The eServices market in South America is experiencing significant growth and development, driven by changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in South America are shifting towards digital services, as consumers increasingly rely on technology for everyday tasks. This includes online shopping, digital banking, and e-learning, among others. The convenience and accessibility of eServices are particularly appealing to South American consumers, who are embracing the benefits of digitalization. Trends in the eServices market in South America are also contributing to its development. One notable trend is the rise of e-commerce. As more South American consumers gain access to the internet and smartphones, they are turning to online platforms to purchase goods and services. This trend is further fueled by the growing number of e-commerce platforms and improved logistics infrastructure, making it easier for businesses to reach customers across the region. Another trend in the eServices market is the increasing adoption of digital payment solutions. South American consumers are becoming more comfortable with using digital wallets and mobile payment apps, as they offer convenience and security. This trend is supported by the expansion of financial technology (fintech) companies in the region, which are providing innovative payment solutions tailored to the needs of South American consumers. Local special circumstances in South America also play a role in the development of the eServices market. For example, the region has a large unbanked population, which presents an opportunity for digital banking and financial inclusion initiatives. Fintech companies are leveraging this opportunity by offering mobile banking services and digital wallets that cater to the specific needs of unbanked individuals. Additionally, South America has a young and tech-savvy population, which is driving the demand for eServices. The region has a high smartphone penetration rate, and young consumers are eager to embrace new technologies and digital experiences. This demographic factor is contributing to the rapid growth of the eServices market in South America. Underlying macroeconomic factors also contribute to the development of the eServices market in South America. Economic growth and stability in the region have created a favorable environment for businesses to invest in digital technologies and expand their eService offerings. Governments in South America are also recognizing the potential of the digital economy and are implementing policies and regulations to support its growth. In conclusion, the eServices market in South America is developing rapidly due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The shift towards digital services, the rise of e-commerce, the adoption of digital payment solutions, the presence of a young and tech-savvy population, and favorable macroeconomic conditions are all contributing to the growth and development of the eServices market in South America.
Data coverage:
The data encompasses B2C enterprises. Figures are based on Gross Merchandise Value (GMV) and represent what consumers pay for these products and services. The user metrics show the number of customers who have made at least one online purchase within the past 12 months.Modeling approach / Market size:
Market sizes are determined through a bottom-up approach, building on predefined factors for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies, third-party studies and reports, as well as survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, GDP per capita, and internet connection speed. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing. The main drivers are internet users, urban population, usage of key players, and attitudes toward online services.Additional notes:
The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. GCS data is reweighted for representativeness.
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