16,000 Million Boom Expected in South American Internet of Things (IoT) Market

Posted by devanshuraizada on April 20th, 2020

One of the predominantly developing regions of the world, South America is rapidly embracing technological advancements. Governments of regional countries as well as private companies are increasing their investments in the development of information technology (IT) infrastructure, with the aim to enhance the communication network. The reach of the radio-frequency identification (RFID), near-field communication (NFC), artificial intelligence, robotics, and low-power wide-area network (LPWAN) technologies is expanding in the continent, which is resulting in the deployment of internet of things (IoT) solutions.
Therefore, with improvements in IT infrastructure, the South American IoT market, which valued ,258.3 million in 2017, is expected to mushroom to ,407.1 million by 2023, at a 35.0% CAGR during the forecast period (2018–2023). The IoT ecosystem primarily consists of sensor-based devices that are able to transmit data across the internet, without human intervention. Because of being connected, many of these devices can also be controlled remotely, for instance via a smartphone app.
For IoT to work properly, establishing a sound telecommunication network is the first step, which is why the focus on increasing the penetration of 5G in the region is high. This is encouraging an increasing number of start-ups to enter the region and work on the advancement of 5G. Once in place, the high-speed internet connection and IoT technology are expected to result in considerable progress in the setting up of smart cities in the region, which would drastically change the way resources are consumed.
Building and home automation, government, manufacturing and automotive, energy and utilities, retail, healthcare and hospitality, agriculture, logistics and transport, telecom, banking, financial services, and insurance (BFSI), education, media and entertainment, and almost every other industry in the continent is using IoT for some or the other purpose. Among these, the manufacturing and automotive sector currently uses this technology the most, majorly for quality and maintenance control, predictive analysis, and reducing cost and time of machine assessment, maintenance, and configuration.
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