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Latin America Emerges as Global SaaS Growth Leader
Latin America’s Software as a Service (SaaS) sector is set to more than double in size by 2027, reaching USD 46 billion compared to USD 22 billion in 2023, according to new data from EBANX. The growth rate surpasses other regions, making Latin America the fastest-expanding SaaS market in the world.
Figures sourced from Statista and Payments and Commerce Market Intelligence (PCMI) highlight that the region posted a 23% growth rate in 2024, outpacing Europe at 19%, North America at 17%, and Asia at 16%.
Marie-Elise Droga, Chief Revenue Officer at EBANX, said the expansion reflects how digital services are becoming essential in everyday life. She noted that both businesses and consumers increasingly rely on SaaS for productivity, education, entertainment, and financial management.
Brazil at the Center of Expansion
Brazil, Latin America’s largest market, is projected to reach USD 22 billion in SaaS revenue within two years. Much of this momentum is attributed to Pix, the country’s instant, no-cost payment system, which is now used by 93% of adults.
Among SaaS merchants that work with EBANX, Pix already accounts for 61% of total revenue in Brazil. The method has played a crucial role in driving financial inclusion, enabling more people to access digital services.
The introduction of Pix Automático in June 2025, which allows recurring payments, is expected to further accelerate SaaS adoption. This feature is particularly important for companies offering subscription-based services.
Payment Options Drive Market Growth
One of the defining characteristics of the Latin American SaaS market is the diversity of payment methods. EBANX data shows that companies that provide a mix of payment options are better positioned to succeed.
Credit cards remain central, driving the highest frequency of purchases across Brazil, Mexico, Colombia, and Peru. Consumers using credit cards make about four purchases per year with the same SaaS provider.
Bank slips such as Boleto Bancário in Brazil and Sencillito in Chile support larger average order values, while digital wallets and instant payment systems like Nequi in Colombia and Pix in Brazil are building customer loyalty. EBANX reported that 95% of users of these alternative methods rely exclusively on them for SaaS purchases.
SaaS Leaders Invest in Localization
Global companies are adjusting strategies to tap into the region’s potential. Canva, the visual communication platform, has deployed EBANX’s localized payment solutions in 11 Latin American countries. The aim is to offer users not only digital wallets and Pix but also national credit cards and installment plans.
Felipe Godoy, who leads international growth marketing for Canva in Latin America, said the company sees the region as a key driver of its global user base. According to him, providing flexible and locally relevant payment methods makes premium features more accessible and strengthens Canva’s footprint.
Monday.com, another major SaaS provider, has also expanded in the region through localized payments. In Brazil, offering installment plans alongside Boleto Bancário raised the company’s average ticket above USD 9,000. Over the past three years, monday.com has grown total payment volume through EBANX at an annual average rate of 41%.
Consumer Behavior Remains Strong
The rise of SaaS adoption in Latin America is closely tied to shifting consumer habits. Droga pointed out that users value flexibility and accessibility in payments. By blending traditional methods such as credit and debit cards with alternatives like Pix and bank slips, companies are meeting these expectations while broadening their customer base.
With SaaS becoming central to education, entertainment, and business operations, consumer reliance on subscription services is likely to grow. Payment methods that allow recurring billing, like Pix Automático, could become decisive for sustained adoption.
Outlook Toward 2027
The forecast of USD 46 billion in SaaS revenue by 2027 positions Latin America as a central region for global technology growth. Brazil’s rapid embrace of Pix, alongside diversified payment ecosystems in Mexico, Colombia, Chile, and Peru, underscores the region’s strategic importance for international SaaS providers.
EBANX emphasizes that companies willing to adapt to local payment preferences will be those capturing the greatest share of this growth. As firms such as Canva and monday.com demonstrate, tailoring payment options to regional markets is not just an operational decision but a competitive advantage.
If current growth rates hold, Latin America is on course to redefine the global SaaS market, balancing rapid adoption with increasing digital inclusion. For global providers and regional players alike, the next two years will be pivotal in shaping how SaaS integrates into the daily lives of millions.
