IT market value in Latin America 2020-2022, by country

The Latin American country with the most significant information technology (IT) market in 2022 was Brazil, totaling 45 billion U.S. dollars. Mexico ranked second, with an IT market value worth 28 billion U.S. dollars, while Peru's IT market amounted to only 6.5 billion U.S. dollars. In 2022, the most valuable segment in Brazil’s IT market was hardware, amounting to 24.7 billion U.S. dollars, while the country’s software market was valued at 11.7 billion U.S. dollars.

Brazil’s software market

In 2020, the most important segments of Brazil’s software market were software application, software development environment, and infrastructure and security, with the latter accounting for nearly 25 percent of the country’s software market. At the same time, the market revenue of Software as a Service (SaaS) increased over the past years, peaking at 1.5 billion U.S. dollars in 2020. This growth spike was almost double the value recorded in 2017. When it comes to regional distribution, over 60 percent of Brazil’s software market was concentrated in the South-Eastern region in 2022. By contrast, the Northern part of the country accounted for approximately three percent of Brazil’s software market.

Software companies in Brazil

In 2022, more than 13 thousand companies were operating in the Brazilian IT service industry, and approximately eight thousand companies specialized in software development and production. One of the most important software companies is Totvs, which also operates in the United States, Portugal, and Latin America. In the first semester of 2021, the company generated 1.37 billion Brazilian reals in revenue with their software services. Another software company that operates in Brazil, as well as in several other Latin American countries is Globant. In 2021, Globant’s revenue in Brazil amounted to almost 12 million U.S. dollars. By contrast, Globant’s revenue in the U.S. totaled 558 million U.S. dollars in the same year.