Market Size of Latin America IT Services Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 7.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Latin America IT Services Market Analysis
The Latin America IT Services Market revenue is expected to grow at a CAGR of 7.0% over the next five years. Increased IT spending, coupled with advanced technology such as artificial intelligence and increased cloud-based offerings, has increased the demand for the IT services market.
- Key players in the IT services market are focusing on expanding their businesses and strengthening their market positions through collaborations and partnerships. For instance, Check Point Software Technologies Ltd acquired Avanan technology. Check Point Infinity's consolidated architecture is to deliver the world's most secure email security offering through this acquisition.
- The demand for network services and data center construction will grow over the next five years. For Instance, Equinix plans to construct a new data center in Bogota, Colombia. The new construction worth USD 45 million dollars, known as BG2, is scheduled to open during the first half of the current year.
- The extensive use of digital payments and the introduction of advanced technologies such as AI, Cloud computing, and blockchain technology used at the end-user industries are likely to drive the growth of the IT services market over the next five years. For Instance, HCL Technologies (HCL) signed a collaboration agreement with NEORIS. The aim of this collaboration will bring unique capabilities to clients in global markets, including the ability to increase application usage time, business management operations, and integrated IT services.
- In the post-COVID-19 situation, hybrid cloud-based services are increasingly adopted in Latin America. For Instance, IBM announced the beginning of the operations of its first IBM Cloud Multizone Region (MZR) in Latin America. It is a major expansion of IBM's global presence in cloud computing. Building on its existing data center footprint in Brazil, MZR is the company's continued investment in building on its existing data centers in the region. It is to accelerate hybrid cloud adoption and businesses to grow in cloud computing in Latin America.
