Managed Security Services (MSS) market in Latin America and the Caribbean grew 13.8 percent in 2012 representing a volume of $379,100,000, Frost & Sullivan said.
The growth is likely to continue at the same pace over the period 2012-2018.
The growth of this market is mainly driven by the increase in the amount and complexity of hacker attacks and corporate espionage affecting Latin America, the research said.
Also trends such as mobility and cloud security create a demand for security, which will drive Managed Security Services market to a new phase of expansion in the coming years, the agency said.
The most sought-after MSS services in Latin America include Firewall and secure access to virtual private network services, representing 40.2 percent of revenue in 2012.
Frost & Sullivan attributes the success of MSS to its association with new generation of cloud computing services. Adoption of cloud computing cannot be determined without regard to the security company, the study said.
According to another study by Frost & Sullivan, when choosing a provider cloud services, 92 percent of end users in Brazil consider the security offered as the most important factor.