NEW YORK, Sept. 05, 2018 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, the South American IoT market is projected to reach $19,407.1 million by 2023, Increasing government efforts toward IoT deployment, growing focus on the development of digital networks and smart cities, and rising penetration of the internet, coupled with the high demand for smartphones, are the major factors driving the market growth.
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The South American IoT market has been categorized into device management, application management, and network management. Application management platforms are in high demand among South American IoT solution deployers, owing to the increased need for improving application performance and its lifecycle management. Hence, during the forecast period, the market is expected to witness the fastest growth in this category, with 34% CAGR.
On the basis of end user, the South American IoT market has been categorized into government, building and home automation, energy and utilities, manufacturing and automotive, healthcare and hospitality, retail, logistics and support, telecom, BFSI, agriculture, and others, where “others” include media and entertainment, and education.
Browse report overview with 94 tables and 62 figures spread through 164 pages and detailed TOC on "South America Internet of Things (IoT) Market by Solution (Real-Time Streaming Analysis, Security, Data Management, Remote Monitoring, Network Bandwidth Management), by Platform (Device Management, Application Management, Network Management), by Service (Professional [Deployment & Integration, Maintenance & Support, Consulting Services], Managed), by End User (Government, Building & Home Automation, Energy & Utilities, Manufacturing & Automotive, Healthcare & Hospitality, BFSI, Telecom, Retail, Logistics & Transport, Agriculture), by Country (Brazil, Argentina, Colombia, Peru, Chile) – Market Size, Share, Development, Growth, and Demand Forecast, 2013–2023" at: https://www.psmarketresearch.com/market-analysis/south-america-iot-market
During the forecast period, Brazil is expected to contribute the largest revenue to the South American IoT market, owing to the boom in agricultural activities in the country and government initiatives to encourage IoT adoption. Besides, increasing urbanization, rising awareness among the populace of the country regarding the IoT usage, and improving economy of Brazil are the major factors contributing to the IoT market growth in Brazil.
Increasing focus on infrastructural development, better access to communication networks, and standardization of the interoperability of devices in IoT systems is a major factor leading to the growth of the digital network landscape in South American countries, which, in turn is boosting the demand for IoT in all priority fields. Besides, growing focus on the development of smart cities to improve the quality of life and facilitate sustainable development through technology is driving the growth of the South American IoT market.
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Competition in the South American IoT market is high due to the ongoing digital transformation in the region. In 2017, Intel Corporation led the South American IoT market, followed by International Business Machines (IBM) Corporation. Besides, the year witnessed many developments in the IoT domain, ranging from the deployment of fiber-optic network to improvement in 4G network and trial run for 5G network.
Some of the key players operating in the South American IoT market are Qualcomm Technologies Inc., Intel Corporation, Microsoft Corporation, General Electric Company, Siemens AG, IBM Corporation, Oracle Corporation, Cisco Systems Inc., SAP SE, and T-Systems International GmbH.
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