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News » Nearly half of Latin American businesses use AI daily

Nearly half of Latin American businesses use AI daily

Nearly half of Latin America uses AI

GUADALAJARA, MEXICO — Around 46% of businesses in Latin America (LatAm) are tapping into Artificial Intelligence (AI) for their daily operations. 

Venture capital fund ALLVP said that this strategic move is made to help companies stay competitive while harnessing AI’s ability to boost efficiency and growth.

Daniel Scarafia, Vice President for Latin America and the Caribbean at Hitachi Vantara, explained that AI has “forcefully entered various productive sectors, especially in technology and telecommunications.”

However, he added that its implementation is growing for risk operations and services in the financial sector.

Supporting this, Statista indicates that the tech and telecom sectors lead in AI adoption. Furthermore, the OECD’s AI Policy Observatory highlighted that in 2022, the finance and insurance domains led AI investments in many Latin American countries.

Still, 55% of LatAm businesses are apprehensive about data privacy while using AI. At the same time, 53% point to cybersecurity and regulation concerns. 

Scarafia adds perspective, suggesting that AI platforms offer opportunities to increase productivity and enhance data analysis.

Read more here.

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