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Latin America's IT services market is expected to grow 9.2% this year, reaching a value of US$21.3bn, according to a study by consultancy firm IDC Latin America.
The outsourcing market alone is expected to grow 11.5% in 2011 - the highest growth rate in Latin America's IT services sector.
Chile and Brazil stood out in 2010, according to the study, for the magnitude of contracts signed, as well as the growing acceptance of outsourcing IT services. The study found that in the first half of 2010, the Latin American outsourcing market surpassed US$3bn, posting a 24% growth rate compared with the first half of 2009.
The IDC survey analyzed the IT services sector for 2010 and highlighted that the regional market saw many mergers and acquisitions. In 2010, the study said, various multinational companies had a positive outlook for the region, leading them to pursue creating a presence and expanding operations in Latin America through strategic acquisitions.
In addition, the study found that large, Latin American-owned companies worked on positioning their brands, increasing geographic coverage and expertise by purchasing companies throughout the region.