The Latin America Digital Transformation Market is expected to grow at a CAGR of 14.9% from 2021-2027 to reach USD 98.9 billion by 2027.
A comprehensive overview of the Latin America Digital Transformation market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the digital transformation market in the Latin America region. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Latin America Digital transformation market at the country levels. The Latin America Digital Transformation Market is expected to grow at a CAGR of 14.9% from 2021-2027 to reach USD 98.9 billion by 2027.
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Market Overview
Latin American digital transformation market is experiencing significant growth on account of increasing adoption of smartphone, and emergence of numerous digital technologies and their increased application in major industrial sectors. For instance, Unique mobile subscribers to reach around 490 million in Latin America by 2025. Three market including Brazil, Mexico, and Argentina to account for more than 33% share in the overall Unique mobile subscribers in Latin America by 2025.
Furthermore, ongoing technological advancement in major industries has generated faster upgrade cycle for the technology in the countries such as Brazil, Argentina, and Mexico, among others. The leading mobile access technology, 4G accounted for 41% of total connections in 2018. 4G is forecast to be the dominant technology in 2020, continuing to scale up even after 5G begins in 2020. This is evident with operator deployments of LTE-A; a total of 22 operators have launched speeds supporting 100 Mbps to 1 Gbps to date. A further 10 operator's plans to do so in coming few years.
COVID-19 Impact
Customers and Companies around the Latin America have altered significantly since the beginning of COVID-19 pandemic in the beginning of 2020, among which the increased adoption of technological advanced products. Owing to Covid-19 majority of the businesses where closed, and to reach major customer group, companies have moved to technology to get in touch and communicate with the end-customers.
Latin America Digital Transformation Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Component, the market is primarily bifurcated into:
· Solutions
o Cloud Computing
o Big Data & Analytics
o Mobility
o Disruptive Technology
o Social Media
· Services
o Professional Services
o System Integration
Solutions segment dominated the Latin America digital transformation market, accounting for more than 78% share in 2020. However, service segment is expected to witness highest growth during the analysis period.
By Deployment Type, the market is mainly segmented into:
· On-Premises
· Cloud
Amongst deployment types, the cloud deployment model dominated the market. However, On-premises deployment model is expected to generate revenue of US$ 37.16 billion by 2027.
By End-User, the market is primarily studied into:
· Large Enterprise
· Small and Medium Enterprises
Owing to high up-front cost associated with digital transformation, large enterprises were the major market for the technology. Small and Medium enterprises accounted for around 37% share in 2020.
By Industry Vertical, the market is primarily studied into:
· Banking Financial Services & Insurance (BFSI)
· Government
· Healthcare
· Telecommunication & IT
· Automotive
· Education
· Retail & Consumer Goods
· Media & Entertainment
· Manufacturing
· Others
Banking Financial Services & Insurance (BFSI) segment were the largest adopter of digital technologies, to make their financials transaction safer and more accessible to all.
Latin America Digital Transformation Market Country Segmentation Includes:
· Latin America
o Brazil
o Argentina
o Rest of Latin America
Based on the estimation, Brazil dominated the market in 2020, and is expected to maintain its dominance during the forecast period. Argentina is expected to witness highest CAGR growth of 18.33% during the analysis period.
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The major players targeting the market includes:
· Accenture PLC
· Adobe Systems Incorporated
· Capgemini
· Cognizant
· Dell
· Google Inc
· IBM Corporation
· Microsoft Corporation
· Oracle Corporation
· SAP SE
Competitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating in the Latin America region. The specialist team of research analysts sheds light on various traits such as Latin America market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Latin American Digital Transformation market. The major players have been analyzed by using research methodologies for getting insight views on market competition.
Key questions resolved through this analytical market research report include:
· What are the latest trends, new patterns, and technological advancements in the Latin American digital transformation market?
· Which factors are influencing the Latin American digital transformation market over the forecast period?
· What are the global challenges, threats, and risks in the Latin American digital transformation market?
· Which factors are propelling and restraining the Latin American digital transformation market?
· What are the demanding global regions of the Latin American digital transformation market?
· What will be the market size in the upcoming years?
· What are the crucial market acquisition strategies and policies applied by the companies?
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