South America IoT Market Forecast to 2030 – COVID-19 Impact and Regional Analysis – by Component [Hardware, Software (Device Management, Application Management, Data Management, and Network Management), and Services], Enterprise Size (Large Enterprises an

South America IoT Market Forecast to 2030 – COVID-19 Impact and Regional Analysis – by Component [Hardware, Software (Device Management, Application Management, Data Management, and Network Management), and Services], Enterprise Size (Large Enterprises and SMEs), and Application (Building & Automation, Smart Energy & Utilities, Smart Manufacturing, Connected Logistics, Banking & Financial Services, Aerospace & Defense, and Others)

The South America IoT market is expected to grow from US$ 27.50 billion in 2023 to US$ 128.16 billion by 2030; it is estimated to grow at a CAGR of 24.6% from 2023 to 2030.

Massive Expansion of E-Commerce Industry

The e-commerce industry is growing rapidly, and retailers are utilizing IoT solutions to improve their operational efficiency, enhance 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 the jamming of network services 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 IoT in surveillance and security, supply chain optimization, energy optimization, inventory optimization, and workforce management. Moreover, several retailers use customizable IoT-connected dashboards for customer feedback and use the insights to enhance customer experiences. Therefore, with the growing e-commerce industry, the demand for IoT solutions is expected to rise, which is likely to fuel the IoT software market during the forecast period.

South America IoT Market Overview

Rising demand for real-time streaming and remote monitoring solutions, increasing deployment of advanced technologies in industries, growing urbanization, and improving economy are the major factors driving the IoT market growth in SAM. Many startups have entered the IoT market in this region, intending to leverage the increasing reach of the Internet and 5G networks, and the expanding e-commerce industry in developing countries in SAM. Further, the 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 are boosting the scope for new entrants in the IoT market across the region. In July 2021, the Brazilian government launched a new technology development center to focus on IoT approaches, 5G networks, and robotics. The center is also expected to generate new jobs and skilled professionals in the 4.0 technologies and technology applications in various sectors, including product manufacturing.

South America IoT Market Revenue and Forecast to 2030 (US$ Billion)

South America IoT Market Segmentation

The South America IoT market is segmented based on component, enterprise size, application, and country. Based on component, the South America IoT market is segmented into hardware, software, and services. The hardware segment held the largest market share in 2023. Furthermore, software is segmented into device management, application management, data management, and network management.

Based on enterprise size, the South America IoT market is bifurcated into large enterprises and SMEs. The large enterprises segment held a larger market share in 2023.

Based on application, the South America IoT market is segmented into building & automation, smart energy & utilities, smart manufacturing, connected logistics, banking & financial services, aerospace & defense, and others. The smart manufacturing segment held the largest market share in 2023.

Based on country, the South America IoT market is segmented into Brazil, Argentina, and the Rest of South America. Brazil dominated the South America IoT market share in 2023.

Amazon Web Services Inc.; Cisco Systems Inc.; Google LLC; Software AG; International Business Machines Corp; Intel Corp; Microsoft Corp; Oracle Corp; Siemens AG; and SAP SE are the leading companies operating in the South America IoT market.

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