South & Central America Cloud Computing Market Forecast to 2028 - COVID-19 Impact and Regional Analysis - by Service Mode, and Industry Verticals

The South & Central America cloud computing market is expected to grow from US$ 10,854.28 million in 2022 to US$ 35,179.64 million by 2028; it is estimated to grow at a CAGR of 21.7% from 2022 to 2028.

On-premises data hosting costs in terms of implementation and maintenance, electricity costs, employee expenses, and downtime issues are a few concerns of enterprises. For better productivity, startups and SMEs are shifting their business models to online and cloud. Furthermore, the current competitive environment and economic conditions have accelerated the uptake of a cost-effective business model. The shift of businesses toward digital transformation, enhanced customer experience, and reduced enterprise cost positively impacted the cloud computing market growth. Cloud computing eliminates costs associated with installing, constructing, and managing business operations, which are fundamental difficulties encountered by SMEs. Small businesses are adopting cloud computing in their organizations due to its various benefits, such as flexibility, better security, cost cutting, and scalability. Flexible cloud computing solutions react quickly according to the requirements of organizations. Cloud computing diversifies workloads across an organization and allows employees to work from anywhere. When companies use cloud computing, they can easily hire a low-cost workforce. This allows SMEs to address the needs of their customers as quickly as possible. For many businesses, regular infrastructural security is quite challenging to monitor and maintain. Cloud-based solutions are much safer than traditional solutions, especially for small-scale businesses. Large expenditures and specialization are required, which cannot be accommodated or possible for SMEs. Besides, SMEs are most prone to exposure to other security threats, such as hardware failures, power outages, and other human errors. As a result, cloud computing solutions easily overcome these security challenges because cloud computing companies have already invested time and effort in upholding security standards and operational practices. The pay-as-you-go model allows companies to pay for cloud services only when they use them, resulting in lower costs. It assists SMEs in reducing unnecessary expenses and requiring them to spend only on operational costs rather than capital expenditures. Modern businesses are rapidly expanding, and various cloud computing resources allow for scalability due to factors, such as storage, features, and the number of users.

By introducing new features and technologies, vendors in the South & Central America cloud computing market can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the market growth at a notable CAGR during the forecast period.

South & Central America Cloud Computing Market Segmentation

The South & Central America cloud computing market is segmented on the basis of service model, deployment model, organization size, industry verticals, and country.

• Based on service model, the market is segmented into infrastructure as a service (IaaS), platform as a service (PaaS), and software as a service (SaaS).
• Based on deployment model, the South & Central America cloud computing market is bifurcated into public cloud and private cloud. By organization size, the market is segmented into small & medium-sized enterprises (SMEs) and large enterprises.
• Based on industry verticals , the South & Central America cloud computing market is segmented into BFSI, IT and Telecom, government and public sector, retail and consumer goods, manufacturing, healthcare and life sciences, and others.
• Based on country, the South & Central America cloud computing market is segmented into the Brazil, Argentina and Rest of South & Central America.

South & Central America Cloud Computing Market - Companies Mentioned

Amazon Web Services ; Microsoft Corporation ; SAP SE ; IBM Corporation ; Salesforce.com, inc. ; Google LLC ; Oracle Corporation ; and Adobe are a few major companies operating in the South & Central America cloud computing market .