South America IoT Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – Offering [Hardware (Processors, Connectivity Modules, Sensors, Memory Devices, and Others), Software, and Services) and End User (Industrial, Commercial, and Residential)

South America IoT Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – Offering [Hardware (Processors, Connectivity Modules, Sensors, Memory Devices, and Others), Software, and Services) and End User (Industrial, Commercial, and Residential)

The South America IoT market is expected to grow from US$ 19.70 billion in 2022 to US$ 73.33 billion by 2028. It is estimated to grow at a CAGR of 24.5% from 2022 to 2028.

Massive Expansion of E-Commerce Industry are Anticipated to Create Lucrative Growth Opportunities for the South America IoT Market in the Coming Years

The e-commerce industry is growing rapidly, and retailers are utilizing IoT solutions to improve their operational efficiency, enhance the customer experience, and gain a competitive advantage. Also, an increase in customer demand for a better shopping experience, a reduction in the cost of IoT-based sensors and connectivity, and a surge in the adoption of smart payment solutions are among the major factors driving the adoption of IoT solutions in the e-commerce industry. Moreover, retailers in this industry utilize IoT to avoid security pitfalls and are deploying IoT-enabled systems that can combat jamming in their warehouses and stores. As IoT plays a significant role in process automation and enhancement of operational efficiency of retail stores, there is an increasing demand for the implementation of IoT in surveillance and security, supply chain optimization, energy optimization, inventory optimization, and workforce management. Therefore, with the growing e-commerce industry, the demand for IoT solutions will continue to rise, becoming a major trend in the South America IoT market .

South America IoT Market Overview

Rising demand for remote monitoring and real-time streaming solutions, increasing deployment of advanced technologies in industries, growing urbanization, and improving economy are the major factors driving the IoT market growth in South America. Moreover, many startups in the region’s IoT landscape have entered the market, intending to leverage penetration of the internet and 5G network and expand the e-commerce industry in the region. Furthermore, growing awareness of advanced technologies such as radio-frequency identification (RFID), robotics, artificial intelligence, near-field communication (NFC), and low-power wide-area network (LPWAN) through advertisements and marketing activities among logistics and transport, agriculture, and manufacturing industries is boosting the scope for new entrants in the South America IoT market across the region. Also, in July 2021, the Brazilian government launched a new technology development center focusing on IoT approaches, 5G networks, and robotics. In addition, the center is expected to generate new jobs and skilled professionals in the 4.0 technologies and technology applications of various sectors, including product manufacturing.

In May 2022, TIM, the largest mobile operator of 4G coverage and pioneer in IoT projects, and IDEMIA, the leader in Identity technologies, entered into a strategic partnership to provide eSIM management solutions for the Machine-to-Machine and IoT markets. In addition, the collaborations aim to provide solutions that can boost companies' connectivity in segments such as the automotive industry, agribusiness, utilities (for example, energy, water, and gas), public lighting, and smart cities. With such technological advancements, smaller, cheaper, and more powerful devices are being introduced in South America, which is expected to boost the deployment of IoT-based software and services.

South America IoT Market Revenue and Forecast to 2028 (US$ Billion)

South America IoT Market Segmentation

The South America IoT market is segmented into offering, end user, and country.

Based on offering, the South America IoT market is segmented into hardware, software, and services. In 2022, the hardware segment registered a largest share in the South America IoT market. The hardware segment is further sub segmented into processors, connectivity modules, sensors, memory devices, and others.

Based on end user, the South America IoT market is segmented into industrial, commercial, and residential. In 2022, the industrial segment registered a largest share in the South America IoT market.

Based on country, the South America IoT market is segmented into Brazil, Argentina, and the Rest of South America. In 2022, Brazil segment registered a largest share in the South America IoT market.

Cisco Systems, Inc.; Google LLC; Hewlett Packard Enterprise Development LP (HPE); IBM Corporation; Microsoft Corporation; Oracle Corporation; QUALCOMM INCORPORATED; SAP SE; SAS Institute Inc.; and VMware, Inc. are the leading companies operating in the South America IoT market.

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