In the third quarter of 2023, Mexicos information technology sector experienced a 5.7% growth, largely due to the expansion of cloud services.Consulting firm Select reports that the sectors revenue reached $57.168 billion by September, with expectations to exceed $57.862 billion by years end.Ricardo Zermeo, CEO of Select, links this growth to the post-pandemic recovery.
It aligns with Mexicos overall economic growth, predicted to be over 3% in 2023.Zermeo highlights the strong performance of technology service providers, particularly in cloud computing and storage services, as a key growth driver.This sectors growth counters the slowdown in mature markets like connectivity, hardware, and traditional software, Zermeo explains to local media.Mexicos IT Sector Experiences Significant Growth.
(Photo Internet reproduction)Cloud services, he notes, are boosting provider growth more than manufacturers.The sectors positive trend has raised optimism for future growth, as reflected in the Select ICT Business Expectations Index.IT service providers, including cloud services, saw the highest revenue increase in the third quarter.This segment grew by 8%, reaching $5.099 billion.
Telecommunications providers followed with a 7.8% increase, achieving $28.33 billion in revenue.IT manufacturers grew by 4%, with $14.014 billion in revenue.
Finally, IT channels recorded a 2.3% rise, totaling $9.735 billion.President Andrs Manuel Lpez Obradors administration significantly increased ICT spending in the same period.The federal government allocated $1.093 billion, 56% of the 2023 federal budget, for ICT, surpassing the allocations of the previous three years.Zermeo attributes the budget increase to the governments recognition of the need for timely technology investments.This decision follows lower expenditures in preceding years, which led to security issues and service gaps.