Report : South America IoT Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – Offering [Hardware (Processors, Connectivity Modules, Sensors, Memory Devices, and Others), Software, and Services) and End User (Industrial, Commercial, and Residential)
At 24.5% CAGR, the South America IoT Market is speculated to be worth US$ 73.33 billion by 2028, says Business Market Insights
According to Business Market Insights’ research, the South America IoT market was valued at US$ 19.70 billion in 2022 and is expected to reach US$ 73.33 billion by 2028, registering a CAGR of 24.5% from 2022 to 2028. Increase in digitalization across industries and rise in importance of service providers and massive expansion of e-commerce industry are the critical factors attributed to the South America IoT market expansion.
The growing transition from traditional to digital ecosystems across industries is creating a huge demand for connected ecosystems, resulting in the growing demand for IoT-based solutions. Investments in IoT start-ups and supporting market ecosystems are also bolstering the research and development related to IoT. Moreover, the continuous improvements in cloud infrastructure and reduced data service costs are fueling the digitalization of industrial processes. Furthermore, the increasing number of service providers, such as system integrators, managed service providers, and IoT distributors, plays a key role in installing, managing, and monitoring IoT solutions. The South America IoT market ecosystem involves various intermediaries at every stage of the ecosystem. In addition, system integrators integrate all components into a whole and deliver the integrated systems to retailers. At the same time, managed service providers offer numerous services such as device management, data management, security management, and network management to end users. Thus, an increase in digitalization in different sectors and a rise in importance of service providers are expected to be key trends in the South America IoT market.
On the contrary, data security and interoperability issues hurdles the growth of South America IoT market.
Based on offering, the South America IoT market is segmented into hardware, software, and services. The hardware segment held 42.8% share of the South America IoT market in 2022, amassing US$ 8.43 billion. It is projected to garner US$ 30.06 billion by 2028 to expand at 23.6% CAGR during 2022–2028. The hardware segment is further subsegmented into processors, connectivity modules, sensors, memory devices, and others.
Based on end user, the South America IoT market is segmented into industrial, commercial, and residential. The industrial segment held 46.5% share of the South America IoT market in 2022, amassing US$ 9.16 billion. It is projected to garner US$ 33.69 billion by 2028 to expand at 24.2% CAGR during 2022–2028.
Based on country, the South America IoT market has been categorized into Brazil, Argentina, and the Rest of South America. Our regional analysis states that Brazil captured 77.1% share of the South America IoT market in 2022. It was assessed at US$ 15.20 million in 2022 and is likely to hit US$ 57.61 million by 2028, exhibiting a CAGR of 24.9% during the forecast period.
Key players profiles in the South America IoT market report are Cisco Systems, Inc.; Google LLC; Hewlett Packard Enterprise Development LP (HPE); IBM Corporation; Microsoft Corporation; Oracle Corporation; QUALCOMM INCORPORATED; SAP SE; SAS Institute Inc.; and VMware, Inc., among others.
- May-2022, Google Cloud and SAP SE have announced the development of their partnership, revealing new Google Workspace interfaces with SAP's flagship cloud ERP, SAP S/4HANA Cloud.
Contact Person: Sameer Joshi
Phone: +1- 646- 491- 9876
Email id: email@example.com