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South America Cyber Security Market Size, Share & COVID-19 Impact Analysis, By Security Type (Network Security, Cloud Application Security, End-point Security, Secure Web Gateway, Application Security, and Others (Internet Security)), By Enterprise Size (Small and Medium-sized Enterprises and Large Enterprises), By Industry (BFSI, IT and Telecommunications, Retail, Healthcare, Government, Manufacturing, Travel and Transportation, Energy and Utilities, and Others), and Regional Forecast, 2023-2030

Last Updated: June 24, 2024 | Format: PDF | Report ID: FBI107435

 

KEY MARKET INSIGHTS

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South America is the largest region in the global cyber security market. It is projected to grow at a CAGR of 17.7% during the forecast period. The global market for cyber security is projected to grow from USD 153.65 billion in 2022 to USD 424.97 billion by 2030.


Cyber technology has become a vital asset in the region's relationship between the government and society. The government is taking various actions to guarantee the protection of national interests in the cybernetic sector. Brazil is making strengthening regulations on cyber security by implementing robust cybersecurity policies. The country has developed institutions, regulations, and laws related to cybersecurity within the scope of the federal public administration.


Moreover, the increase in cybersecurity instances in Brazil has led to increasing demand for insurance for risks. For instance, according to the National Confederation of Insurers association, cyber risk insurance generated the most significant volume of business in March 2022. Over USD 2.7 million insurance policies were sold, with an increase of 23.4% compared to 2021.


According to IDC, Brazil’s overall security spending is expected to reach nearly USD 1 billion in 2022, with an increase of 10% compared to 2020. Additionally, expenses on security solutions will be around USD 860 million, with cloud security as a key focus for IT decision-makers in Brazil.


In Argentina, there is growing awareness of the importance of cybersecurity among people. According to the National Argentine Cybersecurity Office, Argentine companies financed over USD 60 million in cybersecurity in 2021 and are focusing on investing in cybersecurity during the forecast period.  Moreover, the Argentine Ministry of Security formed a new Federal Cybersecurity Force to educate and equip public units with the latest technologies to fight cyber-attacks.


Our report on the South America cyber security market covers the following countries/regions – Brazil, Argentina, and the Rest of South America.


LATEST TRENDS


Increasing Demand for Cloud-based Cyber Security Solutions to Act as a Key Trend


Cloud computing is widely used due to its reliable and flexible architecture. With organizations moving toward a cloud environment, the need for security measures is increasing to safeguard the data from leaks. The hybrid-cloud method involves applications and services that can be configured and hosted locally and can be transferred to the cloud. Most organizations use the hybrid method since it proves to be more secure than affecting the entire thing to the cloud.


DRIVING FACTORS


Deployment of Security Solutions in BYOD Propels the South America Cyber Security Market Growth


The COVID-19 pandemic enabled companies to include a BYOD strategy as employees migrated to remote locations, resulting in hybrid work environments. Bring-Your-Own-Device (BYOD) and the rising of social media have propelled industries to protect interconnections. Additionally, digital applications connected to the organization are of dynamic vulnerabilities.


RESTRAINING FACTORS


Inadequate Budget for Installing the Cyber Security Software to Hinder Market Growth


Cybersecurity software solutions are less comprehensive and have no proper alignment regarding business objectives and security protocols. Moreover, cyber security systems emphasize protecting against external threats more than internal ones. Various reasons, such as lack of experts and professionals in emerging and evolving security solutions, are key detaining factors. The high cost of applying and updating internet security solutions and services hamper the product adoption among Small & Medium Enterprises (SMEs).


KEY INDUSTRY PLAYERS


In terms of the competitive landscape, Beltis, Infopulse, INCUCA TECH, Exadel, Inc., Sikur, and VaultOne are the key players in the South America market. They are focused on strengthening their product portfolio, active involvement, and distribution network through strategic collaboration and partnerships for the acceleration of product launches, which increase the market share.


LIST OF KEY COMPANIES PROFILED:



  • Beltis (Brazil)

  • Infopulse (Brazil)

  • INCUCA TECH (Brazil)

  • Exadel, Inc. (Brazil)

  • Sikur (Brazil)

  • VaultOne (Brazil)


KEY INDUSTRY DEVELOPMENTS:



  • February 2023: Accenture acquired Morphus, a Brazil-based cyber defense, cyber threat intelligence services, and provider of risk management, increasing its practice capabilities in Brazil. This acquisition will carry over 230 highly skilled professionals, making Accenture a major cybersecurity professional services provider in Brazil.

  • July 2022: Exadel acquired Motion Software, a software engineering company specializing in block chain, analytics, AI, healthcare, and eLearning. This acquisition will allow Exadel to increase its presence across Europe by integrating with Motion's small work platform to open new opportunities for streamlining the matchmaking process for EU clients.

  • February 2022: Sikur co-developed Sikur One by partnering with Brazilian manufacturer Multilase to track the Zero Trust Concept. This security framework enables the users of the Sikur One to continuously validate themselves and authorize their IDs to maintain access to the phone and the data stored in it.


REPORT COVERAGE


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The South America cyber security market research report provides qualitative and quantitative insights into the market and a detailed analysis of the South America market size & growth rate for all possible segments in the market. Along with the market forecast, the research report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights presented in the report are an overview of the adoption of technology, an overview of price analysis, an overview of the regulatory scenario by key countries, new product launches, and key industry developments – mergers, acquisitions & partnerships.


Report Scope & Segmentation


























































  ATTRIBUTE



  DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 17.7% from 2023 to 2030



Unit



Value (USD Billion)



Segmentation



By Security Type, Enterprise Size, Industry, and Country



By Security Type




  • Network Security

  • Cloud Application Security

  • End-point Security

  • Secure Web Gateway

  • Application Security

  • Others (Internet Security)



By Enterprise Size




  • Small & Medium Enterprises (SMEs)

  • Large Enterprise



By Industry




  • BFSI

  • IT and Telecommunications

  • Retail

  • Healthcare

  • Government

  • Manufacturing

  • Travel and Transportation

  • Energy and Utilities

  • Others



By Region




  • South America (Enterprise Size, Security Type, Industry, Country)


    • Brazil (By Industry)

    • Argentina (By Industry)

    • Rest of South America (By Industry)







Frequently Asked Questions

Growing at a CAGR of 17.7%, the market will exhibit steady growth in the forecast period (2023-2030).

Deployment of security solutions in BYOD is the major factor driving the market growth.

Beltis, Infopulse, INCUCA TECH, Exadel, Inc., Sikur, and VaultOne are the major market players in the South America market.

Brazil dominated the market in 2022.

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