A recent survey estimates that tech investment in Brazil should increase by 6% to BRL71.2 billion ($30.6 billion) in 2014. The said survey was conducted among 1,000 large and medium enterprise decision makers, according to ZD Net.

The annual study was carried out by Instituto Sem Fronteiras (ISF). The study said this is the second year in a row that the growth rate is at 6%. This is because of the more conservative budgeting and low GDP growth in the country. Historically, Brazil's IT investment growth remained at an average of 10%, the report detailed.

ISF research director Ivair Rodrigues said some developments in the last few years have caused stagnation in Brazil's investment growth, the report said.

Rodrigues explained: "In 2007, expenditure on internal labor accounted for 25 percent of IT budgets. Today, that percentage is 36 percent and that is set to keep on increasing due to lack of manpower in the country, which increases cost and limits new IT investments."

Of the 1,000 respondents, 46% said their IT budgets are lower than desired. However, around 46% said they intend to upgrade their IT system next year. This number is a 50% increase compared to 2013, the report stated.

The survey also found that investments in IT staff training will almost double in 2014, ZD Net reported.