South America Cyber Security Market Regional Revenue, Trends, Opportunities and Future Prospects

Market Segmentation by Component
• Solutions
o Risk and compliance management
o Identity and access management (IAM)
o Firewall
o Security and vulnerability management
o Encryption
o Intrusion detection system (IDS)/ Intrusion prevention system (IPS)
o Unified threat management (UTM)
o Disaster recovery
o Web filtering
o Distributed denial of service (DDoS) mitigation
o Antivirus/Antimalware
o Data loss prevention

• Services
o Managed services
o Professional services

The South America cyber security market is expected to reach $22,184.1 million by 2023, according to P&S intelligence.

Growing digital transformation in the region and surge in cyber threats are the key factors driving the growth of the market.

Insights on market segments

Based on component, South American cyber security market has been categorized into solutions and services. Solutions category held majority of the market share, generating over $4,244 million revenue in 2017. This can be attributed to the increased adoption of complete packages provided through cyber security solutions, which include security engineering and management, vulnerability assessment, penetration testing, and security compliance. Whereas, the market is expected to witness faster growth in the services category, advancing at a CAGR of 27% during the forecast period.

Browse report overview with 122 tables and 82 figures spread through 191 pages and detailed TOC on "South America Cyber Security Market by Component (Solutions [Risk & Compliance Management, IAM, Firewall, Security & Vulnerability Management, Encryption, IDS/IPS, UTM, Disaster Recovery, Web Filtering, DDoS Mitigation, Antivirus/Antimalware, Data Loss Prevention], Services [Managed, Professional]), by Security Type (Application, Network, Endpoint, Cloud), by Deployment Type (On-Premises, Cloud), by Organization Size (Large Enterprises, SMEs), by Industry (Aerospace & Defense, Government, BFSI, IT & Telecom, Healthcare, Retail, Manufacturing), by Geography (Brazil, Argentina, Colombia, Chile, Peru) – Market Size, Share, Development, Growth, and Demand Forecast, 2013–2023" at:https://www.psmarketresearch.com/market-analysis/south-america-cyber-security-market

Market is projected to witness the fastest growth in Peru

During the forecast period, the cyber security market in South America is projected to witness the fastest growth in Peru, with a CAGR of 24.4%, owing to the rising use of cyber security technology in the public sectors and the growing internet user base in the country. In 2017, Peru’s internet penetration reached 56% of population, and is expected to record 80% by 2020.

Rising digital transformation in the region is a key growth driver for the market

The prime factor responsible for the growth of the cyber security industry is the rising digital transformation in the region. Data security threats are rising with increase in the number of companies using mobile devices and cloud services for their business purposes; owing to the increasing threats, data security has become a major concern for organizations. According to Kaspersky’s cyber map statistics, Brazil tops the list of cyberattacks in South America. Thus, the growing rate of digital transformation is leading to increase cyberattacks incidence, which in turn, is driving the market growth in South America.

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Cyber security market competitiveness

Vendors in the South American cyber security market are aggressively investing and working towards building a dynamic security infrastructure for on-premises data centers and cloud platforms such as Amazon Web Service (AWS) and Microsoft Azure, in order to mitigate the risk of data breaches. Some of the key players operating in the cyber security industry in South America are Cisco Systems Inc., BAE Systems plc, RSA Security LLC, IBM Corporation, Symantec Corporation, Palo Alto Networks Inc., Fortinet Inc., FireEye Inc., Check Point Software Technologies Ltd., and Juniper Networks Inc.

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