Pyramid predicts Brazil will have more than 18 million LTE users by the end of 2015 despite some operators' scepticism on the country's preparedness.

"As the frequencies for LTE are scheduled to be auctioned in June of 2012, some operators believe Brazil is not ready yet for the leap into LTE, since 3G didn't reach its maturity yet and LTE itself is still in its infancy around the world," says Vinicius Caetano, Senior Analyst for Pyramid.

"However, Anatel, the country's regulator, wants Brazil to have its LTE network in place and working seamless for 2014 FIFA's world cup, enabling the country to be a leader in this technology."

"The market might not look ready yet, however, with LTE smartphones and tablets reaching larger scales and data usage growing more than ever, Brazil is definitely a fertile ground for LTE to grow," Caetano explains.