Software-as-a-service (SaaS) is a kind of cloud computing in which a third-party provider manages applications and makes them accessible to consumers over the internet. It removes the need for organisations to install and run applications on their computers or in their data centres, which eliminates the cost of hardware acquisition, provisioning and maintenance as well as software licensing, installation and support. The SaaS market is anticipated to grow at a compound annual growth rate (CAGR) of 24.79% during the forecast period 2018-2023.
Based on the deployment model, the SaaS market can be segmented into public cloud, private cloud and hybrid cloud. The private cloud and public cloud models are showing a positive trend in the market, and the companies are trying to employ the hybrid cloud model in the recent future. The public cloud market has the largest market share, whereas the hybrid cloud market is predicted to grow at the highest CAGR.
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Depending on application, the SaaS market can be bifurcated into enterprise resource planning (ERP), customer relationship management (CRM), human resource management (HRM), supply chain management (SCM) and others. Other application types include web conferencing platforms, messaging applications and collaborations. HRM has the largest market share, and HRM and CRM are predicted to grow at a highest CAGR.
By vertical, the SaaS market can be segmented into banking, financial services and insurance (BFSI), information technology (IT) and telecommunication, manufacturing, retail, healthcare, education and others. The BFSI segment continues to hold the largest market share in the vertical segment. The manufacturing segment will be growing at a significant rate during the forecast period.
Brazil and Mexico are becoming the leaders of the SaaS market in Latin America or LATAM due to maturing mindset about data-driven organisations, increased productivity and Internet of Things (IoT). The IT professionals of Latin America state that the ability to access cloud services from anywhere and at any time as one of the key benefits of the SaaS model followed by easy implementation and reduced cost.
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Key growth factors
Latin American entrepreneurs believe that SaaS has become an important tool for the growth of their businesses. The solution is more relevant to emerging markets because of its feature to give an extra edge to local businesses. They help in the structuring of business processes more cheaply while providing them with advanced technologies. The rising trend of e-commerce in Latin America also contributes to the spurring growth of demand for SaaS solutions.
Threats and key players
Latin America is not a unified market. There are variations regarding minimum salary, local problems, local realities and local governments which makes it difficult to create successful SaaS deployment in the region. Most of the business to small business (B2SB) and business to consumer (B2C) SaaS companies’ scalability depends on being able to automate processes like communication, training and collection, which is a little difficult in the Latin American scenario where only 40%-50% of adult population has an account with a financial institution.
The key players in the market are Symantec Corporation, Google Inc., Fujitsu Ltd., Amazon.com Inc., IBM Corporation, HP, Oracle Corporation, SAP SE, Microsoft Corporation and Salesforce.
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What’s covered in the report?
1. Overview of the SaaS market in Latin America.
2. Market drivers and challenges in the SaaS market in Latin America.
3. Market trends in the SaaS market in Latin America.
4. Historical, current and forecasted market size data for the SaaS market in Latin America.
5. Historical, current and forecasted market size data for the deployments segment (public cloud, private cloud and hybrid cloud).
6. Historical, current and forecasted market size data for the application segment (ERP, CRM, HRM, SCM and others).
7. Historical, current and forecasted market size data for the vertical segment (BFSI, IT and telecommunication, manufacturing, retail, healthcare, education and others).
8. Historical, current and forecasted regional (Brazil, Mexico, Argentina and rest of LATAM) market size data for software as a service market.
9. Analysis of SaaS market in Latin America by value chain.
10. Analysis of the competitive landscape and profiles of major competitors operating in the market.
1. Understand the demand for SaaSto determine the viability of the market.
2. Determine the developed and emerging markets for SaaS.
3. Identify the challenge areas and address them.
4. Develop strategies based on the drivers, trends and highlights for each of the segments.
5. Evaluate the value chain to determine the workflow.
6. Recognize the key competitors of this market and respond accordingly.
7. Knowledge of the initiatives and growth strategies taken by the major companies and decide on the direction of further growth.
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