Mexico Cyber Security Market Report and Forecast 2024-2032

Mexico Cyber Security Market Outlook

The Mexico cyber security market size reached USD 2.21 billion in 2023. The market is projected to grow at a CAGR of 8.0% between 2024 and 2032, reaching almost USD 4.50 billion by 2032.

Key Takeaways:

• Mexico is at the second highest risk of facing a failure of its IT systems globally, followed by only South Africa.

• 43% of cyberattacks against Mexican organisations have been successful in the past two years. 

• 800 million cases of attempted cyberattacks cost $7.7 billion to the Mexican economy in 2022.

Rising incidences of cyberbullying, identity theft, content manipulation, and hate crime targeting youngsters aged 18-24 years old are driving the Mexico cyber security market growth. Though Mexico is the 6th most popular destination for generative AI development, 65% of Mexicans have inadequate knowledge of artificial intelligence-based tools. As online abuse and AI-based scams record an uptick, the market is expected to grow significantly over the forecast period.

The Global Cybersecurity Index 2020 ranked Mexico behind countries like Kenya and Morocco at the 52nd position out of 180 countries. The recent data leak from Mexico’s Secretary of National Defence in 2022 put sensitive information related to defence planning and the head of the state’s life at risk. It is expected that the Mexican government will allocate a higher share of resources to strengthen its cybersecurity measures over the forecast period, further driving the Mexico cyber security market expansion.

Cross-border collaboration with other countries is one of the key Mexico cyber security market trends. The dialogue organised under the Bicentennial Framework between the United States of America and Mexico in December 2022 led to a partnership between California-based Resecurity and Mexico-based Totalsec to ensure a stable cyberspace and promote the exchange of cyber threat intelligence between nations. This is further expected to accelerate the Mexico cyber security market development in the forecast period.

Market Segmentation

Mexico Cyber Security Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Component

• Solution
  • Encryption
  • Data Loss Prevention
  • Unified Threat Management
  • Firewall
  • Antivirus/Antimalware
  • Intrusion Detection Systems/Intrusion Prevention Systems
  • Disaster Recovery
  • Distributed Denial of Service Mitigation
  • Web Filtering
  • Others

• Services 
  • Professional Services
  • Managed Security Services

Market Breakup by Deployment

• Cloud

• On-Premises

• Others

Market Breakup by Security Type

• Cloud Security 

• Application Security

• Endpoint Security

• Data Security

• Network Security

• Infrastructure Protection

• Others

Market Breakup by Organisation Size

• Large Enterprises

• Small and Medium Enterprises

Market Breakup by End Use

• BFSI

• Government and Defence

• Energy and Utilities

• Healthcare

• IT and Telecom

• Manufacturing

• Retail

• Others

Market Breakup by Region

• Baja California

• Northern Mexico

• The Bajío

• Central Mexico

• Pacific Coast

• Yucatan Peninsula

The key Mexico cyber security market players are Cisco Systems, Inc, IBM Corporation, Intel Corporation, Cyber Ark Software Ltd, Dell Inc., CrowdStrike, Inc., Sophos Ltd., Palo Alto Networks, Inc., Fortinet, Inc., and Trend Micro Incorporated, among others.

Key Highlights of the Report