IT services market in Latin America to grow at a CAGR of 8.7% from 2022 to 2027; Market growth from the project-oriented service segment will be significant

NEW YORK, April 19, 2023 /PRNewswire/ — The “Latin America Information Technology (IT) Services Market by Type and Deployment – Forecast and Analysis 2023-2027” report has been added to Technavio’s offering. The market size is estimated to grow by USD 49,380.19 million during 2022-2027 at a CAGR of 8.7%. The market has been segmented by type (project-oriented service, enterprise cloud computing service, IT outsourcing service, and IT support and training service) and deployment (hosted service and managed service). The project-oriented service segment will account for a significant share of market growth during the forecast period. These services include system integration, IT consulting, and application development services. Various vendors provide project-oriented services in the region. For instance, Cognizant provides application development and value management services in Argentina. These factors will drive the growth of the segment during the forecast period. For comprehensive details on the market size of historic period (2017 to 2021) and forecast period (2023-2027) – View a sample report

Vendor landscape
The IT services market in Latin America is fragmented. The existing vendors are investing in R&D to expand their offerings and increase their consumer base, while new players are expected to enter the market with innovative solutions during the forecast period. This is increasing the competition among vendors. The dynamically changing consumer requirements are encouraging vendors to develop new solutions to meet the demands of consumers. Therefore, vendors are investing significantly in retaining and expanding their consumer base.

Market dynamics

Major drivers & challenges – The market is expected to be driven by factors such as the growing demand for IoT and big data operations. Due to the rising use of internet-connected devices, the demand for managed services has increased. Connected cars, connected homes, and smart cities are becoming popular. IoT devices need an energy-efficient network of smart nodes, which also increases the use of internet and infrastructure services. In addition, the increasing use of big data analytics has triggered the expansion of data centers. Enterprises use big data sets for predictive and consumer analytics operations. Thus, with the rise in the demand for big data analytics, the demand for IT services will increase. These factors will drive market growth during the forecast period.

Story continues

The lack of quality standards in SLAs is challenging market growth. SLAs do not cover the services delivered, and end-users are unaware of the full services that must be included. Therefore, service providers need to increase transparency in SLAs. They should also provide data regarding uptime, downtime, and outage frequency. Moreover, customers should monitor the efficiency of their IT systems. Therefore, the lack of quality standards in SLAs can impede market growth.

Key trends – The integration of big data in IT service provider offerings is a key trend in the market. IT service providers can access large amounts of data and analyze it to offer a wide range of solutions. The use of big data analytics helps companies understand the reach and impact of their products. IT service providers offer services that are designed to provide quantitative and qualitative insights, which can be achieved with the help of big data analysis and market research analysis. Many companies use big data tools to run predictive analytics processes on their customer information databases, the result of which can be used to arrive at predictive segmentation values. Therefore, the use of such tools will support the growth of the IT services market in Latin America during the forecast period.

Technavio has identified key trends, drivers, and challenges in the market, which will
help clients improve their strategies to stay ahead of their competitors. – View a sample
report

Company profiles

The report includes information on the product launches, sustainability, and prospects of leading vendors, including Alphabet Inc., Accenture Plc, Amazon.com Inc., Atos SE, Capgemini Service SAS, Cisco Systems Inc., Dell Technologies Inc., Deloitte Touche Tohmatsu Ltd., Ernst and Young Global Ltd., HCL Technologies Ltd., Hewlett Packard Enterprise Co., International Business Machines Corp., KPMG International Ltd., Microsoft Corp., Oracle Corp., PricewaterhouseCoopers LLP, Salesforce.com Inc., SAP SE, SONDA S.A., and Tata Consultancy Services Ltd.

Get lifetime access to our Technavio Insights! Subscribe to our Basic Plan billed
annually at USD 5000

Competitive analysis

The report includes competitive analysis, a proprietary tool to analyze and evaluate the position of companies based on their industry position score and market performance score. The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, growth in market share, among others.

Related Reports

The size of Chile Information Technology (IT) market is estimated to decline at a CAGR of 8.55% between 2022 and 2027. The market size is forecasted to increase by USD 3,855.69 million. This report extensively covers market segmentation by type (services, hardware, and software) and end-user (BFSI, IT and telecom, government, healthcare, manufacturing, and others).

The IT market in Argentina is estimated to grow at a CAGR of 8.3% between 2022 and 2027. The size of the market is forecasted to increase by USD 6,689.71 million. This report extensively covers market segmentation by end-user (BFSI, IT and telecom, government, healthcare, and others), and type (services, software, and hardware).

Browse for Technavio Information Technology market reports

Table of contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Type

7 Market Segmentation by Deployment

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/it-services-market-in-latin-america-to-grow-at-a-cagr-of-8-7-from-2022-to-2027-market-growth-from-the-project-oriented-service-segment-will-be-significant—technavio-301800321.html

SOURCE Technavio