Latin America Cyber Security Market 2021 Insights and Business Scenario – AVG Technologies, Check Point Software Technologies Ltd, Cisco Systems Inc., Cyber Ark Software Ltd

Market Insights Reports has added new statistical data to its repository titled as, Latin America Cyber Security Market. It provides the industry overview with market growth analysis with a historical & futuristic perspective for the following parameters; cost, revenue, demands, and supply data (as applicable). Furthermore, the report also sheds light on technological platforms, in addition to distinctive tools, and methodologies that will help to propel the performance of industries. The Latin America Cyber Security market report covers the post-COVID-19 impact on various regions and major countries and on the future development of the industry is pointed out.

The Latin America Cyber Security Market was valued at USD 14.62 billion in 2020 and expected to reach USD 37.92 billion by 2026 and grow at a CAGR of 17.2% over the forecast period (2021 - 2026).

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Top Key Players in the Latin America Cyber Security Market are AVG Technologies, Check Point Software Technologies Ltd, Cisco Systems Inc., Cyber Ark Software Ltd, Dell Technologies Inc., FireEye Inc., Fortinet Inc., IBM Corporation, Imperva Inc., Proofpoint Inc., Broadcom Inc. (Symantec Corporation), and others. 

Industry News and Update:

May 2019 - Proofpoint Inc. signed a definitive agreement to acquire Meta Networks, an innovator in zero-trust network access. With this acquisition, the company is aiming at strengthening its cloud-based architecture and people-centric security platform.

May 2019 - FireEye Inc. acquired security instrumentation company Verodin at USD 250 million. With this acquisition, the company is planning to leverage the Verodin Security Instrumentation Platform into its portfolio by identifying gaps in security effectiveness due to equipment misconfiguration, changes in the IT environment.

Key Market Trends:

BFSI Sector to Grow Significantly

- The BFSI sector is one of the critical infrastructure segments that suffers several data breaches and cyber-attacks, owing to the large customer base that the industry serves and the financial information that is at stake. The financial service institutions have been identified to be four times more susceptible to cyber attacks, as compared to other industries, which is expected to drive the demand for such solutions.
- The phishing attacks have been rising in the region accounted for 192,000 attacks per day in 2017, which grew by 115% from the previous year. In 2018, more than 2,000 mobile banking users in Brazil downloaded android-based malware, which breached the confidential data from the device.
- Moreover, in May 2018, Mexico central bank announced that a cyber attack in April 2018 cost undisclosed five financial institutions around USD 15.2 million was owing to several fraudulent transfers.
- In Latin America, Brazil is the most targeted country for cyber attacks. it registered over 28% of the phishing attacks occurred in the region and the country is followed by Guatemala with 20.34%.

Increasing M2M Connections Demand Cyber Security

- While GSMA reported that IoT connections in Latin America are expected to grow to 1300 million by 2025 from 444 million in 2017, M2M connections are also anticipated to witness a significant rise. The IoT describes the coordination of multiple devices, machines, and appliances connected to the Internet through multiple networks.
- These devices include everyday objects such as tablets, consumer electronics, and other machines, such as vehicles, monitors, and sensors equipped with M2M communications that allow them to send and receive data.
- As M2M connectivity support sensors, probes, modems, modules and routers used, the IoT and M2M connectivity has driven the market for cyber security in the region.

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This Latin America Cyber Security Market report addresses:

– The Market size from 2016-2021

– Expected market growth until 2026

– Forecast of how market drivers, restraints, and future opportunities will affect

– Segment and regions that will drive or lead the market growth and why

– Comprehensive mapping of the competitive landscape

– In-depth analysis of key sustainability strategies adopted by market place.                              

Frequently Asked Questions about Latin America Cyber Security market:

– What are the recent developments and government policies?
– Why might we forecast a downturn in a particular economy next year?
– Why do we say the currency is set to appreciate?
– What countries and sectors offer the highest potential?
– Where are the greatest dangers?              

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