The Cloud Computing Market in Latin America is segmented by Service (SaaS, IaaS, and PaaS), Deployment (Public cloud and Private cloud), and Geography (Latin America). As per the Global Forecast research report 2024-2028 published by Technavio, the market size is estimated to grow by USD 26.4 billion, at a CAGR of 19.1% during the forecast period. There are several companies that are contributing to the market as per this report. Increased inclination for private cloud for enhanced data security .
In the dynamic business landscape of Latin America, Software as a Service (SaaS) emerged as the dominant segment in the cloud computing market in 2023. SaaS is a cloud service delivery model where software applications and related data are centrally hosted by vendors and accessed via web browsers or applications over the Internet. This model offers several advantages to enterprises, including easy workforce mobilization, elimination of the need for local software installations, and cost savings. Users pay a subscription fee to access various components and features of software programs and applications, enabling them to work from any Internet-connected device. By opting for SaaS solutions, businesses in Latin America can streamline their IT infrastructure, enhance productivity, and focus on their core competencies.
For insights on company offerings- Request a sample report!
The Cloud Computing market in Latin America is experiencing significant growth, driven by the increasing adoption of digital transformation initiatives among businesses. This trend is fueled by the region's expanding middle class and the need for cost-effective and flexible IT solutions. Key players in the market include Amazon Web Services, Microsoft Azure, and Google Cloud, who are investing heavily in the region to capture market share. The market is expected to reach a value of USD32.5 billion by 2025, growing at a CAGR of 21.5% during the forecast period.
To access the valuable insights - Download the Free Sample Report
The Cloud Computing Market in Latin America is experiencing an unprecedented growth due to the 'Internet explosion' and the shift from traditional 'Mainframe computing' to more efficient and cost-effective solutions. With increasing 'Accessibility' and 'Reliability' of the Internet, businesses in the region are turning to Cloud Computing for its 'Scalability' and 'Cost saving' benefits. Cloud Computing offers various types of services, including Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS), providing on-demand access to 'Computing resources' and 'Storage'. Major Cloud Providers like Amazon Web Services (AWS) and Microsoft Azure are leading the charge, offering 'Infrastructure services' and 'Serverless computing' options. The market is witnessing a trend towards 'Hybrid cloud' and 'Private cloud' solutions, allowing businesses to maintain control over some of their IT resources while leveraging the benefits of public cloud offerings. 'Capital expenditures' on hardware and maintenance are being replaced with 'On-Demand Access' to computing power and storage. Overall, the Cloud Computing Market in Latin America is poised for significant growth, offering businesses increased efficiency and flexibility in their IT operations.
The global IT software market encompasses businesses involved in the creation and distribution of application and system software, as well as database management solutions. The application software sector specifically focuses on developing specialized software for business and consumer use, including enterprise, technical, and cloud-based applications. Technavio determines the size of the global IT software market by aggregating the revenues of companies providing all types of IT software, including cloud solutions, while excluding those classified in the interactive home entertainment and systems software sub-industries. - The Cloud Computing Market in Latin America is experiencing significant growth, fueled by the . Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
