FREMONT, CA: Technavio unveils a latest report on the growth of cloud computing market in Latin America and finds the market to grow at a CAGR of more than 29 percent in the forecast period 2016-2020. The report “Cloud Computing Market in Latin America 2016-2020” foresees the revenues to reach close to $7.72 billion in the forecast period.

The rising graph of service oriented architecture (SOA) will help in the growth of the cloud computing market. SOA   enhances flexibility in IT infrastructure and reduces the time needed to deploy cloud based solutions. It provides a platform to integrate channel partners and stakeholders for better business insights. The enterprises can achieve faster time to market and services by deploying the IT framework of SOA.

The report also finds private cloud as the most preferred cloud platform model in Latin American companies during 2015. The constant rise in malicious threats has embarked the IT companies to deploy private cloud which offers them their very own data center.

The cloud computing market has seen rapid expansion in the Latin America market and is expected to further rise exponentially in the forecast period. The emergence of many start-ups and cloud computing firms are expected to generate better revenues to the market. This growth has encouraged the vendors to bring innovation in their offerings and expand their customer base.

According to Amit Sharma, a lead cloud computing analyst from Technavio, “Private cloud powered by OpenStack technology is gaining ground in the market. Red Hat and NubeliU offer private cloud services powered by OpenStack to orchestrate the cloud ecosystem effectively. OpenSatck capabilities are becoming primary factors for enterprises in Latin America to subscribe to private cloud computing.”