IT outsourcing services revenues in Brazil increased 15.2% to US$1.26bn in 2010, consultancy Frost & Sullivan said in a statement.
The country's short- and medium-term economic outlook, coupled with the growth of businesses across various sectors, propelled the IT market, according to Frost.
Enterprises in 2010 increasingly looked to reduce operational costs while maximizing efficiency, said Frost analyst Marcelo Kawanami. Companies also became more confident in medium- and long-term IT outsourcing contracts as the global economy rebounded, and began adopting new technologies such as cloud computing and virtualization.
Global firms lead the IT market in Brazil, as well as those in neighboring Argentina and Chile. Local players, however, continue to gain ground on multinational competitors in the region.