In the five largest regions of Latin America – Brazil, Argentina, Chile, Mexico and Columbia – the population is 660 million people. To put this into perspective, there are around 330 million people living in the United States.
The amount of people that are using data in South America is growing at a compound rate of almost 30% per year. Furthermore, coupled with the fact that the average incomes and wages in the regions are growing, the proportion of regional industries that are becoming technical is rising along with it. In fact, in Mexico, nearly two thirds of its GDP is specific to high technology products.
Then, in terms of personal users of data, the South American smartphone penetration rate is currently set at around 60-70%, but it is growing rapidly.
“For example, 10 years ago, an average LATAM household family of four would download about seven gigabytes of data per month. But today, that same family is downloading 77 gigabytes of data. In fact, that number doubled to 77 from 38 in just the last three years,” explains Michael Ortiz, the CEO of Layer 9.
However, there are 223 million Latin residents who still don't have access to the internet.
When you take these figures into account, it is apparent that there is a major opportunity present in the LATAM market.
But, from Layer 9’s perspective, this exceptional potential has gone largely unnoticed, until now.