Report Format:  
| Pages: 160+
Type: Niche Industry Monitor
| ID: AI4216
| Publication: June 2024
|
US$745 |
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.
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.
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:
Analysis Period |
2019 – 2032 |
Actual Data |
2019 – 2023 |
Base Year |
2023 |
Estimated Year |
2024 |
CAGR Period |
2024 – 2032 |
Research Scope |
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Component |
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Deployment Model |
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Business Function |
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Technique |
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End User |
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Countries Covered |
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