Market Trends of Colombia Cybersecurity Industry
Growing M2M/IoT Connections Demanding Strengthened Cybersecurity in Enterprises
- With increasing internet penetration across Latin American countries, cybersecurity solutions are expected to grow. The growing wireless network for mobile devices has increased data vulnerability, making cybersecurity an essential component of every organization in Latin America.
- IoT is the new wave of technological change disrupting Latin American industries. Companies and governments are investing more in IoT solutions. According to GSMA Intelligence, IoT connections in the region are expected to reach 1,200 million by 2025.
- According to Ministerio de Tecnologías de la Información y Comunicaciones (Colombia), during the second quarter of 2023, the number of mobile internet subscribers in Colombia was 20 million. Claro was Colombia's largest mobile internet provider, providing 21.7 million accesses.
- Colombia is undergoing various economic, political, and technological changes. The government has set a target of 85% nationwide connectivity. 56.5% of homes have internet connections, according to DANE. Colombia's expanding range of connectivity options, including 5G networks, low power, broad area, and narrow band, opens up several opportunities for IoT systems and applications.
- The implementation of cybersecurity solutions is expected to grow with increasing internet penetration in the country. Moreover, the rapidly expanding wireless network for mobile devices has increased data vulnerability, making cybersecurity an integral part of every organization across Colombia.
- Digital acceleration and adoption are increasing, and new technologies will be solidified with artificial intelligence, IoT, and machine-to-machine communication (M2M). The Internet of Things (IoT) and machine-to-machine (M2M) technology connect mission-critical equipment rapidly and efficiently for industries like health, private security, government security agencies, and emergency services.
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Manufacturing End User Segment is Expected to Hold Significant Market Share
- The manufacturing sector has been contributing a significant market share of the country's cyber security market due to the application of cyber security solutions such as cloud, network, and web-based cyber securities in the advanced manufacturing facilities where digital technologies are broadly used in automation to offer faster data integration, accurate and efficient factory communication, and high-quality product manufacturing at lower prices.
- In addition, using smart technologies like Blockchain, the Internet of Things, artificial intelligence, and Industry 4.0 in the country's manufacturing sector is fueling the adoption of cyber security solutions in Colombia because the internet-based systems and the M2M communications can be malfunctioned by cyber attackers.
- In January 2024, Telco Systems, one of the leading global providers of innovative network infrastructure solutions, announced that HvMultiplay Colombia, a prominent pay-tv operator in Colombia, has selected Telco Systems to modernize its legacy 1 Gigabit Ethernet (1 GE) Carrier Ethernet network with state of the art 100 Gigabit Ethernet (100 GE). This strategic partnership will enable HvMultiplay Colombia to deliver a superior viewing experience to its subscribers with enhanced bandwidth, reduced latency, and improved network scalability.
- With increasing internet penetration in the country, cybersecurity solutions are expected to grow. According to Ministerio de Tecnologías de la Información y Comunicaciones (Colombia), As of the second quarter of 2023, the leading fixed internet access technology in Colombia was cable, totaling five million connections. Colombia was also one of the South American countries with the highest mobile internet penetration rates.
