Latin America Custom Software Development Market Size & Outlook
Latin America custom software development market, 2018-2030 (US$M)
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Latin America custom software development market highlights
- The Latin America custom software development market generated a revenue of USD 3,163.5 million in 2023.
- The market is expected to grow at a CAGR of 24.4% from 2024 to 2030.
- In terms of segment, enterprise software was the largest revenue generating solution in 2023.
- Enterprise Software is the most lucrative solution segment registering the fastest growth during the forecast period.
- Country-wise, Mexico is expected to register the highest CAGR from 2024 to 2030.
Latin America data book summary
| Market revenue in 2023 | USD 3,163.5 million |
| Market revenue in 2030 | USD 14,590.3 million |
| Growth rate | 24.4% (CAGR from 2023 to 2030) |
| Largest segment | Enterprise software |
| Fastest growing segment | Enterprise Software |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Web-based Solutions, Mobile App, Enterprise Software |
| Key market players worldwide | Accenture PLC Class A, Capgemini SE, Cognizant Technology Solutions Corp Class A, HCL Technologies, Infosys Ltd ADR, Microsoft Corp, Thoughtworks Holding Inc, TietoEVRY Corp ADR, Tata Consultancy Services, Brainvire, Iflexion, Infopulse, Magora, Trigent, TRooTech Business Solutions |
Other key industry trends
- In terms of revenue, Latin America region accounted for 8.9% of the global custom software development market in 2023.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 42,248.4 million by 2030.
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Custom Software Development Market Scope
Custom Software Development Market Companies
| Name | Profile | # Employees | HQ | Website |
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Latin America custom software development market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to custom software development market will help companies and investors design strategic landscapes.
Enterprise software was the largest segment with a revenue share of 58.74% in 2023. Horizon Databook has segmented the Latin America custom software development market based on web-based solutions, mobile app, enterprise software covering the revenue growth of each sub-segment from 2018 to 2030.
The growth of the region in the custom software development market can be attributed to improving digital infrastructure, the presence of major custom software development companies in the region, low labor costs, and nearshore outsourcing, which has enabled easy access for enterprises in the region to custom software solutions.
Moreover, the growing investment of international companies in regional businesses has helped drive the growth of the Latin American custom software development market. For instance, in January 2023, GlobalLogic Inc. acquired Hexacta, a Latin American digital and data engineering company.
The acquisition broadens GlobalLogic's offerings and talent pool to meet the rising demand for digital engineering services in the region. Hexacta, with its 800 employees in 10 centers across Latin America and the US, strengthens GlobalLogic's presence in the region.
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Horizon Databook provides a detailed overview of continent-level data and insights on the Latin America custom software development market , including forecasts for subscribers. This continent databook contains high-level insights into Latin America custom software development market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Latin America custom software development market size, by country, 2018-2030 (US$M)
Latin America Custom Software Development Market Outlook Share, 2023 & 2030 (US$M)
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