Mexico CyberSecurity Market
According to Gartner Consulting, cybersecurity market revenue in Mexico is expected to show an annual growth rate (CAGR 2023-2028) of 8.11%, resulting in a market volume of US$3.19 billion by 2028. The growth is attributed to the increasing demand for cybersecurity solutions in various sectors, including banking, retail, and energy, mainly from the private initiative, and the fact that during 2023, Mexico became the most attacked country in Latin America, suffering over 14 million attacks.
The cybersecurity market in Mexico shows signs of maturity, and it is expected to continue growing as the digitalization efforts continue and cyber-attacks become more frequent. This trend represents opportunities for U.S. firms with expertise in specific verticals, such as critical infrastructure protection and security of electronic payments, among other specialized solutions.
It is estimated that the country needs around 260,000 workers in the cybersecurity sector.
Mexico still needs to enact a cybersecurity legislation, and there is no single competent authority. Several cybersecurity law proposals are being evaluated in the Senate. Adopting cybersecurity solutions has not been a priority for the current government.
The rise in the adoption of emerging technologies, such as Artificial Intelligence and the Internet of Things, is driving the country’s need to strengthen cyber defenses. Additionally, the increasing digitalization of the Mexican economy and society has generated greater awareness of the risks associated with cybercrime.
CS Mexico believes that the primary market opportunities for U.S. firms in the sector are:
- Threat detection and prevention solutions: Advanced solutions for the early identification and mitigation of cyber-attacks, including Artificial Intelligence and behavioral analysis.
- Critical Infrastructure Protection: Solutions designed to ensure the integrity of critical infrastructure, such as energy, transportation, and communication systems (for the private sector).
- Security of electronic payments: Solutions to guarantee the security of electronic transactions, including fraud prevention and authentication solutions. The Mexican Association of Online Sales has identified cybersecurity concerns as a primary obstacle to the growth of e-commerce in the country.
- Cybersecurity education and training: programs focused on professionals and the private sector, emphasizing awareness of cyber threats and best practices.
As the market evolves and cyber risks increase, awareness about the importance of protecting digital infrastructure and sensitive data is expected to strengthen, fostering market growth.
For more information on the sector or to discuss how you can identify a local partner in Mexico, please contact Commercial Specialist Adriana Carrillo Adriana.Carrillo@trade.gov