The Latin American cybersecurity market was valued at USD 5.73 billion in 2021, and it is expected to register a CAGR of 11.8 percent during the forecast period (2022-2027). With the recent 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.
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.
