insurance sector are expected to register the highest growth due to its added exposure to cyber intrusions in the region as seen in the case of Mexico where enormous losses were incurred by five institutions on account of fraudulent transfers.

Market Analysis by Country

Brazil is the leading revenue-generating country in the Latin America cybersecurity market on the back of the growing digital revolution in the country. Also, Brazil suffered from intense cyber-attacks during the 2016 Olympics and had to bear severe losses. Moreover, Mexico is also witnessing rapid urbanization and internet penetration thereby fueling the cybersecurity market further. Brazil, Argentina, and Mexico have established Cyber Emergency Response Teams and Computer Security Incident Response Teams to combat cyber-attacks which, would result in a surge in demand over the forecast period.

Key Highlights of the Report:

• Latin America Cyber Security Market Overview
• Latin America Cyber Security Market Outlook
• Latin America Cyber Security Market Forecast
• Historical Data of Latin America Cyber Security Market Revenues, for the Period 2016-2019
• Latin America Cyber Security Market Size and Latin America Cyber Security Market Forecast of Revenues, Until 2026
• Historical Data of Latin America Cyber Security Market Revenues, By Components, for the Period 2016-2019
• Market Size & Forecast of Latin America Cyber Security Market Revenues, By Components, Until 2026
• Historical Data of Latin America Cyber Security Market Revenues, By Offerings, for the Period 2016-2019
• Market Size & Forecast of Latin America Cyber Security Market Revenues, By Offerings, Until 2026
• Historical Data of Latin America Cyber Security Market Revenues, By Deployments, for the Period 2016-2019
• Market Size & Forecast of Latin America Cyber Security Market Revenues, By Deployments, Until 2026
• Historical Data of Latin America Cyber Security Market Revenues, By Verticals, for the Period 2016-2019
• Market Size & Forecast of Latin America Cyber Security Market Revenues, By Verticals, Until 2026
• Historical Data of Brazil Cyber Security Market Revenues, for the Period 2016-2019
• Market Size & Forecast of Brazil Cyber Security Market Revenues, Until 2026
• Historical Data of Argentina Cyber Security Market Revenues, for the Period 2016-2019
• Market Size & Forecast of Argentina Cyber Security Market Revenues, Until 2026
• Historical Data of Mexico Cyber Security Market Revenues, for the Period 2016-2019
• Market Size & Forecast of Mexico Cyber Security Market Revenues, Until 2026
• Historical Data of Rest of Latin America Cyber Security Market Revenues, for the Period 2016-2019
• Market Size & Forecast of Rest of Latin America Cyber Security Market Revenues, Until 2026
• Market Drivers and Restraints
• Latin America Cyber Security Market Trends and Industry Life Cycle
• Porter’s Five Force Analysis
• Market Opportunity Assessment
• Latin America Cyber Security Market Share, By Players
• Latin America Cyber Security Market Share, By Regions
• Latin America Cyber Security Market Overview on Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations

Markets Covered

The Latin America Cyber Security Market report provides a detailed analysis of the following market segments:

By Components

• Solutions
• Services

By Offerings

• Identity and Access Management
• Infrastructure Security
• Governance, Risk, and Compliance
• Unified Vulnerability Management Service
• Data Security and Privacy Service
• Other

By Deployments

• Cloud
• On-Premises

By Verticals

• Aerospace and Defense
• BFSI (Banking Finance Services and Insurance)
• Retail
• Healthcare
• IT and Telecom
• Energy and Utilities
• Manufacturing
• Commercial Offices
• Others

By Countries

• Brazil
• Argentina
• Mexico
• Rest of Latin America

Other Key Reports Available:

• Brazil Cyber Security Market Report
• Argentina Cyber Security Market Report
• Mexico Cyber Security Market Report