A lot of tech businesses tend to look into the UK or even Europe if they want to expand. The truth is that there could easily be more untapped potential way ahead. Even though tech companies are becoming huge players when it comes to the global stage, you have to remember that there are various pockets of the world that are very much untapped. Surveys have shown that just 6% of tech companies are tapped into the Brazilian market. Right now, it would seem that Brazil has the fifth biggest market in the world, so the opportunities are huge to say the least.
Brazil Needs More Tech Services
A lot of people think that there is going to be a huge demand for tech services in the next two years. There is a huge need in Brazil when it comes to tech services. Irish companies and even start-ups can easily take advantage of the global climate so that they can try new things and so that they can also explore the untapped potential that is there. There’s an increasing demand for things such as NetBet slots and casino games, and on top of this, there’s also a high demand for smart services and fintech hubs. That being said, even if there is a demand, it’s important to know that there are a number of challenges when it comes to doing business in the country.
Reports from IBNB have highlighted a lot of challenges when it comes to operating in Brazil. The main thing is that the costs of operating in Brazil tend to be much higher when compared to other markets. The main reason for this is because you have secure yet complicated tax systems. You also have the absence of double taxation agreements for the two nations, especially those who are coming out of Ireland who want to trade directly with Brazil. There are also a lot of cultural nuances that you need to consider before you invest your resources into the market. This is not limited to market research, so you need to keep this in mind.
Addressing the Issue
One way to potentially address this issue would be for you to dip into the talent pool that is within Ireland. Brazilian workers made up one out of the ten people who have been offered work permits in Ireland. The only other market to provide this much labour to the Irish market in particular would be India in 2018. At the end of the day, it would seem that there is a large talent pool for Irish technology firms and that this could easily benefit Brazil if some form of agreement could be made. This would help them to target the market much more and it would also make it way easier for them to make the most out of every decision and opportunity. Who knows what the future holds, but right now, it looks like the Brazilian market could really do with a boost from the tech industry.