Kenneth Research published a report on Latin America Cybersecurity Market which gives detailed analysis of the present market landscape. The report which is evaluated for the forecast period, i.e., 2022-2031, provides an in-depth analysis of the market, based on size, volume, latest trends, opportunities and challenges associated.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Latin America Cybersecurity Market Products.
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According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Latin America Cybersecurity Market
With increased internet penetration, cyberattacks are becoming more powerful, allowing hackers greater access to new technology. One such example is the production a malware called ‘Flame’. The Latin America cybersecurity market is anticipated to grow at an overall compound annual growth rate (CAGR) of 12.3 % and will be worth of USD 20.65 Bn by 2023.
For the majority of the security software providers, Latin America is an important market owing to its currently fragile cybersecurity infrastructure. In 2016, Latin America generated only 7.9% of the global revenue in the cybersecurity market.
By countries, the Latin America cybersecurity market is classified into Brazil, Mexico, Argentina, and other cybersecurity markets. Brazil is one the largest economies in the Latin America region. The country is undergoing a digital revolution-over 50% of the population has internet access. It had also faced severe cyberttacks during the summer Olympic game in 2016 that brought the country disrepute. About 8.60% of the cyberattacks were initiated from within Brazil. Brazil ended up providing a massive opportunity to cybersecurity vendors to advance their business.
By solution, the Latin America cybersecurity solution is classified into identity and access management, encryption, governance regulation and compliance, unified threat management, and security information and event management. Identified and access management dominates the market. The Brazilian e-government services are facing problems with regard to ID entity management because they do not have National Strategy for digital identity management. This is driving the adoption of IAM to achieve these goals.
Key growth factors:
o The growth of the digital economy in Latin America is making it necessary for countries to update their cybersecurity policies and take essential technical measures to safeguard privacy
o Cities across Latin America are making extensive use of IoT to ease day-to-day transactions. This creates huge opportunities for cybersecurity solution providers to improve their products and provide highly secured solutions
Threats and key players:
o The region lacking proper cybersecurity strategies is one of the main reason that hinders the adoption in this market. Countries like Argentina, and Chile have outdated laws with the regard to data protection. There also lies an information gap between users and the authorities
o The region is not able to respond to major cybersecurity attacks owing to lack of understanding, and inadequate resource capacity
o The key players in this market are Symantec, Avast, McAfee, Trustwave, CA Technologies, Kaspersky Lab
What’s covered in the report?
o Overview of the Latin America cybersecurity market
o The current and forecasted market size data for the Latin America cybersecurity market
o The current and forecasted market size data for the segments of the market, by end user industries – financial services, telecommunication, healthcare, public sector, and others
o The current and forecasted market size data for the segments of the market, by solution- identity and access management, encryption, governance regulation and compliance, unified threat management, and security information and event management
o Market trends in the Latin America cybersecurity market
o Market drivers and challenges in the Latin America cybersecurity market
o Current and forecasted countries – Brazil, Argentina, Chile, and rest of Latin America market size data for the Latin America cybersecurity market
o Analysis of company profiles of the major players operating in the market
o Get a broad understanding of the Latin America cybersecurity market and its segments – by region, by solution, and by end user industries
o Get region-specific drivers and challenges affecting the Latin America cybersecurity market
o Recognize significant competitors’ business and market dynamics, and respond accordingly
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The Market report answers the following questions:
What is the aim of the report?
- The market report presents the estimated market size of Latin America Cybersecurity Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year-on-Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
- The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
- The various parameters accelerating the growth of Market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the Market during the forecast period.
What aspects regarding the regional analysis Market are included in this report?
- Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
- The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
- The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
Based on what factors are the key market players assessed in this report?
- The report offers detailed analysis of leading companies in the market across the globe.
- It provides details of the major vendors involved in the Market including Key Players
- A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
- The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
- The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
What is the key information extracted from the report?
- Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
- The report offers the present scenario and future growth prospects Market in various geographical regions.
- The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
- The SWOT analysis is conducted along with Porter’s Five Force analysis.
- The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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