To reach $455.4m in 2015, with Brazil and Colombia offering the highest growth potentials
The Latin American managed security services (MSS) markets obtained high growth rates in 2010, reaching a total of $189.4m, says a new analysis by Frost & Sullivan.
The analysis, ‘Latin American Managed Security Services Markets’, estimates the market to reach $455.4m in 2015, with Brazil and Colombia offering the highest growth potentials in the short term.
The study said that the most important market drivers include the economic growth of the region, excellent cost-benefit of outsourcing network security, the increasingly complexity of business networks, and sophistication of network attacks.
However, compliance with local and international regulations drove the Latin American network security markets, said the analysis.
Frost & Sullivan Industry Analyst Fernando Belfort said that while regions such as North America and Eastern Europe are already witnessing a downtrend due to a more stabilised market, Latin America is presenting an extremely dynamic and fast-growing MSS market.
Belfort added, "Global vendors have noticed this emerging opportunity and are investing on local security operations centres (SOCs), greater services flexibility, and marketing of their service capabilities."
However, the study warns that despite bright prospects, there are some challenges restraining market progression.
Lack of awareness about the current threats, challenging economic conditions and political instability are deterring growth. Importantly, the price of MSS remains prohibitive for many potential clients, mostly in the mid-market segment, said the analysis.