South America Cyber Security Market Latest Innovations, Drivers, Dynamics And Strategic Analysis and Challenges

The South America cyber security market is expected to reach $22,184.1 million by 2023, according to P&S intelligence.

Growing digital transformation in the region and surge in cyber threats are the key factors driving the growth of the market.

Insights on Market Segments
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.​

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 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.

Market Segmentation by Security Type
·         Application
·         Network
·         Endpoint
·         Cloud
Market Segmentation by Deployment Type
·         On-premises
·         Cloud   
Market Segmentation by Organization Size
·         Large Enterprises
·         Small and Medium Enterprises (SMEs)


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.

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