In a recent published report, Kenneth Research has updated the market report for Latin America (LATAM) SaaS Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Latin America (LATAM) SaaS Market products.
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According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.
LATAM Software-as-a-Service (SaaS) Market Analysis – 2020-2026
Software-as-a-Service (SaaS) is a type of cloud computing in which a third-party provider manages applications so that consumers can access them over the internet. The service eliminates the need for organizations to install and run applications on their data centers or computers, eliminating the cost of acquisition of hardware, provisioning, and its maintenance, as well as software licensing, installation and support.
“The Final Report will cover the impact analysis of COVID-19 on this industry ”
The LATAM software-as-a-service (SaaS) market is anticipated to achieve a CAGR of around 28% during the forecast period, i.e. 2020-2026. Factors such as rising demand for SaaS solutions from end-user companies, the introduction of mobile SaaS services, coupled with other emerging technologies including artificial intelligence, machine learning and others in the IT industry, as well as several other factors such as low cost of SaaS solutions and the growing IT infrastructure in the region are some of the factors anticipated to contribute significantly towards the growth of the LATAM software-as-a-service (SaaS) market.
Additionally, the growing need for businesses to adopt SaaS applications owing to the favorable government policies is thereby anticipated to drive the growth of the LATAM software-as-a-service (SaaS) market.
The LATAM software-as-a-service (SaaS) market consists of various segments that are segmented by type and by the application. The application segment is further sub-divided into BFSI, IT & telecommunication, manufacturing, retail, healthcare, and others.
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The retail segment is held the largest market share of around 18% in the year 2018 and further attains an absolute $ opportunity of around USD 2100 million during the assessment period.
Some of the affluent industry leaders in the LATAM software-as-a-service (SaaS) market are Fujitsu Limited, Oracle Corporation, IBM, Microsoft Corporation, Broadcom Inc., Alphabet, Inc., Amazon.com, Inc., HP Development Company, L.P., SAP SE and Salesfore.com, Inc.
Business Questions answer by the report
- How will the market drivers, restraints and opportunities affect the market dynamics?
- What will be the market size in terms of value and volume and market statistics with detailed classification?
- Which segment dominates the market or region and one will be the fastest growing and why?
- A comprehensive survey of the competitive landscape and the market participant players
- Analysis of strategy adopted by the key player and their impact on other players.
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