Cybersecurity Market Size and Forecast (2021-2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Component (Solution and Services), Type (Network Security, Endpoint Security, Application Security, Infrastructure Se

The cybersecurity market was valued at US$ 228.33 billion in 2024 and is expected to reach US$ 552.35 billion by 2031; it is estimated to record a CAGR of 13.8% from 2024 to 2031.

The South and Central America cybersecurity market is segmented into Brazil, Argentina, and the Rest of South and Central America. The market in the region is experiencing steady growth, fueled by the increasing digitalization across various sectors. Industries such as banking, financial services, and insurance (BFSI), automotive, IT & telecom, and manufacturing are rapidly embracing digital transformation, which, in turn, is elevating the demand for robust cybersecurity solutions. Organizations in the region are increasingly seeking technologies that reduce operational costs, minimize downtime, enhance productivity, and fortify IT security. As digital adoption accelerates, the need to safeguard critical infrastructure and sensitive data has become a strategic priority for both SMEs and large enterprises.

A noticeable uptick in cyberattacks across South and Central America has intensified the urgency for comprehensive cybersecurity measures. In response, market players are pursuing strategic partnerships to strengthen their regional presence and offer advanced security services. For instance, in May 2024, cybersecurity leader Atricore formed a strategic alliance with MG Systems, a São Paulo-based provider of security consulting services with over three decades of experience. This collaboration merges Atricore's technical innovation and agile solutions with MG Systems' deep industry knowledge in sectors such as finance, insurance, real estate, and IT. Together, the two companies offer end-to-end services, including penetration testing, remediation, and advanced security information and event management (SIEM) solutions. These tools empower businesses to monitor, detect, and respond to threats in real time. With well-integrated security operations centers (SOCs), businesses in the region are now better positioned to take a proactive approach to cybersecurity, staying ahead of evolving threats while maintaining business continuity and operational resilience.

Brazil is among the largest economies in South and Central America. As the government of Brazil is taking significant steps toward a digital future, cybersecurity solutions are gaining considerable importance in the country due to the subsequently rising concerns about cybersecurity. Many businesses in the country, especially those dealing with sensitive data or financial transactions, are implementing cybersecurity solutions to protect their systems and customers from data breaches. The adoption of cybersecurity solutions in Brazil is being driven by regulatory requirements and growing awareness of the risks associated with the sole dependence on passwords for authentication. The Brazilian General Data Protection Law (LGPD), among other regulatory bodies, emphasizes the importance of implementing adequate security measures to safeguard personal and sensitive information, which is likely to benefit the cybersecurity market in the near future.

IBM Corporation, Oracle Corporation, Open Text Corporation, SAP SE, Cisco Systems, Microsoft Corp, Broadcom Inc., Palo Alto Networks Inc, CrowdStrike Holdings Inc, and Fortinet Inc are among the key cybersecurity market players that are profiled in this market study.

The overall cybersecurity market size has been derived using both primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the cybersecurity market size. The process also helps obtain an overview and forecast of the market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights. This process includes industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the cybersecurity market.

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