Whether you’re in nearshore outsourcing or building an internal team, the Latin American market offers abundant opportunities. In fact, many of the world’s leading IT companies are based in the region.
Despite the COVID-19 crisis, investment in LATAM continues to climb. As companies digitize, the need for professionals skilled in new technologies is becoming more urgent.
Mexico
Digital growth in Latin America is booming, and it has created an opportunity for businesses to serve a growing global middle class. However, there are challenges and barriers that must be overcome to foster further digitization in the region. This FT Live Digital Dialogue will explore the current state of digital development in Latin America, how companies are leveraging data and analytics to improve customer experiences, and what policies are needed to promote further digitization.
As a result, the digital economy is increasingly becoming an integral part of the regional and global economy. In fact, according to the GSMA, in 2021, almost 40% of Latin American mobile phone users bought products or services online-a number higher than the global average of 36%.
In addition to a strong tech industry, the region also has a vibrant entrepreneurial ecosystem. The region is currently home to 105 “unicorns,” or technology startups valued at more than $1 billion. These companies are driving innovation, generating new jobs, and contributing to the region’s economy.
Yet, despite these gains, the region still struggles to close the digital divide and ensure all its citizens have access to quality broadband. While governments are making efforts to increase connectivity, they need to create a more favorable investment environment, such as with flexible regulations and incentives to spur private investment.
Colombia
Colombia is one of the region’s most diverse countries, with its Spanish colonial legacy evident in the many churches, palaces and Baroque buildings that line its streets. In addition, the country boasts a rich culture that blends its African, indigenous Indian and European origins with music, dance and cuisine. Colombia also lays claim to being the birthplace of Nobel Prize-winning author Gabriel Garcia Marquez and the world’s most popular Latin American singer, Shakira.
Despite its considerable natural resources, Colombia is still plagued by a long-running violent conflict and high levels of inequality. The armed groups that dominate its territory target social leaders and human rights defenders, with attacks on these individuals becoming increasingly common. According to the NGO Programa Somos Defensores, between January and September of 2022 alone, there were 621 attacks against those who work to improve the lives of others.
For entrepreneurs with promising technology solutions, this environment presents a unique opportunity to enter a highly profitable and growing industry. However, to thrive, Latin American professionals must be equipped with the skills needed to implement and manage a business transformation strategy. The good news is, there are emerging programs that can help them get there. One example is Kurios, a business training program for digital transformation developed by Carlos Lau, former growth and operations manager at Uber, and Luis Ubillas, financial controller at Amazon.
Chile
Several positive factors have fuelled Latin America’s tech boom. Firstly, the region is home to a fast-growing middle class that’s growing faster than in the world’s wealthiest countries. Moreover, it’s also becoming more urbanised with 260 million people living in the region’s largest cities. Lastly, immigration has helped to offset intergenerational demographic imbalances caused by the ageing population and a drop in birth rates below replacement levels.
With such an exciting business environment, it’s no surprise that Chile has become one of the most popular places for outsourcing software development. Ranked #1 in the region for ease of doing business, the country’s talented talent pool allows companies to build strong relationships and leverage their communication skills and workplace experience. Additionally, Chilean developers rank highly in terms of English proficiency and can seamlessly work with US-based teams to deliver top agile results.
As a result, if you’re looking for remote software engineers to scale your team, the best option is to hire from Chile. Choosing this location will save you money and time as you avoid costly relocation costs and onboarding expenses. Furthermore, the country’s thriving fintech ecosystem is making it easier to set up a bank account and accept payment electronically, further speeding up the process for foreign investors.
Brazil
As Latin America’s largest economy, Brazil plays a key role in hemispheric politics. It has long thrown its economic and diplomatic might behind regional integration efforts while seeking a bigger voice for developing countries on the world stage, and maintains robust ties with China, the US and Europe.
Despite this, a number of Latin American countries still face major challenges that threaten their future. Among them, low levels of infant mortality remain an issue for the majority of countries in Latin America. As a result, many local governments prioritize social programs and education that help families afford quality childcare.
The good news is that the digital age has also made it possible to access education and health care in remote regions. In fact, the average Brazilian now spends more than 10 hours a day on social media. Internet penetration in Latin America is already at 78% and has far surpassed that of the United States and China.
These trends are helping create an ideal environment for nearshore outsourcing, a model where companies partner with local tech professionals to reduce their supply chain costs and bring production closer to consumers. This type of partnership has become especially popular for businesses with complex products that require expertise that is hard to find elsewhere. Unlike offshore outsourcing, nearshore partnerships allow teams to collaborate in the same or slightly variable time zone, ensuring real-time communication and immediate responses to questions.
Hire Remote Teams to Work From Latin America
There are multiple benefits of hiring a team to work remotely and from Latin America, but I will be honest, is very time-consuming. Finding the right candidate, having multiple interviews, and arranging salaries. Luckily you’re not alone, several companies are taking the initiative to hire remote workers from Latin America and hire stress-free by joining efforts with Remote Talent Latam. They Find you Amazing Remote Employees from Latin America!