The market of technology and telecom in Latin America with the category of software-as-a-service has grown more positively with the effective developments in the technology of this. Whereas, the software-as-a-service is a type of cloud computing in which the supplier of the third party manages all the relevant information and makes them accessible to customers over the facility of internet. Furthermore, it removes the requirement for organizations to connect and process the applications on their computer systems or in their data centers as it abolishes the price of hardware acquisitions, provisioning, and maintenance as well as software licensing, installation and support. The SaaS is usually retrieved by users using a thin client via a web browser. The key players of this market are playing an important role by attaining the highest market share in the near future with the effective developments in the specifications of the technology which further become profitable for increasing the market demand related to this and leading the fastest market growth in the near future.
According to the report analysis, ‘Latin America Software-as-a-Service (SaaS) Market (2018-2023)’ states that there are several key players which are recently functioning in this market more actively for acquiring the huge market share by accomplishing the growing demand of effective consumers over the internet includes Symantec Corporation, Google Inc., Fujitsu Ltd., Amazon.com Inc., IBM Corporation, HP, Oracle Corporation, SAP SE, Microsoft Corporation, Salesforce and several others. Whereas, many of the key players are adopting effective market strategies and policies for dominating the handsome amount of share after analyzing the strategies and guidelines of the competitors and government. The SaaS market is estimated to develop at a compound annual growth rate (CAGR) of 24.79% during the forecast period 2018-2023. Furthermore, with the effective applications of the software-as-a-service, the market of this in Latin America will grow more significantly in the near future.
Brazil and Mexico are attractive the frontrunners of the SaaS market in Latin America or LATAM because of the maturing mindset about data-driven organizations, augmented productivity and Internet of Things (IoT). The IT professionals of Latin America state that the capability to access cloud services from anywhere and at any time as one of the key assistance of the SaaS model followed by easy employment and concentrated price. For instance, Latin America is not an incorporated market. There are dissimilarities concerning minimum salary, local problems, local realities, and local legal authorities which make it challenging to generate successful SaaS deployment in Latin America.
Additionally, Latin American businessperson considers that SaaS has developed an important tool for the growth of their businesses. The solution is more appropriate to developing markets due to its feature to give an extra edge to local businesses. They assist in the constructing of business processes more economically while providing them with progressive technologies. The expanding trend of e-commerce in Latin America also underwrites to the spurring growth of demand for SaaS solutions. Therefore, in the near future, it is expected that the market of software as a service in Latin America will grow more significantly over the recent few years.
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Ankur Gupta, Head Marketing & Communications