South America Cyber Security Market to Reach $22,184.1 Million by 2023: P&S Intelligence

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South America Cyber Security Market by Component (Solutions [Risk & Compliance Management, IAM, Firewall, Security & Vulnerability Management, Encryption, IDS/IPS, UTM, Disaster Recovery, Web Filtering, DDoS Mitigation, Antivirus/Antimalware, Data Loss Prevention], Services [Managed, Professional]), by Security Type (Application, Network, Endpoint, Cloud), by Deployment Type (On-Premises, Cloud), by Organization Size (Large Enterprises, SMEs), by Industry (Aerospace & Defense, Government, BFSI, IT & Telecom, Healthcare, Retail, Manufacturing), by Geography (Brazil, Argentina, Colombia, Chile, Peru) – Market Size, Share, Development, Growth, and Demand Forecast, 2013–2023

NEW YORK, Oct. 31, 2018 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, 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.

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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).

Browse report overview with 122 tables and 82 figures spread through 191 pages and detailed TOC on "South America Cyber Security Market by Component (Solutions [Risk & Compliance Management, IAM, Firewall, Security & Vulnerability Management, Encryption, IDS/IPS, UTM, Disaster Recovery, Web Filtering, DDoS Mitigation, Antivirus/Antimalware, Data Loss Prevention], Services [Managed, Professional]), by Security Type (Application, Network, Endpoint, Cloud), by Deployment Type (On-Premises, Cloud), by Organization Size (Large Enterprises, SMEs), by Industry (Aerospace & Defense, Government, BFSI, IT & Telecom, Healthcare, Retail, Manufacturing), by Geography (Brazil, Argentina, Colombia, Chile, Peru) – Market Size, Share, Development, Growth, and Demand Forecast, 2013–2023" at: https://www.psmarketresearch.com/market-analysis/south-america-cyber-security-market

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.

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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.

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During the forecast period, the fastest growth in artificial intelligence in cyber security market is expected in Asia-Pacific, owing to the increasing incidence of cyber-attacks. High value targets in a less secure environment have made this region a potential target for cyber-criminals.

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