At 12.4% CAGR, South & Central America IT Management as a Service Market is Projected to be Worth US$ 899.01 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the South & Central America IT management as a service market was valued at US$ 353.13 million in 2023 and is expected to reach US$ 899.01 million by 2031, registering a CAGR of 12.4% from 2023 to 2031. Rising demand for cloud computing and increasing complexity of IT infrastructure are among the critical factors attributed to drive the South & Central America IT management as a service market growth.

Cloud computing is revolutionizing business process improvement methodologies by enabling scalable, on-demand access to computing resources over the Internet, which eliminates the need for costly infrastructure investments while also allowing for rapid application deployment and scaling. Cloud computing also enables freedom and distant communication, which further help cloud-based solutions boost productivity. Additionally, cloud platforms give enterprises access to cutting-edge technologies such as big data analytics, machine learning, and artificial intelligence, allowing them to make better decisions and extract insightful information from their data. Thus, cloud computing is changing company models and fostering productivity, creativity, and competitiveness in the digital world, which is rising its demand in organizations worldwide. Hence, the rising adoption of cloud computing by organizations is raising the need for ITMaaS services for cloud migration and deployment. After cloud migration, ITMaaS service providers help organizations manage cloud infrastructure, including provisioning, configuring, and managing cloud infrastructure components such as virtual machines and networks. Furthermore, these service providers assist in implementing plans to monitor cloud expenditure, offer cost-saving techniques, and guarantee that resources are optimized and used appropriately. Thus, the growing demand for cloud computing is expected to propel the growth of the IT management as a service market during the forecast period.

On the contrary, growing data privacy and security concerns hamper the growth of South & Central America IT management as a service market.

Based on application, the South & Central America IT management as a service market is segmented into system and network monitoring, compliance and security management, asset management, infrastructure performance management, configuration and change management, and others. The system and network monitoring segment held 31.0% market share in 2023, amassing US$ 109.42 million. It is projected to garner US$ 290.95 million by 2031 to register 13.0% CAGR during 2023-2031.

In terms of enterprise size, the South & Central America IT management as a service market is bifurcated into large enterprises and SMEs. The large enterprises segment held 80.2% share of South & Central America IT management as a service market in 2023, amassing US$ 283.22 million. It is anticipated to garner US$ 729.81 million by 2031 to expand at 12.6% CAGR during 2023-2031.

By end user, the South & Central America IT management as a service market is divided into IT and telecom, BFSI, healthcare and life sciences, manufacturing, higher education, retail, energy and utilities, non profit, and others. The IT and telecom segment held 37.2% share of South & Central America IT management as a service market in 2023, amassing US$ 131.42 million. It is projected to garner US$ 348.74 million by 2031 to expand at 13.0% CAGR from 2023 to 2031.

Based on country, the South & Central America IT management as a service market is categorized into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 65.4% share of South & Central America IT management as a service market in 2023. It was assessed at US$ 230.96 million in 2023 and is likely to hit US$ 624.15 million by 2031, registering a CAGR of 13.2% during 2023-2031.

Key players operating in the South & Central America IT management as a service market are Cisco Systems Inc, Cognizant Technology Solutions Corp, Wipro Ltd, Amazon Web Services Inc, International Business Machines Corp, Fujitsu Ltd, BMC Software Inc, HCL Technologies Ltd, Hewlett Packard Enterprise Co, Capgemini SE, Atos SE, Kyndryl Holdings Inc, Avanade Inc, and Rimini Street, Inc. among others.

• In 2021, Capgemini announced that it has been named a Leader by Everest Group in its IT Managed Security Services (MSS) PEAK Matrix Assessment 2021. Capgemini was recognized among 28 IT service providers evaluated by Everest Group for this assessment. It was positioned as a leader for its artificial intelligence/machine learning cyber defense operations, investments in cyber experience centers, an operational technology (OT) security portfolio, and a strong innovation roadmap.
• In 2024, HCL, one of the leading global technology companies, emerged as the fastest-growing IT services brand with +15.9% YoY growth in brand value among the top 10 IT companies globally, as per the 2024 Brand Finance Global 500 and IT Services Top 25 Report released in Davos.

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