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Cloud computing sales under the Infrastructure-as-a-service (IaaS) model will grow 26% in Latin America over the next five years to US$2.5bn in 2021, according to Cisco and research firm GlobalData.
GlobalData research manager Marcelo Kawanami said in a webcast on Tuesday that the total IaaS market in Latin America produced US$850mn in revenues last year.
In Brazil alone, Kawanami said that 67% of companies upped their cloud investments by more than 5% last year and that 94% would have cloud solutions in place by 2020.
Marco Sena, Cisco cloud manager for Latin America, said that hybrid cloud is the mainstream trend in the region, and he added that 78% of all the region's workloads will be on the cloud next year.
GlobalData surveyed over 340 CIOs and IT executives worldwide.
Also, that Latin America was fourth in the global ranking of hybrid cloud adoption, a position it shares with Canada, while South Korea, Japan and Germany top the list.