Mexico’s ICT companies generated US$60 billion in revenue in 2021, a growth of over 8% compared to the previous year.
This is the highest growth rate the country ever experienced since 2012, according to data released by technology consultancy firm Select.
According the report, IT services providers saw their revenue increase by 8%, while technology product and services providers, cloud vendors, in particular, recorded a staggering 20% increase in annual revenue.
“It is notable that the medium and large players in this (services) segment have seen improvements in profitability, thanks to the reduced need for travel and reduced office space,” the report noted.
However, the IT industry is suffering from talent turnover and a shortage of specialists, it added.
Mexico’s economy grew 5.1% in 2021 while inflation hovered around 7.36%.
The economy is sputtering this year, with the country continuing to struggle in its effort to restore its economic growth to the pre-pandemic levels.