Latin America Software-As-A-Service Market Analysis by Deployment Model (Private, Public, and Hybrid Cloud); by Application (Supply Chain Management, Customer Relationship Management, Enterprise Resource Planning, Human Resource Management, Supply Chain Management); and by Vertical (Information Technology and Telecommunication, Banking, Financial Services and Insurance, Healthcare, Education, Retail, and Others)-Supply & Demand Analysis & Opportunity Outlook 2022-2031

Latin America Software-As-A-Service Market Size, Forecast, and Trend Highlights Over 2022 - 2031

The Latin America software-as-a-service market is estimated to garner a revenue of ~USD 10.0 Billion by the end of 2031 by growing at a CAGR of ~25% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of ~USD 5.0 Billion in the year 2021. The growth of the market can be attributed to the increasing adoption of cloud infrastructure among organizations. For instance, cloud-based storage has increased from 23 per cent to 36 percent between 2017-2019 in Latin America.

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Software as a service (or SaaS) is a way of delivering applications over the Internet—as a service. Instead of installing and maintaining software, with SaaS, a user can simply access it via the Internet, without going through complex software and hardware management. In other words, SaaS is a software distribution model in which a cloud provider hosts applications and makes them available to end users over the internet. In this model, an independent software vendor (ISV) may contact with a third-party cloud provider to host the application. SaaS is one of three main categories of cloud computing, alongside infrastructure as a service (IaaS) and platform as a service (PaaS) and unlike IaaS and PaaS, SaaS products are frequently marketed to both B2B and B2C users. Therefore, the rising number of internet users is anticipated to increase the growth of the Latin America software-as-as-service market. As per the World Bank, the percentage of individuals using the internet has increased from 62 percent in 2017 to 74 percent in 2020 in Latin America & Caribbean

Latin America Software-As-A-Service Market: Growth Drivers and Challenges

Growth Drivers

• Rising Smartphones Users– The increasing use of smartphones for the organizations apps purpose is projected to surge the growth of the Latin America software-as-a-service market. The smartphones penetration rate in Latin America has been more than 65 percent in the year 2019

• Increasing Urbanization Rate– Latin America is one of the most urban regions in the developing countries, with more than 80 percent of the population lives in urban areas.

• Surging Data Centers –Data centers are the places where the data is stored and maintain the system required for the SaaS application. Hence, it is expected to drive the growth of the Latin America software-as-a-service market. There are more than 130 colocation data centers present in 13 countries of South America

• Increase in the Number of Startup Ventures – An increase in the number of startup ventures is expected to surge the growth of the Latin America software-as-a-service market through the adoption of SaaS model for applications such as emails, billing, and others. Nearly 7 to 24 percent of the working age population are engaged in setting up a new business.

Challenges

• Rising Threat to Data Privacy

• High Cost for the Installation of the System

• Inadequate Integration Issues

The Latin America software-as-a-service market is segmented and analyzed for demand and supply by deployment model into private, public, and hybrid cloud. Out of these, the hybrid cloud segment is expected to hold the largest share over the forecast period owing to the higher adoption of hybrid cloud models among organizations. For instance, the adoption rate of hybrid cloud is on the rise accounting for more than 35 percent in 2020.

Market Segmentation

Our in-depth analysis of the Latin America software-as-a-service market includes the following segments:

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Key Companies Dominating the Latin America Software-As-A-Service Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the Latin America software-as-a-service market that are included in our report are Pipefy, Mosyle, Rocket.chat, Microsoft Inc., IBM Corporation, Gympass, ContaAzul, Hi Platform, Rock Content, Beetrack, and others.

Latin America-Software-As-A-Service Market: Latest Developments

• 27th October 2021 Pipefy: Completion of USD 75 million in Series C funding, bringing its total funding to date to USD 138.7 million has been announced by Pipefy. Led by USD 50 million from SoftBank Latin American Fund, with additional participation from Steadfast Capital Management, Insight Partners, Redpoint eventures and others. Pipefy’s new capital will significantly accelerate its global expansion with solutions that empower teams and organizations to nimbly automate and customize their integrated workflows.

• 14th June 2018 ContaAzul: ContaAzul, the Brazilian business management software provider has acquired Wabbi for an undisclose amount

Key Reasons to Buy Our Report

• The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.

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