Mexico leads the arrival of AI companies in Latin America: Santander

Mexico City. In the last six years, the number of companies dedicated to artificial intelligence (AI) that have been established in Mexico has grown almost 10 times. In 2018, there were 34 companies and currently there are 362, which places our country as a powerhouse in terms of digital transformation, reveals a new study by Santander and Endeavor.

According to the study The Age of AI in Mexico, between 2022 and 2023 alone, these types of companies managed to raise more than 600 million dollars in investments, and it is projected that during this year they will generate income of 1.3 million dollars, while generating 11 thousand jobs.

The document, presented at a conference by Laura Cruz Urquiza, deputy general manager of strategy, innovation and customer experience at Santander Mexico, states that artificial intelligence tools have exponential growth and a wide reach across various economic sectors. ChatGPT alone took five days to reach one million users, while the Netflix video platform achieved this in three and a half years.

“AI is one of the pillars that will redefine the future of our society and economy, which is why it deserves a detailed analysis of the Mexican AI ecosystem and the opportunities it presents,” said the executive.

The study shows that banks are using AI to offer personalized services, from legal documentation and financial education to customer service and fraud detection.

For banks, it enables them to process and extract large volumes of financial and transactional data; it generates models that can predict customer behavior, risks and fraud; and it also enables them to create personalized product offers for each user, as well as provide quick answers to their queries.

“Small businesses that are just starting out and don’t have AI tools will basically be out of the picture,” said Vincent Speranza, CEO of Endeavor Mexico.

The study indicates that 86 percent of companies currently see a significant competitive advantage in identifying and taking advantage of market opportunities with AI, and one in three have incorporated this tool into their operations. In addition, 58 percent of Mexicans see a positive impact if it is applied in different sectors.

Among the business sectors that use artificial intelligence the most in their processes to date are financial services, logistics, manufacturing, retail sales, e-commerce, among others.

Of the more than 300 firms dedicated to artificial intelligence that operate in the country, 49 percent are located in Mexico City; 10 percent in Jalisco, 9 percent in Nuevo León, and the rest are divided among the other entities.

While technological progress is evident, one of the main challenges facing companies dedicated to AI is the shortage of personnel. Among the most difficult professions to find in our country are AI engineers, software engineers and data scientists.