Investment in hardware, software and IT services saw a 4.5 percent increase, reaching $38 billion in 2017, according to a study released by the Brazilian Association of Software Companies (ABES).
This places Brazil just within the top ten countries worldwide in terms of overall technology investment. Ranked ninth on the list, the country is listed below the US, China, Japan, the UK, Germany, France, Canada and India.
Hardware is the most representative sector in terms of investment in Brazil, according to the study, with 51.2 percent, followed by services with 27.4 percent and software, with 21.4 percent.
According to ABES, the results suggest an improvement in the market conditions, as well as greater maturity in technology investments as companies seek to increase operational efficiency.
Even the uncertainty around the results of the upcoming presidential elections in October, most technology spending forecasts have been positive for Brazil.
For example, IDC predicts local IT spending growth of 5.8 percent in 2018. The analyst house echoes ABES's point that technology decision makers are investing again, driven by the pressure to digitally transform their businesses.