Digitalization is the cause of large-scale and sweeping transformations across multiple aspects of business, providing unparalleled opportunities for value creation and capture, while also representing a major source of risk. The rapid advances in digital technology are redefining the society. Organizations today increasingly realize they can no longer focus on just selling products; they need to sell an experience. An increasing number of products today both consume and generate data, and many are interconnected through the Web. Because of this increased intelligence, their usage can be monitored, additional services can be proactively offered, or maintenance can be provided when a problem is detected. Digital technologies are dramatically reshaping every industry, several companies are doing large-scale change efforts to capture the benefits of the ongoing digital transformation trend or simply to keep up with their competitors. 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. 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.
Insights Presented in the Report
“Amongst component, Solution segment holds the major share.”
Based on the component, the Latin American digital transformation market is bifurcated into Solutions and Services. The solution sub-segment is further divided into cloud computing, big data and analytics, mobility, disruptive technology, and social media. Moreover, Service segment is divided into professional services and system integration. Solution segment dominated the market in 2020. However, Service segment is expected to witness highest CAGR growth of 18.09% during the forecast period (2021-2027).
“Amongst deployment type, cloud dominated the market in 2020.”
Based on Deployment type the market is segmented into On-premises and cloud deployment. Currently, cloud deployment model dominated the market and generated revenue of US$ 324.5 billion in 2020. The On-premises segment is expected to witness CAGR growth of 12.9% during the forecast period.
“Amongst End-user, large enterprises are expected to dominate the market during the analyzed period.”
Based on end-user the Latin American digital transformation market is bifurcated into large enterprises and SME’s. Owing to high cost of digital technology deployment large enterprise invested most on digital technology. The segment generated revenue of US$ 2.79 billion in 2020. SMEs segment is expected to witness CAGR growth of 16.37% during the analyzed period.
“Amongst industry verticals, Banking Financial Services & Insurance dominated the market in 2020.”
Based on industry vertical, the market is fragmented into BFSI, healthcare, telecom & IT, automotive, education, retail & consumer goods, media & entertainment, manufacturing, government, and others. In the BFSI industry, digital transformation helps to make financial transactions speedy, secure, simple, and error-free. BFSI generated highest revenue of US$9.26 billion in 2020.
“United States represents as the largest markets in the Latin America Digital Transformation market.”
For better understanding of the market penetration of digital transformation, the report provides detailed analysis of major countries including Latin America (Brazil, Argentina, Rest of Latin America). Some of the major players operating in the market include IBM Corporation, Cognizant, SAP SE, Dell, Microsoft Corporation, Adobe Systems Incorporated, Accenture PLC, Capgemini, Oracle Corporation and Google Inc.
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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
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• The report covers in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive country level analysis of the industry
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