At 19.0% CAGR, South & Central America AI Data Management Market is Projected to be Worth US$ 3,537.92 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the South & Central America AI data management market was valued at US$ 882.07 million in 2023 and is expected to reach US$ 3,537.92 million by 2031, registering a CAGR of 19.0% from 2023 to 2031. Real-time data processing and growing investment in AI technology are among the critical factors attributed to drive the South & Central America AI data management market growth.

Artificial Intelligence (AI) has revolutionized the way businesses operate, particularly in the area of real-time data processing. Organizations are focused on continuously seeking ways to harness the ever-increasing amount of data being generated every second to gain valuable insights and make informed decisions. This makes AI a powerful tool that offers numerous benefits to industries involved with real-time data processing. AI-based software help industries in handling huge volumes of data in real time with speed and efficiency. This allows businesses to make rapid decisions based on up-to-date information. As a result, there is a rise in the demand for real-time data processing in numerous industries such as BFSI, IT & telecom, retail & e-commerce, and healthcare for making important business decisions based on real-time data.

Moreover, the growing demand for real-time data processing tools among industries encourages software companies to develop innovative solutions. For instance, in January 2024, Microsoft Corp launched a new generative AI and data solution for retailers at NRF 2024: Retail's Big Show. This solution supports retailers in empowering store associates, personalized shopping experiences, unlocking & unifying retail data, and helping brands to reach their audiences more effectively.

Thus, the growing adoption of real-time data processing is anticipated to fuel the AI data management market growth in the coming years.

On the contrary, issues related to availability of high-quality data hamper the growth of South & Central America AI data management market.

Based on offering, the South & Central America AI data management market is bifurcated into solution and service. The solution segment held 82.8% market share in 2023, amassing US$ 730.72 million. It is projected to garner US$ 2,972.92 million by 2031 to register 19.2% CAGR during 2023-2031.

In terms of deployment, the South & Central America AI data management market is segmented into on-premise and cloud. The cloud segment held 70.2% share of South & Central America AI data management market in 2023, amassing US$ 619.16 million. It is anticipated to garner US$ 2,424.84 million by 2031 to expand at 18.6% CAGR during 2023-2031.

By technology, the South & Central America AI data management market is divided into machine learning, natural language processing (NLP), computer vision, and context awareness computing. The machine learning segment held 42.7% share of South & Central America AI data management market in 2023, amassing US$ 376.83 million. It is projected to garner US$ 1,583.37 million by 2031 to expand at 19.7% CAGR from 2023 to 2031.

Based on industry vertical, the South & Central America AI data management market is categorized into BFSI, retail & e-commerce, IT & telecom, healthcare, government, and others. The BFSI segment held 31.9% share of South & Central America AI data management market in 2023, amassing US$ 281.22 million. It is predicted to garner US$ 1,231.75 million by 2031 to expand at 20.3% CAGR between 2023 and 2031.

Based on country, the South & Central America AI data management market is categorized into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 66.4% share of South & Central America AI data management market in 2023. It was assessed at US$ 585.78 million in 2023 and is likely to hit US$ 2,431.04 million by 2031, registering a CAGR of 19.5% during 2023-2031.

Key players operating in the South & Central America AI data management market are Microsoft Corp, Alphabet Inc, Oracle Corp, International Business Machines Corp, Salesforce Inc, SAP SE, Hewlett Packard Enterprise Co, Snowflake Inc, and Amazon com Inc, among others.

• In 2024, International Business Machines Corp provides watsonx AI and data platform to Wipro Limited for launching Wipro Enterprise Artificial Intelligence (AI)-Ready Platform. This new service will allow clients to create their enterprise-level, fully integrated, and customized AI environments. The Wipro Enterprise AI-Ready Platform leverages the IBM watsonx AI and data platform, including watsonx.ai, watsonx.data, and watsonx.governance and AI assistants, to deliver to clients an interoperable service that helps accelerate AI adoption. including watsonx.ai, watsonx.data, and watsonx.governance and AI assistants to launch of Wipro Enterprise Artificial Intelligence (AI)-Ready Platform.
  
  
• In 2023, Amazon.com, Inc. company and Salesforce announced a significant expansion of their long-standing, global strategic partnership, deepening product integrations across data and artificial intelligence (AI), and, for the first time, offering select Salesforce products on the AWS Marketplace.

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