Mexico Cybersecurity Market Size (2024 - 2029)

Mexico Cybersecurity Market Analysis

The Mexico Cybersecurity Market size is estimated at USD 2.51 billion in 2024, and is expected to reach USD 4.34 billion by 2029, growing at a CAGR of 11.59% during the forecast period (2024-2029).

Cyberattacks on public and private establishments in Mexico are expected to increase exponentially throughout the forecast period. Mexico, however, has no national cybersecurity plan, encouraging the private sector to independently introduce self-regulatory schemes to try and protect itself against cyberattacks.

• Mexico is also witnessing rapid urbanization and internet penetration, further fueling the cybersecurity market. Brazil, Argentina, and Mexico have already established Cyber Emergency Response Teams and Computer Security Incident Response Teams to combat cyber-attacks, resulting in a surge in demand over the forecast period.
• At a global level, Mexico's market demand is high, and there are some large international companies. However, there are also domestic companies that are benefiting from the growth of the industry. There is a clear requirement for increased product offerings (especially for SMEs) and more competition within the sector. A dedicated IT cluster could be a solution for developing low-cost cybersecurity products and services.
• Mexico ranks 52 out of 182 countries in terms of vulnerability to cyberattacks, according to the International Telecommunications Union (ITU). Moreover, the country has been witnessing numerous attacks. Crypto-jacking is one of the leading cybersecurity issues the country's businesses face. Mexico is immature in cybersecurity due to a lack of investment in cybercrime protection.
• COVID-19 has boosted the market in the country. For instance, according to a study by National Cyber Security Organizations, the revenue generated from cyber solutions in the country increased to EUR 56 billion in 2021 from EUR 0.45 billion in 2020. The same study also forecasts that the revenue will cross EUR 1.48 billion by the end of 2027.

Mexico Cybersecurity Industry Segmentation

IT advancement, communication technologies, and smart energy grids are changing the landscapes of almost every country's critical infrastructure and business networks. However, with rapidly changing technology comes rapidly advancing threats. Cybersecurity solutions help an organization to monitor, detect, report, and counter cyber threats, which are internet-based attempts to damage or disrupt information systems and hack critical information, using spyware and malware and by phishing, to maintain data confidentiality. The market sizing for the study has been provided based on the end-user spending on Cybersecurity solutions and services.