In the past decade, artificial intelligence (AI) has shifted from the peripheries of policy attention to the center of investment and political focus. Global investment in AI has soared since 2010, increasing from a mere US$0.8bn to US$78bn in 2021—an increase of over 9,000%.1 In Latin America (LATAM), AI is forecast to boost the region’s GDP by over 5% by 2030, with projections likely to rise if governments introduce policies to build talent and expand their digital infrastructure.2
In this report, we explore the developments in AI in Latin America, with a specific focus on Argentina, Brazil, Chile, Colombia, and Mexico. Although government policy is growing, the region’s private sector has been leading the way in terms of AI development. Each of the largest sectors of the region has developed its own AI startup darling, producing regional success stories of its own and attracting the attention of international investors and venture capitalists. But are the countries in Latin America moving fast enough and putting in place the right policies to maximize the benefits of AI while minimising any negative impacts it might potentially have?
