South America Cyber Security Market Drives Forward Despite Bumps

Posted June 27, 2022 by PuneetShah

The key trend in the South American cyber security market is the integration of such solutions with machine learning and artificial intelligence
From 4.528% in 2001, the percentage of the Brazilian population with access to the internet rose sharply to 67.471% in 2017, as per the World Bank. Similarly, the numbers for Argentina stood at 9.781% in 2001 and 74.295% in 2017. The increasing penetration of the internet in South America has been followed by rapid digital transformation and the internet of things (IoT) revolution. An increasing number of companies are migrating their data to computer servers, while internet-connected sensors are being used in the region for smoother traffic and more-efficient industrial operations.

Sadly, all this technological advancement has also introduced the region to the world of cybercrime, which is why P&S Intelligence expects the South American cyber security market to display a 22.7% CAGR during the forecast period (2018–2023), to reach $22,184.1 million in 2023 from $6,582.7 million in 2017. As more data goes online, the avenues for hackers, identity thieves, and other types of cybercriminals widen. Similarly, the rising usage of IoT is giving rise to the menace of IoT botnets, which are networks of computers and connected devices infected with malicious software.

To deal with such cyber threats, numerous technology companies are entering the region with an array of cybersecurity solutions and services. Of these, solutions currently witness the higher demand on account of the rising adoption of comprehensive packages to thwart any intrusion attempt at networks and servers. The wide range of cybersecurity solutions available include identity and access management (IAM), risk and compliance management, security and vulnerability management, firewall, intrusion detection system (IDS)/intrusion prevention system (IPS), encryption, disaster recovery, unified threat management (UTM), distributed denial of service (DDoS) mitigation, web filtering, data loss prevention, and antivirus/antimalware.

The key trend in the South American cyber security market is the integration of such solutions with machine learning (ML) and artificial intelligence (AI). Along with encryption models, AI helps detect potential attacks and take action to prevent them. Further, by learning from such encounters, the AI component automatically scans the IoT environment and encrypted internet traffic for unusual patterns, thus improving the network security infrastructure. Similarly, in an age when the amount of data consumed is rising massively, ML is being leveraged to process and study the data to predict and identify anomalies, for better cyberattack analysis.

Due to such technological advancements, cybersecurity solutions are becoming popular in the region’s government, aerospace and defense, IT and telecom, banking, financial services, and insurance (BFSI), retail, healthcare, education, manufacturing, and hospitality sectors. Among these, aerospace and defense companies generate the highest demand for cybersecurity solutions and services owing to the rising investments in the field of cyber defense. Additionally, BFSI firms also require a robust cybersecurity infrastructure, as their servers hold massive amounts of consumers’ financial data, which is the first thing cybercriminals look for.

Brazil held the largest share in the South American cyber security market during the historical period, and it will maintain its dominance till 2023. In 2017, almost 50% of the cyberattacks in the region were targeted at Brazil, while during 2015–2016, attacks on the websites of Brazilian companies and government agencies skyrocketed by 270%! During the forecast period, the highest CAGR in the market is projected to be witnessed in Peru owing to the increasing number of internet users and adoption of advanced technology in its public sector.

Thus, as digital transformation in the region attracts cybercriminals, the demand for effective cybersecurity solutions and services will rise here.
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Last Updated June 27, 2022