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Brazil Returns To Top 10 Global Tech Powers With 6.8% Growth In 2024
(MENAFN- The Rio Times) Brazil's high-tech industry achieved remarkable 6.6% growth in 2024, ending five consecutive years of decline, according to data compiled by the Institute for Studies on Industrial Development (Iedi).
This growth outpaced the manufacturing industry's overall 3.8% expansion, positioning it as the second-best performer among industrial groups. Brazil surpassed South Korea and Italy to reclaim its position among the top 10 global technology powers, with investments reaching US$50 billion.
The country now ranks first in Latin America, representing 37.2% of regional tech investments, up from 36.5% in 2022. This achievement marks a significant milestone in Brazil 's digital transformation journey.
The sector demonstrated exceptional momentum throughout 2024, expanding by 15.6% in the final quarter compared to the same period in 2023. December proved particularly strong with the sector advancing 20.3% year-over-year.
Leading industries driving this growth include aircraft manufacturing, pharmaceutical products, and computer electronics. Brazil currently invests R$186.6 billion in digital transformation initiatives focusing on semiconductors, industrial robotics, and artificial intelligence.
The pharmaceutical sector showed exceptional performance with 27.1% growth in December 2024 compared to the previous year. Meanwhile, the Information and Communication Technology sector expanded at approximately 6.8%.
This tech revival has sparked significant merger and acquisition activity. M&A deals in Brazil's technology sector reached R$26 billion ($4.2 billion) in 2024, marking a 115% increase from 2023. The number of transactions increased from 145 to 169 during this period.
Brazil Faces Critical Talent Shortage
Brazil faces a critical talent shortage amid this growth. Current estimates suggest a deficit of approximately 150,000 tech professionals. This shortage has created a competitive job market with salaries for senior positions ranging from R$120,000 to R$200,000 annually.
The Brazilian government actively supports this growth through initiatives like the "AI for the Good of All" National Plan, projecting investments of $4 billion by 2028. Despite positive growth, Brazil's high-tech industry remains 5.2% below its pre-pandemic levels.
The tech sector now contributes 7.8% to Brazil's GDP, highlighting its growing economic importance. With continued government support and private investment, Brazil's tech industry appears positioned to maintain its recovery trajectory despite economic headwinds.
This growth outpaced the manufacturing industry's overall 3.8% expansion, positioning it as the second-best performer among industrial groups. Brazil surpassed South Korea and Italy to reclaim its position among the top 10 global technology powers, with investments reaching US$50 billion.
The country now ranks first in Latin America, representing 37.2% of regional tech investments, up from 36.5% in 2022. This achievement marks a significant milestone in Brazil 's digital transformation journey.
The sector demonstrated exceptional momentum throughout 2024, expanding by 15.6% in the final quarter compared to the same period in 2023. December proved particularly strong with the sector advancing 20.3% year-over-year.
Leading industries driving this growth include aircraft manufacturing, pharmaceutical products, and computer electronics. Brazil currently invests R$186.6 billion in digital transformation initiatives focusing on semiconductors, industrial robotics, and artificial intelligence.
The pharmaceutical sector showed exceptional performance with 27.1% growth in December 2024 compared to the previous year. Meanwhile, the Information and Communication Technology sector expanded at approximately 6.8%.
This tech revival has sparked significant merger and acquisition activity. M&A deals in Brazil's technology sector reached R$26 billion ($4.2 billion) in 2024, marking a 115% increase from 2023. The number of transactions increased from 145 to 169 during this period.
Brazil Faces Critical Talent Shortage
Brazil faces a critical talent shortage amid this growth. Current estimates suggest a deficit of approximately 150,000 tech professionals. This shortage has created a competitive job market with salaries for senior positions ranging from R$120,000 to R$200,000 annually.
The Brazilian government actively supports this growth through initiatives like the "AI for the Good of All" National Plan, projecting investments of $4 billion by 2028. Despite positive growth, Brazil's high-tech industry remains 5.2% below its pre-pandemic levels.
The tech sector now contributes 7.8% to Brazil's GDP, highlighting its growing economic importance. With continued government support and private investment, Brazil's tech industry appears positioned to maintain its recovery trajectory despite economic headwinds.
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