New Survey Reveals Latin American Tech Boom in 2023 Led by Chile, Brazil, and Colombia

BairesDev Research Details Growing Fortune 1000 Demand for LATAM-Based Tech Talent 

Over 5 Million Qualified Candidates Apply for "E-Migration"

MOUNTAIN VIEW, Calif., Dec. 11, 2023 (GLOBE NEWSWIRE) --  BairesDev®, a nearshore software solutions company, is wrapping up 2023 by unveiling survey findings showcasing insights into Latin America's burgeoning tech talent, substantiating a shift in the global workforce. The company analyzed more than 5 million of its applications between 2019 and 2023 globally, where applications from LATAM increased by 370%. This research highlights the impact of e-migration, a trend of working remotely for global companies without relocating, with more than 90% of BairesDev's 4,000-strong workforce hailing from South America.

The region is poised to emerge as the next key global player in tech, contributing $22 billion to the $952 billion outsourcing market, with a projected growth of $40.16 billion by 2025. Fortune 1000 companies have taken note. North American companies alone had a 70% increase in their South American remote workforce in 2022. The region's surge is propelled by improved education, enhanced connectivity, and abundant remote work opportunities.

"E-migration is not just a trend; it's a paradigm shift in the global workforce," says Nacho de Marco, BairesDev's CEO and co-founder. "We have witnessed firsthand how this movement empowers tech professionals in LATAM to telecommute across North America while fostering local economic growth. The increasing demand for LATAM talent, coupled with a 50% rise in STEM graduates, positions the region as the up-in-coming global tech hub."

This data from the BairesDev survey and year-end review illustrates more than a passing trend. It also shows a transformative evolution in the landscape of the global workforce from the influx of South American engineers contributing to the world's economies. Key growth trends from the survey include:

  • Chile witnessed exceptional growth from 812 applicants in 2019 to 17,839 in 2023, a 2,500% increase. Brazil (1,000%) and Venezuela (960%) follow this trend.
  • Emerging Tech Talent Hubs: Central America and the Caribbean, particularly Panama, Jamaica, and Trinidad and Tobago, contributed over 40,000 applicants from 2019 to 2023.
  • Language Proficiency: Applicant proficiency in English surged, with upper-intermediate skills growing by 200% and advanced/fluent skills by almost 300%.
  • Female applicants increased by 25% in 2023 alone, with Brazilian women leading the growth with a 778% increase from 2019-2023.
  • Brazil, Colombia, and Mexico collectively attracted over 1.8 million applications from 2019 to 2023.

In 2023, BairesDev's top revenue contributors included industries such as Information Technology and Internet Services, leading at 40%, followed by Software Development (16%), Financial Services (9%), and Health Care (4%). The company experienced significant growth with new clients coming from industries such as Legal Practice, which surged by 357%, Food, and Beverage Manufacturing, with a 75% increase, and Retail, which grew by over 50%. These statistics highlight the company's diverse and thriving portfolio while keeping customers satisfied, as demonstrated by its Clutch Score of 4.9 over 5.

In November 2023, BairesDev was recognized as the second fastest-growing company in Silicon Valley by the Silicon Valley Business Journal and will participate in a panel on e-migration at the SXSW conference in 2024.

Despite macro-political and economic challenges, the region continues to thrive, and BairesDev remains at the forefront, with 2.4 million applications received in 2022 alone, driving innovation and setting new benchmarks for the industry.

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About BairesDev
BairesDev is a strategic partner to hundreds of global brands on their software development journey. The company's approach centers on understanding before action, offering tailored solutions: dedicated teams, outsourced projects, staff augmentation, and more. With over a decade of experience, BairesDev has collaborated with startups, Fortune Global 500 companies, and industry disruptors worldwide, alongside the top 1% of tech talent from the Americas and the Caribbean.

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