LATAM Software-as-a-Service (SaaS) Market
1 Market Overview
1.1 Software-as-a-Service (SaaS) Introduction
1.2 Market Analysis by Type
BFSI
IT and Telecommunication
Manufacturing
Retail
Healthcare
Education
1.3 Market Analysis by Applications
ERP
CRM
HRM
SCM
Others
1.4 Market Analysis by Countries
Mexico Status and Prospect (2015-2026)
Argentina Status and Prospect (2015-2026)
Chile Status and Prospect (2015-2026)
Rest of LATAM Status and Prospect (2015-2026)
2 Key Player Profiles
2.1 IBM
Business Overview
Products/Services/Solutions Landscape
IBM Software-as-a-Service (SaaS) Revenue, Gross Margin and Market Share (2015-2020)
2.2 Microsoft
Business Overview
Products/Services/Solutions Landscape
Microsoft Software-as-a-Service (SaaS) Revenue, Gross Margin and Market Share (2015-2020)
2.3 Oracle
Business Overview
Products/Services/Solutions Landscape
Oracle Software-as-a-Service (SaaS) Revenue, Gross Margin and Market Share (2015-2020)
2.4 NortonLifeLock
Business Overview
Products/Services/Solutions Landscape
NortonLifeLock Software-as-a-Service (SaaS) Revenue, Gross Margin and Market Share (2015-2020)
2.5 Google 18
Business Overview
Products/Services/Solutions Landscape
Google Software-as-a-Service (SaaS) Revenue, Gross Margin and Market Share (2015-2020)
2.6 Fujitsu
Business Overview
Products/Services/Solutions Landscape
Fujitsu Software-as-a-Service (SaaS) Revenue, Gross Margin and Market Share (2015-2020)
2.7 Amazon
Business Overview
Products/Services/Solutions Landscape
Amazon Software-as-a-Service (SaaS) Revenue, Gross Margin and Market Share (2015-2020)
2.8 HP
Business Overview
Products/Services/Solutions Landscape
HP Software-as-a-Service (SaaS) Revenue, Gross Margin and Market Share (2015-2020)
2.9 SAP
Business Overview
Products/Services/Solutions Landscape
SAP Software-as-a-Service (SaaS) Revenue, Gross Margin and Market Share (2015-2020)
2.10 Salesforce
Business Overview
Products/Services/Solutions Landscape
Salesforce Software-as-a-Service (SaaS) Revenue, Gross Margin and Market Share (2015-2020)
3 LATAM Software-as-a-Service (SaaS) Market Competition, by Company
3.1 LATAM Software-as-a-Service (SaaS) Revenue and Market Share by Company (2015-2020)
3.2 LATAM Software-as-a-Service (SaaS) Gross Margin by Company (2015-2020)
LATAM Software-as-a-Service (SaaS) Gross Margin by Company (2015-2020)
3.3 Market Concentration Rate
Top 5 Software-as-a-Service (SaaS) Company Market Share
Top 10 Software-as-a-Service (SaaS) Company Market Share
4 4 LATAM Software-as-a-Service (SaaS) Market Analysis by Countries/Regions
4.1 LATAM Software-as-a-Service (SaaS) Revenue and Growth Rate in (2015-2020)
4.2 LATAM Software-as-a-Service (SaaS) Revenue by Countries/Regions (2015-2020)
LATAM Software-as-a-Service (SaaS) Revenue by Countries/Regions (2015-2020)
LATAM Software-as-a-Service (SaaS) Revenue Market Share by Countries (2015-2020)
5 LATAM Software-as-a-Service (SaaS) Market Segmentation by Type
5.1 LATAM Software-as-a-Service (SaaS) Revenue and Market Share by Type (2015-2020)
6 LATAM Software-as-a-Service (SaaS) Market Segmentation by Application
6.1 LATAM Software-as-a-Service (SaaS) Revenue Market Share by Application (2015-2020)
6.2 ERP -Revenue and Growth Rate (2015-2020)
6.3 CRM -Revenue and Growth Rate (2015-2020)
6.4 HRM -Revenue Growth Rate (2015-2020)
6.5 SCM -Revenue Growth Rate (2015-2020)
6.6 Others -Revenue Growth Rate (2015-2020)
7 Mexico Software-as-a-Service (SaaS) Development Status and Outlook
7.1 Mexico Software-as-a-Service (SaaS) Revenue and Growth Rate (2015-2020)
7.2 Mexico Software-as-a-Service (SaaS) Revenue and Market Share by Type (2015-2020)
Mexico Software-as-a-Service (SaaS) Revenue by Type (2015-2020)
Mexico Software-as-a-Service (SaaS) Revenue Market Share by Type (2015-2020)
7.3 Mexico Software-as-a-Service (SaaS) Revenue and Market Share by Application (2015-2020)
Mexico Software-as-a-Service (SaaS) Revenue by Application (2015-2020)
Mexico Software-as-a-Service (SaaS) Revenue Market Share by Application (2015-2020)
7.4 Mexico Software-as-a-Service (SaaS) Revenue and Market Share by Application (2015-2020)
Mexico Software-as-a-Service (SaaS) Revenue by Deployment (2015-2020)
Mexico Software-as-a-Service (SaaS) Revenue Market Share by Deployment (2015-2020)
8 Argentina Software-as-a-Service (SaaS) Development Status and Outlook
8.1 Argentina Software-as-a-Service (SaaS) Revenue and Growth Rate (2015-2020)
8.2 Argentina Software-as-a-Service (SaaS) Revenue and Market Share by Type (2015-2020)
Argentina Software-as-a-Service (SaaS) Revenue by Type (2015-2020)
Argentina Software-as-a-Service (SaaS) Revenue Market Share by Type (2015-2020)
8.3 Argentina Software-as-a-Service (SaaS) Revenue and Market Share by Application (2015-2020)
Argentina Software-as-a-Service (SaaS) Revenue by Application (2015-2020)
Argentina Software-as-a-Service (SaaS) Revenue Market Share by Application (2015-2020)
8.4 Argentina Software-as-a-Service (SaaS) Revenue and Market Share by Deployment (2015-2020)
Argentina Software-as-a-Service (SaaS) Revenue by Deployment (2015-2020)
Argentina Software-as-a-Service (SaaS) Revenue Market Share by Deployment (2015-2020)
9 Chile Software-as-a-Service (SaaS) Development Status and Outlook
9.1 Chile Software-as-a-Service (SaaS) Revenue and Growth Rate (2015-2020)
9.2 Chile Software-as-a-Service (SaaS) Revenue and Market Share by Type (2015-2020)
Chile Software-as-a-Service (SaaS) Revenue by Type (2015-2020)
Chile Software-as-a-Service (SaaS) Revenue Market Share by Type (2015-2020)
9.3 Chile Software-as-a-Service (SaaS) Revenue and Market Share by Application (2015-2020)
Chile Software-as-a-Service (SaaS) Revenue by Application (2015-2020)
Chile Software-as-a-Service (SaaS) Revenue Market Share by Application (2015-2020)
9.4 Chile Software-as-a-Service (SaaS) Revenue and Market Share by Deployment (2015-2020)
Chile Software-as-a-Service (SaaS) Revenue by Deployment (2015-2020)
Chile Software-as-a-Service (SaaS) Revenue Market Share by Deployment (2015-2020)
10 Rest of LATAM Software-as-a-Service (SaaS) Development Status and Outlook
10.1 Rest of LATAM Software-as-a-Service (SaaS)Revenue and Growth Rate (2015-2020)
10.2 Rest of LATAM Software-as-a-Service (SaaS) Revenue and Market Share by Type (2015-2020)
Rest of LATAM Software-as-a-Service (SaaS) Revenue by Type (2015-2020)
Rest of LATAM Software-as-a-Service (SaaS) Revenue Market Share by Type (2015-2020)
10.3 Rest of LATAM Software-as-a-Service (SaaS) Revenue by Application (2015-2020)
Rest of LATAM Software-as-a-Service (SaaS) Revenue by Application (2015-2020)
Rest of LATAM Software-as-a-Service (SaaS) Revenue Market Share by Application (2015-2020)
10.4 Rest of LATAM Software-as-a-Service (SaaS) Revenue by Deployment (2015-2020)
Rest of LATAM Software-as-a-Service (SaaS) Revenue by Deployment (2015-2020)
Rest of LATAM Software-as-a-Service (SaaS) Revenue Market Share by Deployment (2015-2020)
11 LATAM Software-as-a-Service (SaaS) Market Forecast (2021-2026)
11.1 LATAM Software-as-a-Service (SaaS) Revenue and Growth Rate (2021-2026)
11.2 13.2 Software-as-a-Service (SaaS) Market Forecast by Countries/Regions (2021-2026)
Mexico Software-as-a-Service (SaaS) Revenue and Growth Rate Forecast (2021-2026)
Argentina Software-as-a-Service (SaaS) Revenue and Growth Rate Forecast (2021-2026)
Chile Software-as-a-Service (SaaS) Revenue and Growth Rate Forecast (2021-2026)
Rest of LATAM Software-as-a-Service (SaaS) Revenue and Growth Rate Forecast (2021-2026)
11.3 Software-as-a-Service (SaaS) Market Forecast by Type (2021-2026)
LATAM Software-as-a-Service (SaaS) Revenue Forecast by Type (2021-2026)
LATAM Software-as-a-Service (SaaS) Market Share Forecast by Type (2021-2026) 64
11.4 Software-as-a-Service (SaaS) Market Forecast by Application (2021-2026)
LATAM Software-as-a-Service (SaaS) Revenue Forecast by Application (2021-2026)
LATAM Software-as-a-Service (SaaS) Revenue Market Share Forecast by Application (2021-2026)
12 Software-as-a-Service (SaaS) Market Dynamics
Government Policy
Technology Risks
Threats
Challenges
Global LATAM Software-as-a-Service Market Size, Forecast, and Trend Highlights Over 2025-2037
LATAM Software-as-a-Service Market size was valued at USD 13.5 billion in 2024 and is projected to reach USD 62 billion by the end of 2037, rising at a CAGR of 12% during the forecast period, i.e., 2025-2037. In 2025, the industry size of LATAM software-as-a-service is estimated at USD 15 billion.
The market is mainly driven by rapid digital transformation across small and medium-sized enterprises. These SME businesses are highly adopting SaaS platforms to lower upfront infrastructure costs, streamline workflows, enhance scalability, and gain access to real-time data analytics. As legacy systems become unsustainable in a competitive digital economy, SMEs are turning to flexible, subscription-based SaaS models that allow them to operate with greater efficiency and lower overhead. A 2024 IDC report stated that 75% of SMEs in Latin America seek to boost their investment in cloud services, highlighting a significant market change. This trend is most visible in sectors such as retail, logistics, and financial services, where cloud-based platforms help manage inventory, automate customer engagement, and ensure regulatory compliance.
A notable example is Conta Azul, a Brazil-based SaaS accounting platform specially made for SMEs. In 2023, Conta Azul reported a 122% surge in its user base, driven by growing demand for cloud-based financial management tools. This reflects the broader market scope for solutions that are both affordable and scalable, allowing small businesses to digitally transform without the complexity of large-scale IT infrastructure investments. The shift is also supported by local accelerators and government-backed digital economy initiatives.
LATAM Software-as-a-Service Sector: Growth Drivers and Challenges
Growth Drivers
- Government-led digitalization programs: Government initiatives across Latin America play an important role in increasing SaaS adoption, particularly in public services. Countries such as Mexico, Colombia, and Chile have introduced digital-first strategies to enhance service delivery, transparency, and efficiency. For instance, Mexico introduced the Digital Transformation Strategy, which allocated over $650 million in 2023 toward integrating SaaS platforms into health, education, and internal administration sectors.
- Growing demand for remote work and collaboration tools: The shift to a hybrid and remote work environment post-pandemic has increased the demand for SaaS-based collaboration platforms in Latin America. Organizations are highly investing in productivity suites to allow decentralized teams. Microsoft reported a 41% year-over-year growth in Microsoft 365 subscriptions in LATAM in 2023, indicating rising regional dependence on cloud productivity tools. Similarly, Slack and Zoom expanded their LATAM operations, launching localized support services and infrastructure to meet growing enterprise demand. This trend reflects a broader shift in work culture, where businesses increasingly prioritize flexibility and digital connectivity.
Major Technological Innovations in the LATAM Software-as-a-Service Market
The Latin American SaaS market is rapidly growing, driven by technologies such as AI, blockchain, cloud computing, IoT, and cybersecurity. AI is gaining traction among startups, while blockchain is transforming finance. Cloud adoption is fueling digital shifts in manufacturing, and IoT is streamlining telecom operations. Enhanced cybersecurity is also a key focus. These innovations are reshaping the region’s SaaS ecosystem and unlocking new growth opportunities.
|
Technology |
Industry |
Adoption Data (2023–24) |
Example/Result |
|
AI |
Finance |
48% rise in adoption in 2024 |
Banco do Brasil cut fraud investigation time by 35% |
|
Blockchain |
Finance/Logistics |
65% of Colombian banks use blockchain |
Bancolombia improved transaction security |
|
Cloud Computing |
Public Health/SMEs |
40% YoY growth in Mexico’s healthcare cloud spending |
Enabled real-time data sharing in 155+ hospitals |
|
Cybersecurity |
Multi-sector |
90% adopted SaaS-based threat detection in 2023 |
Telefónica LATAM reduced phishing by 47% |
|
IoT |
Telecom/Manufacturing |
38% YoY growth in IoT SaaS deployment in Brazil |
TIM Brasil improved predictive maintenance |
Cybersecurity in LATAM Software-as-a-Service Market: Adoption and Impact
The market has seen a rise in cyber threats, with major breaches exposing key vulnerabilities. Common issues include weak encryption, poor network security, and a lack of training. To counter threats, companies use multi-factor authentication, cutting account compromise risk, and interactive training such as role-play to strengthen phishing awareness.
|
Entity |
Type of Attack |
Reported Impact |
Mitigation Strategy |
|
Progress Software (MOVEit) |
Data breach via software vulnerability |
Exposed personal data of approximately 93.5 million people across 2,700 organizations |
Regular vulnerability scanning and timely security patches |
|
Costa Rican Government |
Ransomware by Conti group |
Disruption across ~35 public institutions; estimated $32 million in daily economic losses |
Strengthen endpoint protection and deploy national incident response plans |
|
British Library |
Ransomware by Rhysida group |
Major operational disruptions; absence of MFA cited as a risk factor |
Implement multi-factor authentication and continuous security monitoring |
|
General Organizations |
Phishing linked to human error |
IBM Security (2023): 98% of data breaches caused by user mistakes |
Employee cybersecurity awareness programs and AI-based threat prevention |
Challenges
- Cybersecurity and data privacy concerns: One of the most important challenges in the market is the persistent threat of cybersecurity breaches. As cloud adoption accelerates across industries, vulnerabilities in infrastructure and a lack of robust security protocols have made both public and private organizations increasingly susceptible to cyberattacks. For instance, Costa Rica’s ransomware attack in 2022 by the Conti group resulted in operational paralysis in more than 30 government institutions, causing estimated daily losses of $30 million. These incidents reflect the urgent need for strict regulations, encryption standards, employee cybersecurity training, and investment in modern threat detection systems in Latin America to ensure the consistent growth of the market.
LATAM Software-as-a-Service Market: Key Insights
| Report Attribute | Details |
|---|---|
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
12% |
|
Base Year Market Size (2024) |
USD 13.5 billion |
|
Forecast Year Market Size (2037) |
USD 62 billion |
|
Regional Scope |
|
LATAM Software-as-a-Service Segmentation
Deployment Mode (Public Cloud, Private Cloud, Hybrid Cloud)
The public cloud segment in LATAM software-as-a-service (SaaS) market is anticipated to hold a 45.0% share during the forecast period due to its cost-efficiency and scalability. It allows businesses, especially SMEs, to access advanced software solutions without large upfront investments in infrastructure. The growing availability of global cloud providers like AWS, Microsoft Azure, and Google Cloud in the region is accelerating adoption. Public cloud platforms also support faster deployment and remote access, critical factors in LATAM's increasingly mobile and distributed workforce. Moreover, government-backed cloud-first initiatives and digital transformation agendas are fostering trust and investment in public cloud services.
Industry Specific (Vertical) SaaS (Banking, Financial Services, and Insurance (BFSI), Healthcare, Retail and E-commerce, Manufacturing, Education)
The Banking, Financial Services, and Insurance (BFSI) segment is predicted to hold a 30.0% share by the end of 2037 due to an increase in adoption of digital banking solutions, fintech innovation, rapid digitization, and regulatory modernization. SaaS platforms help BFSI organizations to optimize operations, enhance cybersecurity, and offer personalized services to a mobile-first customer base. Additionally, rising investment in financial inclusion across LATAM is expanding the customer base and digital service demand in the BFSI sector.
Our in-depth analysis of the LATAM SaaS market includes the following segments:
|
Segment |
Subsegments |
|
Deployment Mode |
|
|
Vertical |
|
|
Functional SaaS Solutions |
|
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Customize this ReportLATAM Software-as-a-Service Industry - Regional Synopsis
Brazil is expected to account for over 40% of regional SaaS revenue due to its strong startup ecosystem and strong digital payment establishments. Government tax incentives for tech companies and a growing middle class have fueled demand for cloud-based services across sectors. Fintech giants and business platforms are upscaling themselves using SaaS models. Brazil, possessing the highest adoption rate of digital banking solutions, creates a stable demand for SaaS solutions in finance. Further investments in cybersecurity and AI integration are reinforcing SaaS adoption.
Mexico is projected to hold notable growth owing to the convergence of public sector digitalization and private sector modernization. Government initiatives such as the Digital Transformation Strategy encourage heavy investments in education and healthcare SaaS platforms. Meanwhile, the shift to subscription-based tools by private enterprises is increasingly supporting remote work, leading to operational effectiveness. Mexico’s strategic location also makes it a center for SaaS firms targeting both North and Central America. Rising cloud infrastructure and bilingual tech talent are enhancing its competitive edge in the region.
Companies Dominating the LATAM Software-as-a-Service Landscape
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
The market is highly competitive, led by U.S. firms like Microsoft and Salesforce with strong cloud and AI capabilities. European companies like SAP focus on ERP, while India’s Zoho and Australia’s Atlassian target SMEs with affordable solutions. South Korean and Malaysian firms grow via public digital projects. Expansion strategies include regional data centers, acquisitions, and localized SaaS offerings.
|
Company Name |
Country of Origin |
Estimated LATAM SaaS Market Share (2024) |
|
Microsoft Corporation |
USA |
13% |
|
Oracle Corporation |
USA |
9% |
|
SAP SE |
Germany |
9% |
|
Salesforce Inc. |
USA |
8% |
|
Amazon Web Services (AWS) |
USA |
8% |
|
IBM Corporation |
USA |
7% |
|
Zoho Corporation |
India |
4% |
|
Atlassian Corporation Plc |
Australia |
6% |
|
Softline Holding PLC |
UK |
XX% |
|
Samsung SDS |
South Korea |
XX% |
|
Fusionex Group |
Malaysia |
XX% |
|
Cybozu, Inc. |
Japan |
XX% |
|
Fujitsu Limited |
Japan |
XX% |
|
NTT DATA Corporation |
Japan |
XX% |
|
Rakuten Group, Inc. |
Japan |
XX% |
Given below are the areas covered for each company in the market:
In the News
- In April 2024, Oracle announced the launch of its second cloud region in Colombia to enhance SaaS service delivery and support public and private sector digital transformation. This move is aimed at improving latency and data sovereignty for enterprise clients in Latin America.
- In February 2024, Salesforce expanded its operations in Brazil by partnering with Totvs, a major local ERP provider, to integrate CRM and analytics SaaS solutions tailored for mid-sized enterprises. The partnership aims to address growing regional demand for integrated cloud platforms.
Author Credits: Abhishek Verma
- Report ID: 2430
- Published Date: May 26, 2025
- Report Format: PDF, PPT
