Latin America Digital Transformation Market Is Expected To Foresee Significant Growth. Brazil To Lead The Growth
Latin America Digital Transformation Market is expected to reach the market valuation of US$ 98.9 billion by 2027 expanding at a reasonable CAGR of 14.9% during the forecast period (2021-2027) from US$ 37.96 billion in 2020. Companies are now being provided with an opportunity to radically change their business models by new digital technologies like social networks, mobile, big data, Internet of things, other innovations like blockchain. This typically includes changes of the core business operations and modifies products and processes, as well as organizational structures, as companies ought to set up management practices to conduct these complex transformations.
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. The results of digital transformation may take time but not opting for transformation is not an option for one to survive in the competitive world. For instance, according to the study conducted by a renowned consulting firm, 40% of organizations have reached scale for their digital initiative and 91% of organizations are engaged in some form of digital initiative globally (including Latin America).
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Rapid growing smartphone penetration and emergence of new technologies have paved the way for the market for digital technologies to grow in the Latin American region. 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, penetration of 5G technology in the Latin America is expected to reach 8% by 2025. Companies move twice as fast on digital transformation when there is a shared understanding among senior leaders, strategists, and the organization of the digital path ahead. Executives believe the top benefits of digital transformation are improved operational efficiency (40%), faster time to market (36%), and the ability to meet customer expectations (35%).
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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 and generated revenue of US$ 29.86 billion in 2020. Based on Deployment type the market is segmented into On-premises and cloud deployment. Currently cloud deployment model dominated the Latin American digital transformation market. A study conducted by E-consultancy and Marketing Week surveyed on various marketers across the world from various sectors and revealed a dramatic shift in focus towards digital transformation because of COVID-19 pandemic. The study further showed the extent to which organizations, majorly large enterprises are relying on digital technology in response to changes in the customer behavior during the pandemic crisis.
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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$ 23.79 billion 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.
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Additionally, the report provides detailed initiatives that are being taken in the field of digital transformation. The market is classified into distinct countries including Latin America (Brazil, Argentina, Rest of Latin America). Brazil dominated the Latin American digital transformation market, accounting for more than 67.7% share in 2020. IBM Corporation, Cognizant, SAP SE, Dell, Microsoft Corporation, Adobe Systems Incorporated, Accenture PLC, Capgemini, Oracle Corporation, and Google Inc are some of the prominent players operating in the global digital transformation market. Several M&A’s along with partnerships have been undertaken by these players to develop digital transformation.
Latin America Digital Transformation Market Segmentation
Market Insight, by Component
- Cloud Computing
- Big Data & Analytics
- Disruptive Technology
- Social Media
- Professional Services
- System Integration
Market Insight, by Deployment Type
Market Insight, by End-User
- Large Enterprises
- Small and Medium Enterprises
Market Insight, by Industry Verticals
- Banking Financial Services & Insurance (BFSI)
- Telecommunication & IT
- Retail & Consumer Goods
- Media & Entertainment
Market Insight, by Country
- Latin America
- Rest of Latin America
Top Company Profiles
- Accenture PLC
- Adobe Systems Incorporated
- Google Inc
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- SAP SE