Panama’s cybersecurity market will generate $51.2 million by 2024

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By LatAm Reports Staff Writers

The presidential elections of May 5 were one of the main reasons for the growth of this market.

An increase in the maturity levels of the cybersecurity market is seen as organizations move forward in their digital transformation.

Panama is positioned as the country with the highest growth in Central America in cybersecurity services according to the latest report published by the research firm Frost & Sullivan.

The report indicates that Panama’s cybersecurity market will generate $51.2 million this year, representing a 34 percent growth from the previous year.

Marcelo Ruiz, consultant director of this firm, explains that the presidential elections of May 5 were one of the main reasons for the growth presented this year.

It is a common phenomenon because governments in the region seek to increase their cybersecurity by election day, he details.

It also adds to the creation of cybersecurity awareness programs as part of the strategies of Panama Digital by government entities, as well as educational opportunities of universities in the country focused on reducing talent shortages through cybersecurity certifications.

It also stresses that in Panama, the sectors most affected by cyber attacks are financial, government and logistics, with ransomware, phishing and identity supplanting the types of attacks with the most incidence.

For its part, the market for cybersecurity services managed in Latin America will reach $1.708 million by 2024, representing a growth of 12.8 percent over 2023.

According to this report, among the key aspects presented by the cybersecurity market managed in the region are that cybersecurity service providers already have operating platforms that centralize their offer, which will continue to improve with third-party telemetry, Artificial Intelligence (IA), Machine Learning, and professional services.

Ruiz visualizes an increase in the maturity levels of the cybersecurity market as organizations advance their digital transformation, so the adoption of managed security will grow, and therefore competition between companies that offer information security services in the region.

Growth and innovation

At the same time it was announced that the company Sistemas Aplicativos (SISAP) was positioned for the second consecutive year as the only Latin American company to be included in the top 15 edition of the Frost RadarTM 2024, also published by Frost & Sullivan.

The Frost Radar is an analysis tool that is carried out annually, which evaluates and classifies different companies, in this case in the market for cybersecurity services, based on two variables: growth and innovation.

This article has been translated after first appearing in Panama American