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BMI View: We moderated the growth outlook for Mexican IT spending in the Q416 update in response to a
softer economic forecast. However, we maintain a broad positive assessment of the market. We forecast IT
spending will increase at a CAGR of 7.5% throughout 2016-2020, and the strongest performance is
expected in the software and services segments, where enterprise investments in cloud computing,
applications and outsourcing will drive growth.
Latest Updates & Industry Developments
? Computer Hardware Sales: will increase from MXN112.4bn in 2016 to MXN139.6bn in 2020 at a
compound annual growth rate (CAGR) of 5.6%. Low PC penetration should see volume growth
accelerate in step with economic performance, but there is downside if increasingly powerful
smartphones substantially cannibalise spending.
? Software Sales: will increase from MXN65.1bn in 2016 to MXN90.2bn in 2020 at a CAGR of 8.5%.
Enterprise application spending by large enterprises is expected to be a bright spot, and lower cost
alternatives through software-as-a-service will boost SME adoption.
? IT Services Sales: will increase from MXN105.4bn in 2016 to MXN148.5bn in 2020 at a CAGR of
8.9%. Infrastructure cloud service growth is expected to outperform as telecoms infrastructure is
upgraded and as competition strengthens in the wake of new regulations