Market Insights Technology Cybersecurity Security Services

Professional Services - Central America

Central America

The Professional Services market in Central America is expected to experience significant growth in the coming years.
According to projections, the market's revenue is set to reach US$108.80m by 2024.
Furthermore, it is anticipated that the market will continue to expand at an annual growth rate of 7.14%, resulting in a market volume of US$153.60m by 2029.
In terms of spending, the average Spend per Employee in the Professional Services market is expected to reach US$4.66 in 2024.
This indicates the level of investment made by companies in Central America to avail professional services.
When looking at the global landscape, it is worth noting that United States is set to generate the highest revenue in the Professional Services market.
Projections indicate that United States will generate US$34,430.0m in revenue by 2024.
These numbers demonstrate the potential for growth and development within the Professional Services market in Central America and highlight the significant role played by United States in the global market.
In Central America, the professional services market is thriving, with a strong demand for specialized consulting and advisory services.

Key regions: India, Chile, Spain, Saudi Arabia, Belgium

Market

Region

Region comparison

Currency

Methodology

Data coverage:

Data encompasses B2C, B2B and B2G enterprises. Figures are based on security spending excluding VAT and the number of cyberattacks.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial statements of the market-leading companies and industry associations, national statistical offices, and specific countries’ security organizations (e.g., German Cyber Security Council, Canadian Centre for Cyber Security). Furthermore, we use relevant key market indicators and data from country-specific associations, such as GDP and internet penetration. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. Possible techniques are, for example, exponential trend smoothing and the autoregressive integrated moving average (ARIMA) forecasting algorithm. The main drivers are GDP, internet users, level of digitization, and consumer attitude towards data and IT security.

Additional notes:

Data is modeled using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.