Often times Latin America is overlooked when it comes to technology innovation or the latest web trends. That's why it comes as great news that the market is rapidly maturing and those 'believers' out there are beginning to see their efforts into fruition. A good example of this is MercadoLibre.com, an online marketplace similar to eBay that caters to the region. Although they had tough start back in the late nineties, MercadoLibre managed to post $52 million in revenues during 2006, and a marked increase at $85 million for 2007.

A 63.5% year to year growth is impressive under any standards, but most importantly it reflects the current state of the LA market. There are more Latin Americans online than ever before and many are willing to engage in e-commerce one way or the other. Hopefully this trend will continue in the years to come. Also, in case you had somehow missed it, we run a Spanish version of TechSpot here.