Latin America Internet Of Things (Iot) Security Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Latin America Internet Of Things (Iot) Security Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The Latin America Internet of Things (IoT) Security Market has registered a CAGR of 36.54% during the forecast period of (2021 - 2026). An increase in the number of ransomware attacks on various IoT devices and the rise in the number of IoT security regulations among the developing economies in the region, along with an increase in malware and phishing threats among different enterprises, are driving the growth of the market in Latin America. Further, Covid-19 has played a major role in giving rise to the work from home concept, which has been increasing the demand for IoT security solutions.

Latin America has been one of the most successful developing regions, but the expansion of technology is not looking as bright for the growth of IoT. The emerging business models and applications, coupled with the reducing device costs, have been instrumental in driving the adoption of IoT. Consequently, the number of connected devices, such as connected cars, machines, meters, wearables, and consumer electronics.

Brazil is one of the largest countries in the world in terms of size and population. It is also among the largest economies by nominal GDP and by purchasing power parity in the world. According to Trading Economics, Brazil is the tenth-largest economy globally and the biggest in Latin America. According to the Brazilian Institute of Geography and Statistics, in the second quarter of 2021, the GDP in Brazil decreased by 0.1% compared to the previous quarter.

IoT solutions in Latin America, specifically Mexico, Brazil, and Argentina, have grown from servicing the supply chain process to adding visibility to healthcare, government offices, and hospitality industries. The rapidly growing implementation of Wi-Fi, RFID, Bluetooth, and sensors have brought on the IoT revolution, which is believed to be the most transformative technology for the next decade by 99% of respondents.

To manage employees working from home, companies in the region are relying extensively on remote-based monitoring of the workforce, which is enhancing the demand for IoT solutions. This helps bring transparency, provide real-time tracking, improve safety, and ensure meeting government compliance. However, the cybersecurity of remote workforce and enterprises plays a vital role in catering to their clients during lockdowns. Therefore, it offers a great market opportunity for IoT security vendors.

The IoT security solutions are expected to record a larger market share during the forecast period. Security is an integral aspect of any IoT network to ensure data confidentiality and authorized control over connected devices. With the increasing reach of IoT in multiple industries in the region, with the growing number of IoT deployments, the intensity of cyberattacks is also growing, which is driving the growth of IoT security in the region.

IoT security solutions ensure security using various solutions, including identity access management, data encryption, and tokenization, intrusion detection system/intrusion prevention system, device authentication and management, secure software and firmware update, secure communications, PKI lifecycle management, DDoS protection, security analytics, and other solutions (virtual firewall and incidence response system).

Internet of Things (IoT) devices are increasing in popularity, but they show various serious cyber security challenges for large enterprises. However, despite the fact that wearables, smart thermostats, routers, printers, and all other devices that connect to the internet can be hacked, just like laptop and desktop computers, scant attention has been paid to IoT security solutions.

Large enterprises are especially lacking in IoT security solutions because they do not manufacture their own equipment. These enterprises purchase connected devices from third-party manufacturers and assume that they are secure. IoT device manufacturers in Latin America operate in an environment with few regulations or oversight. This is increasing the demand for IoT security solutions in the region,

Brazil has taken a huge step towards encouraging innovation by promoting the Internet of Things (IoT) technologies and IoT security implementation across companies and industries. Instances involving compromised devices, botnets, and vulnerabilities have become ordinary occurrences, where IoT devices are being used as part of a botnet or a scanning activity in Brazil, where Brazilian Hackers are targetting IoT Devices with malware. During the first half of 2020, Brazilians reported nearly 318,700 cyber incidents to the Centro de Estudos, Resposta e Tratamento de Incidentes de Segurança no Brasil. This is increasing the demand for IoT security solutions in the region.

In July 2021, the Brazilian government has launched a new technology development center focusing on the Internet of Things (IoT) approach, robotics, and 5G. According to the Ministry for Science, Technology, and Innovation (MCTI), the center is the first government research facility to employ the quintuple innovation helix framework, which describes university-industry-government-public-environment interactions within a knowledge economy. Such research and development activities by the government are expected to fuel the growth of IoT security in the region.

Brazil's National IoT Plan was announced as one of the country's Digital Transformation Strategy pillars, created in March 2018, which provides a mechanism for strengthening the IoT's national innovation ecosystem and development. Some of the other recent developments in the IoT front in Brazil include launching a USD 45 million venture capital fund in May 2021 that is focused on early-stage investments in companies active in the Internet of Things (IoT) and connectivity space.

Latin America Internet of Things (IoT) Security Market is fragmented with few major players, which are various established international brands, domestic brands, as well as new entrants that form a competitive landscape. Some of the major players are increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development.

• April 2020: Cytrust, a Cybersecurity spinoff company, and NortonLifeLock partnered to help identify Latin American SMEs' cybersecurity risks and safeguard businesses. Cytrust cyberscoring allows small businesses to determine their risk exposure to cyber-attacks easily. As part of this effort, Cytrust customers can also access IoT cyber safety solutions from NortonLifeLock.
• April 2020: Infineon and Tata Communications launched an IoT eSIM for use in 200 locations across the world in North America, Europe, Latin America, Asia Pacific, Middle East, and Africa. The OPTIGA Connect eSIM is based on "security hardware" and comes with pre-integrated carrier-agnostic cellular coverage.

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support