Mexico ICT Market Size (2024 - 2029)

Mexico ICT Market Analysis

The Mexico ICT market is anticipated to record a CAGR of 10.6% over the forecast period. The increased focus on digital technology, cyber security, AI, robots, and healthcare IT drives the market.

• The ICT sector and digital economy are the economic drives that significantly contribute to Mexico's GDP. Mexico's digital economy creates roughly USD 60 billion in economic value yearly through business process management (IT-BPM), e-commerce, domestic electronics manufacturing, digital payments, digital communication services (including telecom), and other ICT-related activities.
• Mobile broadband can cover a vast nation like Mexico, enabling the administration to provide all its residents with services like e-health and e-education. Broadband, in general, boosts productivity while encouraging innovation in Small and Medium-Sized Enterprises (SMEs) and delivers considerable savings by lowering transaction costs. The broadband investment significantly impacts Mexico because it could unlock excellent development prospects.
• In February last year, Mexico witnessed the launch of the first commercial 5G mobile network. The deployment presents a significant opportunity for the nation's development and digitalization. The GSMA predicts that the rollout of 5G would have a considerable economic impact on Latin America, with an expected 5% GDP growth and a USD 90 billion rise by 2034.
• Even though digital innovation is sometimes acclaimed as the way to speed up socio-economic development worldwide, the digital gap is still quite wide in places like Mexico, where fewer than half of the population has access to the internet. Although the Mexican government has made enormous efforts to upgrade its digital infrastructure, more than half of the population still needs to be connected to the internet.
• While COVID-19 increased Mexico's digitization and altered its purchasing patterns, Mexican e-commerce grew by 27% in 2021 over the prior year, according to data from the Mexican Association of Online Sales (Asociación Mexicana de Venta Online, or AMVO). Mexico has been among the top five nations in the world for the past three years in terms of e-commerce growth. The Covid-19 pandemic has highlighted the significance of a digital world where more individuals may benefit from technology. Considering the Covid-19 pandemic, technological advancement is more crucial than ever and necessitates quick and durable digital development models.

Mexico ICT Industry Segmentation

Information and Communication Technologies or ICT is a broader term for Information Technology (IT). It refers to all communication technologies, such as wireless networks, the internet, computers, cell phones, software, videoconferencing, middleware, social networking, and other media applications and services enabling users to store, access, transmit, retrieve, and manipulate information in a digital form.

The Mexico ICT market is segmented by type (hardware, software, IT services, and telecommunication services), by the size of the enterprise (small and medium enterprise and large enterprises), by industry vertical (BFSI, IT and telecom, government, retail and e-commerce, manufacturing, and energy and utilities). The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.