Peru Cybersecurity Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR (2024 - 2029) | 8.52 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Peru Cybersecurity Market Analysis
The Peru Cybersecurity Market is expected to register a CAGR of 8.52% during the forecast period.
- Cybersecurity is becoming increasingly crucial for Peruvian enterprises, governments, and individuals as the country's digital ecosystem continues to expand and evolve. With digital economy growth comes a significant rise in cyber threats, underscoring the pressing need for robust security measures. Such developments are necessitating the demand for cybersecurity solutions and services in businesses to strengthen security measures.
- However, Peru's organizations are grappling with challenges such as a scarcity of cybersecurity talent, a nascent digital landscape, and limited access to advanced security solutions that can effectively manage risks and streamline security processes. Peru's government is actively bolstering the nation's cybersecurity, a move that's poised to significantly impact market growth.
- A notable example is the establishment of Peru's National Centre for Digital Security. This initiative aims to bolster the nation's cybersecurity and proactively address associated risks. The Center's mandate spans a comprehensive spectrum, from identifying and protecting against digital threats to collaborating with public and private entities.
- Furthermore, the country implemented a Cybersecurity Framework for the private sector. This framework aims to identify and safeguard information assets, detect security events, and establish protocols for responding to and recovering from cybersecurity incidents.Such developments are positively driving the businesses in the country to establish strong cybersecurity mesures, thus positively driving the demand for cybersecurity solutions and services.
- Moreover, Cyberattacks and data breaches have surged to the forefront as the primary threats confronting companies in Peru. The Global Risk Management Survey 2023/2024 by AON Plc highlights this, ranking cyberattacks and data breaches as the 3rd most pressing risk for Peruvian companies and 4th as a future risk. Such data indicates strong demand for cybersecurity solutions and services in businesses to enhance cyber resillency.
Peru Cybersecurity Market Trends
BFSI Sector is Analyzed to Hold Largest Market Share
- Peru boasts a dynamic financial landscape encompassing traditional banking entities, microfinance firms, municipal and rural savings and loan institutions, electronic money issuers, and investment banks. With a growing trend toward digitalization, Peruvian financial entities prioritize stringent cybersecurity protocols. Given the sector's handling of high-value transactions, sensitive client information, and pivotal financial systems, the BFSI sector is a prime target for cyber threats.
- The BFSI sector faces a growing threat landscape due to the surge in digital technology adoption and the prominence of online financial services. The sector's pivot towards mobile banking, digital payments, and online transactions has, in turn, heightened the urgency for robust cybersecurity measures. These measures are crucial in safeguarding against various threats, from fraud to data breaches.
- Moreover, high mobile penetration and the proliferation of banking applications in the country further drive the demand for application security and data security solutions in the country's BFSI sector. For instance, as of January 2024, Peru boasted 37.90 million cellular mobile connections, as per GSMA Intelligence. GSMA Intelligence's data highlights that, in January 2024, Peru's mobile connections represented a penetration rate of 109.8% of the country's population.
- As digital payments surge in the country, cyberattacks in the BFSI sector are expected to rise, necessitating advanced cybersecurity measures. For instance, in June 2024, NIPL (NPCI International Payments Limited) partnered with the Central Reserve Bank of Peru (BCRP) to introduce a UPI-like real-time payments system in Peru. This initiative targets a dual goal: diminishing Peru's dependence on cash transactions and broadening the adoption of digital payments, especially among its sizable unbanked demographic.
Solutions are Analyzed to Hold Significant Market Share
- Cybersecurity solutions are analyzed to positively drive the growth of the Peru cybersecurity market. The growing digitization among businesses and accelerated cloud migration, coupled with the growing focus of businesses in the country on enhancing cybersecurity resilience and strengthening cybersecurity measures, are driving the demand for cybersecurity solutions in Peru.
- The growing cloud migration in businesses nationwide is further driving the demand for cloud security solutions in Peru. For instance, in March 2024, Interseguro, a prominent insurance provider in Peru, and Kyndryl, the global player in IT infrastructure services, unveiled a strategic partnership. The collaboration aims to modernize Interseguro's IT landscape, transitioning its vital business applications from conventional on-premises setups to the Google Cloud Platform (GCP).
- Businesses nationwide increasingly adopt cutting-edge technologies like Generative Artificial Intelligence to enhance their competitiveness and operational efficiency. However, this tech surge is widening the attack surface for businesses, fueling the need for cybersecurity solutions to combat evolving cyber threats.
- For instance, a 2023 study by Noventiq, a firm focused on digital transformation and cybersecurity, revealed that 43.8% of surveyed Peruvian executives were selectively using and experimenting with Generative AI, while 18.8% had already integrated it into their business operations.
Peru Cybersecurity Industry Overview
The Peru cybersecurity market is semi-consolidated, with some of the major market vendors holding a significant share of the market. Market players are indulging in launching new cybersecurity solutions and services in the country to expand their market share. In addition, the partnership, acquisition, and merger activities are shaping the future of the Peru cybersecurity market.
- In March 2024, Honeywell announced a strategic partnership with Petróleos del Perú S.A. (Petroperú), a key player in Peru's hydrocarbon industry. Petroperú, known for its significant role in hydrocarbon production, refining, and distribution, is set to bolster its cyber resiliency and digital transformation by integrating Honeywell's cutting-edge cybersecurity solutions. Under this agreement, Petroperú will benefit from Honeywell's comprehensive suite of cybersecurity services, including consulting, managed security, and advanced threat detection. This collaboration aims to enhance Petroperú's operational technology (OT) cybersecurity, providing heightened visibility into potential vulnerabilities and threats.
Peru Cybersecurity Market Leaders
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IBM Corporation
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Kryndryl Inc.
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Oracle Corporation
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Radware
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BAUFEST
*Disclaimer: Major Players sorted in no particular order
Peru Cybersecurity Market News
- In March 2024, the US-based cloud security firm Netskope announced to bolster its operations in South America. It's establishing a dedicated team in Peru, ramping up recruitment efforts in Colombia and Brazil, and enhancing its footprint in regional data centers. This move comes in response to the region's rising need for cloud security and network protection solutions.
- In January 2024, Kyndryl, the world's leading technology infrastructure services provider, unveiled two new security edge security services in collaboration with Cisco. These services are designed to empower customers by enhancing their security measures and enabling proactive responses to cyber threats.
Peru Cybersecurity Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Consumers
4.2.3 Threat of New Entrants
4.2.4 Intensity of Competitive Rivalry
4.2.5 Threat of Substitutes
4.3 An Assessment of the Impact of Macroeconomic Trends
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Growing Reliance of Businesses on Technology and Data
5.1.2 Increasing Sophistication and Frequency of Cyberattacks
5.2 Market Restraints
5.2.1 Limited Cybersecurity talent
5.3 Key Use Cases
5.4 Regulations and Cybersecurity Standards
5.5 Analysis of Pricing and Pricing Model
6. MARKET SEGMENTATION
6.1 By Offering
6.1.1 Solutions
6.1.1.1 Application Security
6.1.1.2 Cloud Security
6.1.1.3 Consumer Security Software
6.1.1.4 Data Security
6.1.1.5 Identity and Access Management
6.1.1.6 Infrastructure Protection
6.1.1.7 Integrated Risk Management
6.1.1.8 Network Security Equipment
6.1.1.9 Other Solutions
6.1.2 Services
6.1.2.1 Professional Services
6.1.2.2 Managed Services
6.2 By Deployment
6.2.1 Cloud
6.2.2 On-premise
6.3 By End User
6.3.1 IT and Telecom
6.3.1.1 Use Cases
6.3.2 BFSI
6.3.2.1 Use Cases
6.3.3 Retail and E-Commerce
6.3.3.1 Use Cases
6.3.4 Oil Gas and Energy
6.3.4.1 Use Cases
6.3.5 Manufacturing
6.3.5.1 Use Cases
6.3.6 Government and Defence
6.3.6.1 Use Cases
6.3.7 Other End-Users
6.3.7.1 Use Cases
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles*
7.1.1 IBM Corporation
7.1.2 Kryndyl Inc.
7.1.3 Oracle Corporation
7.1.4 Radware
7.1.5 BAUFEST
7.1.6 Honeywell International Inc.
7.1.7 Datasec
7.1.8 Resecurity, Inc.
7.1.9 Netspoke Inc.
8. RANKING OF VENDORS AT A REGIONAL LEVEL
9. INVESTMENT ANALYSIS
Peru Cybersecurity Industry Segmentation
The Peru cybersecurity market's scope encompasses the revenues derived from solutions and services utilized across end-user industries. The analysis draws from a blend of secondary research and primary sources, providing a comprehensive view of the market. The market also delves into the key drivers and restraints shaping its growth trajectory.
Peru cybersecurity market is segmented by offering (solutions (application security, cloud security, consumer security software, data security, identity and access management, infrastructure protection, integrated risk management, network security equipment, other solutions), services (professional services, managed services)), by deployment (cloud, on-premise), by end-user industry (IT and telecom, BFSI, retail and e-commerce, oil gas and energy, manufacturing, government and defense, other end-users).
The market sizes and forecasts are provided in terms of value (USD) for all the above segments
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Peru Cybersecurity Market Research FAQs
What is the current Peru Cybersecurity Market size?
The Peru Cybersecurity Market is projected to register a CAGR of 8.52% during the forecast period (2024-2029)
Who are the key players in Peru Cybersecurity Market?
IBM Corporation, Kryndryl Inc., Oracle Corporation, Radware and BAUFEST are the major companies operating in the Peru Cybersecurity Market.
What years does this Peru Cybersecurity Market cover?
The report covers the Peru Cybersecurity Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Peru Cybersecurity Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Peru Cybersecurity Industry Report
Statistics for the 2024 Peru Cybersecurity market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Peru Cybersecurity analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Peru Cybersecurity Market Report Snapshots
