Press release
Latin America AI Market to Grow at 22.9%CAGR Reaching USD 30.20 Billion by 2033
Latin America Artificial Intelligence Market Graph
Market Size in 2024: USD 4.71 Billion
Market Forecast in 2033: USD 30.20 Billion
Market Growth Rate 2025-2033: 22.9%
The Latin America artificial intelligence market reached USD 4.71 Billion in 2024 and is projected to expand significantly, attaining USD 30.20 Billion by 2033. This growth reflects a compound annual growth rate (CAGR) of 22.9% during 2025-2033, driven by digital transformation across industries, government support, and rising investments in AI infrastructure and talent development.
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Growth Drivers of the Latin America Artificial Intelligence Market
Government Support and Policy Initiatives
In Latin America, governments adopt and develop AI technologies through national strategies and funding. In Mexico, people estimate AI investment will reach USD 640 million from 2018 to 2024. Brazil's national AI policy seeks for innovation and digital transformation. These include support for AI ecosystems, startups and foreign direct investment. Public-private partnerships also support acceleration of AI research and development. The aim is positioning the region as a key player in the global AI tech ecosystem.
Expansion of AI in Healthcare and Fintech
In Latin America, healthcare and financial services are the fastest sectors adopting AI, with the healthcare sector using it in diagnostics, in telemedicine, and in predictive analytics to improve patient outcomes and resource use. The United Nations estimates that 80% of Latin American AI research papers focus on clinical medicine, and in fintech, AI chatbots and fraud detection methods enable banks to assist customers at scale and evaluate their risks more efficiently. Research also estimates that 56% of companies in the region already benefited with chatbots, with automation predicted for the management of 60% of customer service interactions by 2029.
Smart City Development and Infrastructure Modernization
AI is applied to urban planning, transportation, and energy management in smart city projects. In October 2024, Gorilla Technology Group along with NC Digy Smart Cities agreed to partner and implement AI solutions for sustainable urbanization in Latin America. Technology companies cooperate with the governments of Chile and Uruguay and use AI to administer urban areas by surveilling, removing waste, and distributing water. These services are strengthening economic growth and sustainability throughout the region by addressing urban problems, which is resulting in greater demand for AI.
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Latin America Artificial Intelligence Market Segmentation
Analysis by Type
• Narrow/Weak Artificial Intelligence
• General/Strong Artificial Intelligence
Analysis by Offering
• Hardware
• Software
• Services
Analysis by Technology
• Machine Learning
• Natural Language Processing
• Context-Aware Computing
• Computer Vision
• Others
Analysis by System
• Intelligence Systems
• Decision Support Processing
• Hybrid Systems
• Fuzzy Systems
Analysis by End-Use Industry
• Healthcare
• Manufacturing
• Automotive
• Agriculture
• Retail
• Security
• Human Resources
• Marketing
• Financial Services
• Transportation and Logistics
• Others
Analysis by Country
• Brazil
• Mexico
• Argentina
• Colombia
• Chile
• Peru
• Others
Competitive Landscape
The report provides a comprehensive analysis of the competitive landscape in the Latin American artificial intelligence market with detailed profiles of all major companies, including Amazon Web Services, Microsoft, IBM, Google, and several regional players.
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Latin America Artificial Intelligence Market News
• January 2025: Argentina-based Roni Bandini launched "Reggaeton Be Gone," an AI-powered device designed to mute reggaeton music on nearby Bluetooth speakers.
• January 2025: Glartek partnered with Factor CX to expand AI workplace solutions across Latin America, integrating AR and ML features.
• August 2024: Kapsch TrafficCom expanded its AI annotation operations to Chile, supporting traffic management and tolling solutions.
• July 2024: Meta AI introduced new AI tools in Latin America, expanding availability across Messenger, WhatsApp, Facebook, and Instagram.
• July 2024: Blend acquired nuvu to strengthen its AI services portfolio and expand its presence in the Latin American market.
Key highlights of the Report:
• Market Performance (2019-2024)
• Market Outlook (2025-2033)
• COVID-19 Impact on the Market
• Porter's Five Forces Analysis
• Strategic Recommendations
• Historical, Current and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Structure of the Market
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as part of the customization.
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About Us:
IMARC Group is a global management consulting firm that helps the world's most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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