Latin America Cloud Computing Market Research Report (2016-2030)

Latin America Cloud Computing Market Research Report (2016-2030)

Cloud computing, a robust and contemporary IT framework and business model, is now transitioning into mainstream adoption. On a broader scale, cloud computing assumes a pivotal role in shaping economic prosperity and national security. It stands as the foundation for a modern economy, playing a crucial role in how businesses manage their operations and how governments deliver services to their citizens. Nations that embrace cloud computing are poised for greater success in the global economy, while those lagging in its adoption risk falling behind. This report underscores the importance of prioritizing the development of trustworthy cloud computing as an economic and foreign policy imperative for democratic nations, with a particular focus on Latin America.

At the macroeconomic level, cloud computing has the potential to drive economic growth, job creation, and enhanced productivity. According to the InterAmerican Development Bank (IDB), digitizing infrastructure could contribute up to 5.7 percent to Latin America's GDP over a decade. On a micro level, cloud computing is a versatile technology that fosters innovation, business agility, energy efficiency, inclusivity, and economic competitiveness. Deloitte's research has shown a return on investment of up to $2.50 for every $1 invested in cloud computing.

The disruption of the security, confidentiality, or accessibility of cloud infrastructure has the potential to impede economic growth and jeopardize national security. Furthermore, sensitive data and advanced services, such as high-performance computing, artificial intelligence (AI), and machine learning, are housed within cloud infrastructure and could be misused for malicious purposes. These risks are amplified if a foreign entity distorts the cloud market to favor its companies, similar to challenges experienced with Chinese providers of 5G wireless networks. Competition for cloud infrastructure supply mirrors the competitive landscape of 5G wireless network vendors, and the consequences of relying on untrustworthy cloud providers are significant for both the United States and Latin America. Covid-19 Impact Analysis & Industry Trends

Remote working is the practice of accomplishing tasks from any location. While some large enterprises had been utilizing this approach for years, its true significance became apparent when the global workforce was compelled to work from home following the outbreak of COVID-19 in March 2020. The lockdowns imposed were the primary means to curb the virus's spread. The pandemic had far-reaching impacts on various aspects of life, and corporate work culture was no exception. However, businesses with cloud-based infrastructure and capabilities were well-prepared to adapt to this dramatic shift in the workplace, as they had already been implementing remote working solutions.

During this pandemic, a significant number of enterprises, not just a few, began to harness the advantages of cloud adoption. Other businesses also recognized that cloud capabilities could offer solutions to their challenges. Enterprises with robust IT infrastructure built on cloud technology were able to maintain smooth operations even during the pandemic, a time when most businesses were adversely affected. The ability to securely and quickly access protected data played a pivotal role in sustaining business operations. Storing data in the cloud guarantees its safety and security, regardless of the user's location.

With the global spread of the pandemic starting in March 2020, governments worldwide implemented lockdown measures that affected entire cities, towns, and countries. Consequently, numerous businesses faced significant disruptions, as employees were largely restricted from physical presence at work, with only a few exceptions. This situation led to a rapid surge in the use of virtual tools and techniques to stay connected to business operations within a short timeframe. Various online meeting platforms like Google Meet, Zoom, Microsoft Teams, Webex, and others reported a sudden increase in revenue. Zoom, in particular, witnessed a revenue increase of over 100% due to the sudden surge in the adoption of their digital virtual technologies.