Latest News- Cloud Computing Market in Latin America: SaaS is expected to lead the Service segment during 2025-2029

The Cloud Computing Market in Latin America is being driven by Increased inclination toward cloud computing for cost-cutting

The Cloud Computing Market in Latin America is expected to grow at a CAGR of 17.2% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 26.4 billion. In the Latin American market, security and compliance concerns have emerged as significant barriers to the adoption of public cloud computing solutions. Although public cloud services offer robust security features, their accessibility via the Internet to an unlimited number of users and the presence of multiple tenants using the same resources increase the risk of potential security breaches. This is particularly relevant for industries with stringent data security requirements, such as financial services and healthcare, where the consequences of a data breach can be severe. A private cloud solution, on the other hand, provides dedicated cloud storage resources to a single organization, ensuring greater control over data security and regulatory compliance. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Service
  • SaaS
  • IaaS
  • PaaS
• Deployment
  • Public cloud
  • Private cloud
• Geography
  • Latin America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increased inclination toward cloud computing for cost-cutting
• Government initiatives promoting cloud adoption
• Increasing adoption of digital transformation in Latin America

However, the market also witnesses some limitations, which are as follows:

• System integration issues
• Data privacy and security concerns associated with cloud computing
• Limited cloud service offering in Latin America

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Market Scope in Cloud Computing Market in Latin America Research Report

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Research Analysis Overview

Cloud Computing in Latin America: Microsoft Azure leads the market in IT resources, offering Public, Private, and Hybrid cloud solutions. These include Infrastructure services like Serverless computing, Storage, and Processing, accessible via the Internet. Types of Services include Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS). Benefits include cost savings, scalability, reliability, and accessibility. The shift from Capital expenditures to On-Demand Access accelerated with the Internet explosion, surpassing Mainframe computing.

Market Research Overview

The Cloud Computing Market in Latin America is a significant segment of the global IT system software industry. This market encompasses businesses providing IT resources, Public Cloud, Private Cloud, and Hybrid Cloud solutions. The system software market, a subcategory of the IT software sector, includes organizations specializing in application and systems software development and production, as well as database management software. According to Technavio, the global system software market size is determined by the consolidated revenue of companies offering various types of systems software, including cloud-based solutions.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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