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IT companies in Brazil's Campinas state have surpassed the 1bn-real (US$540mn) mark in annual revenues, media outlet CRN reported, citing a study by local IT association Núcleo Softex Campinas.
Based on the revenues reported in 2010 by its 140 member companies, Núcleo Softex Campinas forecasts a 30% growth rate for the software segment this year.
"The study's results indicate the high maturity levels reached by software companies in Campinas, and prove that they remain competitive in the national market," Núcleo Softex coordinator Fábio Pagani was quoted as saying.
But according to Pagani, the state will face several challenges - such as a lack of skilled labor - to sustain growth.
To help local software companies overcome these challenges and to further boost sector development, the association is trying to strengthen the state as a high-tech hub.
The plan includes initiatives to foster entrepreneurship, partnerships with innovation agencies and events to attract IT students, investors, entrepreneurs and other interested parties from all over Brazil to Campinas.