With increased internet penetration, cyberattacks are becoming more powerful, allowing hackers greater access to new technology. One such example is the production a malware called 'Flame'.
The Latin America cybersecurity market is anticipated to grow at an overall compound annual growth rate (CAGR) of 12.3% and will be worth of USD 20.65 Bn by 2023.
For the majority of the security software providers, Latin America is an important market owing to its currently fragile cybersecurity infrastructure. In 2016, Latin America generated only 7.9% of the global revenue in the cybersecurity market.
By countries, Brazil is one the largest economies in the Latin America region. The country is undergoing a digital revolution-over 50% of the population has internet access. It had also faced severe cyberttacks during the summer Olympic game in 2016 that brought the country disrepute. About 8.6% of the cyberattacks were initiated from within Brazil. Brazil ended up providing a massive opportunity to cybersecurity vendors to advance their business.
By solution, Identified and access management dominates the market. The Brazilian e-government services are facing problems with regard to ID entity management because they do not have National Strategy for digital identity management. This is driving the adoption of IAM to achieve these goals.
Key Growth Factors
- The growth of the digital economy in Latin America is making it necessary for countries to update their cybersecurity policies and take essential technical measures to safeguard privacy.
- Cities across Latin America are making extensive use of IoT to ease day-to-day transactions. This creates huge opportunities for cybersecurity solution providers to improve their products and provide highly secured solutions.
Key Topics Covered
Chapter 1. Executive Summary
Chapter 2. Latin America Cybersecurity Market
Chapter 3. Latin America Cybersecurity Market - by Industries
Chapter 4. Latin America Cybersecurity Market - by Solution
Chapter 5. Latin America Cybersecurity Market- by Countries
Chapter 6. Key Player Company Profiles
- CA Technologies
- Kaspersky Lab
Chapter 7. Conclusion
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