Latin America Generative AI Market | Analysis 2019-2032

Latin America Generative AI Market Analysis, Size, and Forecast by Component, Deployment Model, Business Function, Technique, End User: 2019-2032

Report Format:     | Pages: 160+
Type: Niche Industry Monitor | ID: AI4216  | Publication: June 2024  |  US$745  |  

Latin America Generative AI Market Snapshot

Latin America Generative AI Market


  • The Latin America generative AI market is anticipated to witness substantial growth, with projected revenue reaching US$ 3.53 billion by the end of 2024.
  • Generative AI industry in the Latin America is poised to experience a CAGR of 30.11% throughout the forecast period to amount to USD 29.0 billion by 2032.
  • In the Latin America, the healthcare sector is emerging as a leader in the generative AI market, with a healthy CAGR.
  • In comparison to other countries, Brazil generative AI market is expected to generate the highest revenue in 2024.

Latin America Generative AI Market Outlook

Considering the transformative evolution of generative artificial intelligence (GAI) since the emergence of ChatGPT in 2022, it has progressed from a novel idea to a ubiquitous tool that is reshaping various aspects of daily life. This AI revolution, powered by advanced large language models, is sparking a worldwide technological competition among major corporations, pioneering start-ups, and academic leaders. Amid ongoing concerns and discussions in Latin America regarding labour and digital literacy, apprehension about the potential impact of new generative AI tools on the region is justified. Latin America faces a high average unemployment rate of seven percent. The OECD has identified that over 25% of jobs in Latin America could be susceptible to automation, ranking among the highest globally. GAI ascent has been restructuring the work environment, especially in BFSI sector, but the emergence of GAI is poised to trigger an even more profound transformation. GAI goes beyond automating routine tasks; it offers a chance to enhance human creativity and strategic insight within the financial sector. Much like historical technological revolutions that automated labour or streamlined administrative duties, it holds the potential to free financial experts from repetitive tasks, enabling them to concentrate on innovative and high-impact endeavours.

Latin America Generative AI Market Trends and Developments

In Latin America, the prevailing narrative surrounding generative AI has generally been pessimistic, often emphasizing concerns about human replacement by technology. Governments have the opportunity to foster a more balanced discourse by carefully assessing both the advantages and drawbacks, and by promoting the benefits to the public in a fair and impartial manner. Generative AI presents governments with a tangible opportunity to enhance the quality of public services through initiatives such as digital government and digital transformation programs. For instance, these AI tools could contribute to diminishing response times from agencies and enhancing access to information. Additionally, here are several key focal points for consideration by Latin American governments.
 

  • Governments in the region can benefit from collaboration to advance GAI initiatives. Sharing insights from regulatory experiments, GAI literacy programs, and community engagement strategies can foster mutual learning and prevent the repetition of mistakes, saving valuable resources.
     
  • Establishing shared data infrastructure for knowledge exchange can enhance Latin America's global competitiveness by facilitating efficient collaboration. This infrastructure will bolster regulatory frameworks, educational efforts, and job development initiatives across the region. Collaboration with external organizations, including academic institutions and international bodies, can further enrich the exchange of ideas and experiences, fostering a synergistic understanding and expanding possibilities. Governments can create conducive environments for alliances and set realistic milestones to drive incremental progress effectively.

Latin America Generative AI Competitive Landscape

Partnerships, strategic mergers, and acquisitions are anticipated to be highly effective strategies for industry firms aiming to bolster their technological capabilities and gain rapid entry into expanding markets. Noteworthy entities in the generative AI market include:

  • Google LLC, Amazon Web Services, Inc. (Amazon.com, Inc.), Adobe, Inc., MOSTLY AI Solutions MP GmbH, Synthesia Limited, IBM Corporation, Microsoft Corporation, De-Identification Ltd, Genie AI, Inc., and Rephrase.ai.

Latin America Generative AI Industry Coverage

Analysis Period

2019 – 2032

Actual Data

2019 – 2023

Base Year

2023

Estimated Year

2024

CAGR Period

2024 – 2032

Research Scope

Component

  • Hardware
  • Software
  • Service

Deployment Model

  • On-premise Solutions
  • Cloud-based Solutions
  • Hybrid Solutions

Business Function

  • Marketing and sales
  • Customer operations
  • Product R&D
  • Software engineering
  • Supply chain and operations
  • Risk and legal
  • Strategy and finance
  • Corporate IT
  • Talent and organization

Technique

  • Generative Modelling Techniques
  • Text-Based Techniques
  • Code-Based Techniques

End User

  • IT and Telecom
  • Media and Entertainment
  • Energy and Power
  • Transportation and Logistics
  • Healthcare
  • BFSI
  • Retail
  • Manufacturing
  • Public Sector
  • Other

Countries Covered

  • Peru
  • Chile
  • Brazil
  • Rest of Latin America
For Enquiry