As the demand for tech talent surges globally, businesses are expanding their reach to lesser-known but promising markets. From Latin America to smaller interior markets in the U.S. and Canada, these regions are rapidly emerging as viable options for companies seeking innovation and cost efficiency.
Latin America: A Growing Powerhouse
Historically known for manufacturing and business services, Latin America has evolved into a significant hub for tech talent. Over the past economic growth cycle, the region’s focus has shifted toward software development and innovation, attracting multinational technology firms and nurturing its own thriving tech industry.
- Top Markets: Mexico City, São Paulo, and Santiago stand out as Latin America’s largest tech hubs.
- Fastest Growth: Monterrey, Mexico, leads the pack in tech talent workforce expansion.
- Cost Advantages: Despite rising wages, average salaries remain at 38% of U.S. levels, while real estate costs remain low, making it a cost-effective choice for tech employers.
North America’s Emerging Markets
Beyond the well-established tech hubs, a new wave of smaller U.S. and Canadian markets is gaining traction. These “Next 25 Markets” offer untapped talent pools and strategic opportunities for employers looking to diversify their geographical presence.
- Location Focus: Many of these markets are concentrated in the Midwest and South of the U.S., offering competitive advantages in cost and proximity to existing tech hubs.
- Talent Development: These regions are fostering a burgeoning tech ecosystem, ready to meet the demands of an expanding industry.
Why Emerging Markets Matter
The adoption of distributed labor strategies by tech employers reflects a growing trend toward decentralization. Companies are recognizing the value of expanding beyond traditional hubs to capture untapped talent, reduce costs, and drive innovation.
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