German enterprise software giant SAP (NYSE: SAP) is predicting annual double digit growth in software and cloud subscriptions in Latin America to continue through 2017, the company’s president for the Americas region, Rodolpho Cardenuto, told BNamericas.
The comments came as SAP announced its 2013 results, in which the company maintained software growth of 26% in Latin America, while cloud subscriptions continued to increase exponentially in the region, reaching triple digit growth.
This represents the fourth consecutive year that the company has attained double digit software growth in Latin America, and has seen the North of Latin America (NOLA) and South of Latin America (SOLA) sub-regions consolidate their positions among the top five sub-regions worldwide for SAP, according to the executive.
The exponential growth in cloud subscriptions was a key growth driver for the firm in Latin America last year, with solutions including CRM, SRM and HCM among the most highly demanded in the cloud.
SAP continues to shoot for triple digit cloud growth in Latin America over the next two years, as the installed base in the region is still relatively low compared to markets such as the US, Cardenuto added.
One of the key steps for the company in 2014 will be to roll out its enterprise cloud powered by in-memory platform HANA in the region. SAP is expecting to seek partnerships with service providers in Brazil, Mexico and other Latin American countries to deploy cloud services, according to the executive.
Cardenuto also highlighted the success of its SME solution Business One, saying that Latin America has been the “benchmark” for the adoption of the solution.
In terms of verticals, SAP saw a particularly strong performance in the oil and gas, public sector and banking and financial service industries, all of which grew revenues by more than 90% in Latin America.