Brazil and Mexico are Leading the Market, Forecast to Reach $6.19 Billion in 2022
The cloud services market in Latin America has been witnessing changes in the consumer mindset toward cloud computing. Companies of different sizes and across a variety of verticals are increasingly understanding the benefits of the SaaS and PaaS solutions and therefore are making investments in the cloud.
The SaaS market has diversified industry solutions such as ERP, CRM, and HR systems already tested and integrated with most of the platforms and on-premises applications. The SaaS market is still cloud's largest market, and although its growth rate is declining year on year, it is an extremely profitable market. The expectation is that its composite growth (CAGR) between 2017 and 2022 will be 29.1%, reaching the mark of $5.31 billion in 2022. PaaS solutions are increasingly used by companies as a way to support the demand for development projects efficiently and cost-effectively. Additionally, in on-premises models, it is difficult to calculate the costs inherent to the infrastructure by project. In this way, the pace of adoption of PaaS solutions has increased and is expected to record a composite growth (CAGR) of 39.4% between 2017 and 2022. Despite the fact that the PaaS cloud segment is still small compared to the others, it will reach the mark of $882.6 million in 2022.
Research Scope
The researcher has conducted detailed primary interviews with leading cloud service providers, analyzed their quarterly and annual reports, and utilized internal databases to perform a detailed revenue analysis of the market. The resulting revenue market size reflects a sum total of estimates for individual companies. In this research, the researcher examines the cloud services market in six Latin American countries - Argentina, Brazil, Chile, Colombia, Mexico, and Peru - and covers public and hosted private infrastructure as a service. The study period is from 2016 to 2022, with a base year of 2017. The study examines the current competitive landscape, market drivers and restraints, and market development stage. This research also provides insights regarding growth opportunities and trends that will affect market participants over the forecast period.
Key Issues Addressed
- What is the addressable market opportunity for the LATAM SaaS and PaaS market?
- What is the expected growth rate and what are the key drivers of growth for specific SaaS and PaaS offerings?
- What are the driving and restraining factors that will shape the future of this market?
- Which are the main providers in the SaaS and PaaS market in Latin America?
