One of the key drivers of growth in the LatAm software development industry is the increasing availability of skilled developers in the region. According to a report by Nearshore Americas, the number of software developers in LatAm is projected to grow from 1.2 million in 2019 to 2.2 million in 2025, a staggering increase of 83%. This growth is due in part to the fact that many universities in the region are now offering computer science and software engineering degrees, which is helping to create a talent pipeline for the industry.
Another factor driving growth in the LatAm software development industry is the increasing availability of technology infrastructure. Countries such as Brazil, Mexico, and Colombia have invested heavily in their technology infrastructure in recent years, including building out their telecommunications networks and data centers. This has helped to create a more favorable environment for software development companies, as they can now leverage this infrastructure to build and scale their products and services.
Finally, increased investment in the LatAm software development industry is also contributing to its growth. According to a report by TechCrunch, venture capital investment in LatAm hit a record high of $4.6 billion in 2021, up from $3.3 billion in 2020. This investment is coming from a range of sources, including local investors, international venture capital firms, and corporate investors. This influx of capital is helping to fuel the growth of the industry, allowing companies to invest in research and development, expand their operations, and hire more talented developers.
The impact of this growth on the global tech industry is significant. As more and more companies in LatAm develop cutting-edge technology and solutions, they are increasingly competing with established tech hubs such as Silicon Valley and Tel Aviv. This is leading to a more diverse and decentralized global tech ecosystem, with a greater diversity of perspectives and approaches.
Furthermore, the growth of the LatAm software development industry is helping to address the global tech talent shortage. As the industry in the region continues to grow, it is creating more job opportunities for software developers, which is helping to alleviate the shortage of tech talent in other parts of the world.
In conclusion, the factors driving growth in the LatAm software development industry are having a significant impact on the global tech landscape. The increasing availability of skilled developers, technology infrastructure, and investment in the region is helping to create a more diverse and decentralized global tech ecosystem, and is addressing the global tech talent shortage. As we enter 2023, we can expect to see even more exciting developments from this dynamic and growing industry.