The software industry in Latin America has faced many challenges in its journey towards innovation and growth. Cross-country cultural differences, combined with the variety of government laws and currency restrictions, have made it difficult for Latin American countries to expand their regional software market until recently. In 2022, the software industry in Latin America generated revenue worth 18.6 billion U.S. dollars, with the enterprise software segment accounting for nearly 40 percent of the market.
World of Software
Any application used for producing information, such as documents, presentations, databases, and graphs is based on a productivity software: simply put, its name derives from the fact that it increases people’s productivity making them more efficient in their daily activities. In 2023, Latin America’s productivity software industry revenue totaled around 2.1 billion U.S. dollars, out of which 1.4 billion U.S. dollars were generated in South America. It comes as no surprise that office software represented a valuable segment in the productivity software market in Latin America in 2023. Notable features include the ability to always keep applications up to date, safe and secure, and enable effective team collaboration.By contrast, enterprise software is a business-oriented tool, used to satisfy the needs of a company rather than an individual. The number and types of software a company needs varies from one business to another and includes project management, data analysis, and communications tools, in addition to custom-made software programs. As a result, enterprise software has become essential to running a company in the age of digitalization.
