The Gen AI Impact in LATAM 2024

Since the launch of ChatGPT, NVIDIA, a global leader in AI hardware with an 88% market share, as of this report, has seen its market value surge by $2.2 trillion. Meanwhile, tech giants like Meta, Amazon, Apple, Google, and Microsoft have each added around $1 trillion in market value. This impact isn’t limited to big techs, though—generative AI startups raised $11.5 billion in venture capital globally in the first half of 2024, according to Crunchbase.

Over the past decade, Latin America has accounted for just 0.4% of global AI investment, with the market still dominated, by the U.S. (62.5%), China (16.3%), and Europe (10.5%). 

However, the rise of Generative AI could shift this dynamic.

Previously, AI and tech projects required highly specialized teams, which created a high barrier to entry for newcomers. Regions like Latin America, with fewer data scientists and software engineers, naturally fell behind in the tech race. But the emergence of Gen AI enables a much wider range of companies to integrate cutting-edge AI through APIs, while also driving productivity in areas like programming, sales, customer support, back-office operations, etc.

This report aims to highlight the opportunities arising in Latin America from this new technological wave. We strongly believe there are countless use cases that could unlock access to quality services for more businesses and individuals.

In this report, we cover the broader context of the technology, the regulatory discussions happening across Latin America, and how the industry is contributing to this agenda. We also dive into the local venture capital landscape, showcasing Gen AI use cases in industries like marketing, sales, customer support, healthcare, financial services, education, and legal, backed by insights from a survey of 163 startups, 58 corporations, and 48 funds. Lastly, we explore future trends that could reshape how we work and interact in the next few years.

We hope you find this material valuable and encourage you to share it with your colleagues.

Team Grão