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South American Cyber Security Market to 2023 - Vendors Aggressively Investing & Working Towards Building a Dynamic Security Infrastructure for On-Premises Data Centers & Cloud Platforms - ResearchAndMarkets.com

February 27, 2019

DUBLIN--(BUSINESS WIRE)--Feb 27, 2019--The “South America Cyber Security Market by Component - Market Size, Share, Development, Growth, and Demand Forecast, 2013-2023” report has been added to ResearchAndMarkets.com’s offering.

The South America cyber security market is expected to reach $22,184.1 million by 2023, growing digital transformation in the region and surge in cyber threats are the key factors driving the growth of the market.

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.

Based on deployment type, the cyber security market has been categorized into cloud and on-premises cyber security solutions; out of these, on-premises category held a larger market share in 2017, accounting for 57%. During the forecast period, however, the market is expected to register faster growth in the cloud category. This can be attributed to the increasing deployment of cloud-based cyber security solutions by small and medium enterprises (SMEs).

Based on organization size, the cyber security market has been categorized into SMEs and large enterprises. Large enterprises accounted for over 63% revenue share in the market in 2017, and it is further expected to advance at a CAGR of over 22% during the forecast period. This can be attributed to the increasing incidence of cybercrimes in South America region, particularly in large enterprises. Moreover, there has been a surge in organized cybercrimes in the large enterprises in the region, which is further driving the market growth of this category.

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.

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.

The market is registering a considerable increase in the adoption of cloud-based cyber security solutions, as cloud-based solutions reduce total cost of ownership (TCO), making it a cost-effective option for SMEs and large enterprises. Usage of cloud services to combat cybercrimes through artificial intelligence (AI) is gaining traction, with some of the major companies such as IBM Corporation, and Cisco Systems Inc. investing heavily in AI capabilities for cognitive computing. As supporting technologies such as AI and machine learning are advancing at a rapid pace, they offer ample growth opportunities for the players to invest in the cyber security market in South America.

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.

Market Dynamics

Trends

  • Artificial Intelligence- and Machine Learning-Based Cyber Security Solutions

Drivers

  • Digital Transformation with Internet of Things (IoT)
  • Adherence to Government Regulations

Restraints

  • Lack of Trained Personnel
  • Budget Constraints in Organizations

Opportunities

  • Implementation of Cloud-Based Cyber Security Solutions

Companies Profiled

  • BAE Systems PLC
  • RSA Security LLC
  • International Business Machines (IBM) Corporation
  • Symantec Corporation
  • Palo Alto Networks Inc.
  • Fortinet Inc.
  • FireEye Inc.
  • Check Point Software Technologies Ltd.
  • Cisco Systems Inc.
  • Juniper Networks Inc.

For more information about this report visit https://www.researchandmarkets.com/research/l3x3zr/south_american?w=4

View source version on businesswire.com:https://www.businesswire.com/news/home/20190227005503/en/

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Related Topics:IT Security

KEYWORD: SOUTH AMERICA

INDUSTRY KEYWORD: TECHNOLOGY INTERNET SECURITY

SOURCE: Research and Markets

Copyright Business Wire 2019.

PUB: 02/27/2019 08:50 AM/DISC: 02/27/2019 08:50 AM

http://www.businesswire.com/news/home/20190227005503/en