Brazilian companies have invested an average of 7.5 percent of net revenue in technology projects in 2014, according to research.
The local financial services sector invested the most in IT, with 13.8 percent of net revenue going towards new technologies.
Services companies ranked second on the list of IT investments with 10.8 percent of revenue going towards tech, followed by manufacturing with 4.4 percent and retail with 3.1 percent.
The study by the management department of Brazilian business school Fundação Getúlio Vargas (FGV), also shows that there has been a one percent increase in IT investments last year in relation to 2013.
The sluggish growth is due to the slowing pace of the Brazilian economy as a whole, according to the research coordinator and IT professor at FGV, Fernando Meirelles.
Now in its 26th edition, the FGV study covers corporate spending patterns in 2,340 companies of all sizes in Brazil, 68 percent of which are among the 500 largest corporations in the country.