Report : South America Cloud Security Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Service Model [Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS)], Deployment Model (Public Cloud, Private Cloud, and Hybrid Cloud), Organization Size [Small & Medium-sized Enterprises (SMEs) and Large Enterprises], Solution Type (Email and Web Security, Cloud Identity and Access Management, Data Loss Prevention, Intrusion Detection System/Intrusion Prevention System, Security Information and Event Management, and Others), and Industry Verticals (BFSI, IT and Telecom, Energy and Utilities, Government and Public Sector, Healthcare and Life Sciences, Manufacturing, and Others)
At 11.9% CAGR, the South America Cloud Security Market is speculated to be worth US$ 4,626.90 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the South America cloud security market was valued at US$ 2,355.71 million in 2022 and is expected to reach US$ 4,626.90 million by 2028, registering an annual growth rate of 11.9% from 2022 to 2028. Rising number of cyberattacks and surging managed container services are the critical factors attributed to the market expansion.
The need for cloud security services has increased with a surge in cyber attacks. Due to the rise in digital content creation and the lack of measures to secure corporate and financial data, cyber theft has dramatically increased across several industry verticals. Banking, financial services, and insurance (BFSI) is the most targeted industry by cybercriminals, followed by IT & telecommunications and retail. Data breaches cause revenue losses to firms, along with tarnishing their brand reputation. The resultant business disruptions compel laborers to quit their jobs and search for new employment opportunities. Companies need to spend a considerable sum to make up for these losses and suppress the consequences of upcoming data breaches. According to estimates by IBM, an organization's average cost of a data breach was US$ 4.87 million in 2021, recording an increase of 10% over the cost incurred in 2020. As a result, businesses are implementing cutting-edge cybersecurity tools to identify risks and reduce costs associated with data breaches. Thus, the rising number of cyberattacks is driving the demand for cloud security services.
On the contrary, weak collaborations among organizations and cloud security service providers process hurdles the growth of South America cloud security market.
Based on service model, the South America cloud security market is segmented into infrastructure as a service (IaaS), platform as a service (PaaS) and software as a service (SaaS). The software-as-a-service (SaaS)segment held 48.8% market share in 2022, amassing US$ 1,262.84 million. It is projected to garner US$ 2,245.33 million by 2028 to expand at 10.1% CAGR during 2022–2028.
Based on deployment model, the South America cloud security market is segmented into public cloud, private cloud, and hybrid cloud. The public cloud segment held 55.0% market share in 2022, amassing US$ 1,318.07 million. It is projected to garner US$ 2,209.82 million by 2028 to expand at 9.0% CAGR during 2022–2028.
Based on enterprise size, the South America cloud security market is segmented into small and medium-sized enterprises (SMEs), and large enterprises. The large enterprises segment held 73.3% market share in 2022, amassing US$ 1,658.63 million. It is projected to garner US$ 2,921.20 million by 2028 to expand at 9.9% CAGR during 2022–2028.
Based on solution type, the South America cloud security market is segmented into email and web security, cloud identity and access management, data loss prevention, intrusion detection system/intrusion prevention system, security information and event management, and others. The email and web security segment held 28.7% market share in 2022, amassing US$ 676.14 million. It is projected to garner US$ 1,372.21 million by 2028 to expand at 12.5% CAGR during 2022–2028.
Based on industry vertical, the South America cloud security market is segmented into BFSI, IT and telecom, energy and utilities, government and public sector, healthcare and life sciences, manufacturing, and others. The BFSI segment held 27.2% market share in 2022, amassing US$ 640.48 million. It is projected to garner US$ 1,238.32 million by 2028 to expand at 11.6% CAGR during 2022–2028.
Based on country, the South America cloud security market is segmented into Brazil, Argentina, and Rest of South America. Our regional analysis states that Brazil captured 71.6% market share in 2022. It was assessed at US$ 1,687.71 million in 2022 and is likely to hit US$ 3,398.46 million by 2028, exhibiting a CAGR of 12.4% during the forecast period.
Key players dominating the South America cloud security market are Amazon Web Services; Microsoft Corp; International Business Machines Corp; Oracle Corp; Trend Micro Incorporated; VMware, Inc.; Palo Alto Networks, Inc.; Cisco Systems Inc; Check Point Software Technologies Ltd.; and Google LLC among others.
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