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Latest data from Brasscom, the Brazilian IT industry association, reveals that the Brazilian IT market grew by 11.3% last year, driven mainly by internal IT spend.
The Brazilian IT market grew to almost $103b in 2011, of which the largest chunk, $42b, was attributed to internal IT spend, nearly 17% up on 2010. The fastest growing segment was BPO, which jumped nearly 20% to $5.6b. IT services grew by 11% to $14.7b and software by 14% to 6.2b. Hardware was the second largest segment of the Brazilian IT market, at $20b, though grew the slowest, at 2.2%.
The IT sector represented 4.4% of Brazilian GDP last year and traditionally grows at twice the rate of the rest of industry. Indeed, Brasscom expects the IT sector to comprise 6-7% of GDP over the next decade. It truly is a different world in the land of the samba sun!