Mexico Cybersecurity Market Growth Sturdy: Projected to Grow at a CAGR of 10.2% by 2027

Published | 22 October 2021

Mexico cybersecurity market is growing at a high CAGR because of the increasing adoption of cloud computing and digitization in businesses and increasing cases of cyberattacks in the country…

A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Mexico cybersecurity market is estimated to grow at a CAGR of 10.2% during the forecast period of 2021-2027. As Mexico's data volume and demand for data transfer through shared networks increases, its vulnerability to cyberattacks is also increasing, thereby driving the cybersecurity market. In addition, rising investments in cybersecurity adoption by various industry verticals such as manufacturing, IT, healthcare, retail, and the government are likely to boost the Mexico cybersecurity market in the forecast period.

Increasing Number Small and Medium-Sized Business Presenting Growth Opportunities for the Mexico Cyber Security Market

Based on organization size, the Mexico cyber security market is segmented into small & medium-sized enterprises and large enterprises. The large enterprise segment dominates the market because of the large volumes of data that are generated every day that can be susceptible to cyberattacks. Furthermore, the high financial capabilities of large enterprises in implementing advanced cybersecurity services is another factor driving market expansion. Nevertheless, the growing number of small and medium-sized enterprises and their shift to cloud computing are presenting new growth opportunities for the Mexico cybersecurity market.

Growing Adoption of Cybersecurity Solutions in the Government Sector is Favoring the Mexico Cyber Security Market

Based on end-users, the Mexico cyber security market is segmented into aerospace & defense, government, banking, financial services, and insurance, IT, healthcare, retail, manufacturing, energy and utilities, telecommunication, media and entertainment, and others. Among these, the government segment accounts for the largest market share because this sector is most vulnerable to cyberattacks. The shortage of skilled cybersecurity professionals working for the government is one of the reasons why this sector often opts for outsourcing cybersecurity services, which is propelling the growth of the Mexico cybersecurity market. Furthermore, the banking, financial services, and insurance segment is also growing at a substantial rate because of the increasing online transactions and mobile banking services.

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Mexico Cyber Security Market - By Software

Based on software solutions, the Mexico cyber security market is segmented into antivirus/antimalware, security & vulnerability management, disaster recovery, advanced persistent threat, encryption, identity & access management, network access control, intrusion detection & prevention system, threat intelligence, security & information event management, firewall, secure web gateway, risk & compliance management, security orchestration automation & response, and others. The identity and access management (IAM) segment accounts for the largest share in the market, as it protects the organization's data from unauthorized access.

Impact of COVID-19 on Mexico Cyber Security Market

The Mexico cybersecurity market significantly proliferated after the COVID-19 outbreak. According to an estimate, the number of cyberattacks skyrocketed in Mexico after the COVID-19 pandemic, with more than 13.94 billion attempted cyberattacks in 2020 alone. As a result, the organizations and government sector are now focusing on tightening their cyber security with the adoption of advanced cybersecurity tools and solutions. This presented immense growth opportunities to cybersecurity companies. Therefore, to meet the growing market demands, the market players started invested in digital process and tools to strengthened their technologies for better risk management and process. These factors significantly contributed to the growth of the Mexico cyber security market during the COVID-19 period.

Competitive Landscape

The leading players in the Mexico cyber security market are Inflection Point, Truxgo Servers, Systems-X, BeachFleischman Cybersecurity, Venn, CYCSAS, KIO Cyber, Axity, Bayonet, Maat.ai, Mati, and other prominent players. Several prominent players participate in this market, and it has great potential for cybersecurity service providers due to its fragmentation. The market players are investing heavily in expanding their business beyond geographical limits. Furthermore, competitive strategies such as partnerships, mergers, acquisitions, and joint ventures are also common in this sector. To provide organizations with real-time solutions, the companies prioritize enhancing their technology and services.

Don’t miss the business opportunity of the Mexico cybersecurity market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Mexico cybersecurity market. The report highlights the factors driving forecasts of total market size. It also promises to provide recent technology trends of the Mexico cybersecurity market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

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