Mexico Among the Top Countries for AI Expansion in Latin America

Mexico Among the Top Countries for AI Expansion in Latin America

Artificial intelligence (AI) is emerging as a transformative force shaping the future of global economies and societies. In this context, Santander Mexico presents a comprehensive analysis of Mexico's AI ecosystem, highlighting its role as a hub of development and innovation in the region. This study, conducted in collaboration with Endeavor Mexico, provides an in-depth look at how Mexico has evolved in the realm of AI, from the accelerated growth in the number of companies in the sector to the practical applications of the technology in the financial industry.

The report reveals the significant impact of AI on job creation, investment attraction, and business process optimization. By sharing these insights, Santander Mexico aims not only to inform but also to inspire other organizations and market players to explore the vast opportunities that AI offers. In a world marked by constant change, innovation is the compass guiding the way to a more promising future, with artificial intelligence as a crucial ally in this journey.

Mexico: A Leader in AI Expansion

Mexico has emerged as a leading center for AI development in Latin America, marked by a remarkable increase in the number of companies dedicated to this technology. Between 2020 and 2024, the country experienced a 273% rise in the number of AI companies, establishing itself as a regional powerhouse in digital transformation. This growth has not only created jobs but also attracted significant investments, positioning Mexico as the second-leading country in AI adoption in the region.

Across Latin America, AI integration has shown accelerated growth. Over the past two years, major companies in the region have increased their AI adoption by 67%, surpassing the global average of 59%. Regarding generative AI, 37% of companies in the region are already implementing it actively, while 45% are in the exploration phase. These figures reflect the growing interest and potential of AI to transform the technological landscape in the region.

Entrepreneurial Perspectives

Several entrepreneurs from Latin America have expressed strong optimism about AI's impact on the region. Diego Solorzano, Co-Founder and Co-CEO, and Javier Mata, Founder and CEO of Yalo, highlight the opportunity AI presents for a "quantum leap" in the region. This perspective underscores Latin America's potential to stand out in the global technology arena by fully leveraging the capabilities of AI.

Overview of the AI Industry in Mexico

Exponential Growth

Mexico currently hosts 362 active AI companies, representing a 2.7-fold increase compared to 2021. These companies, with an average of 7 years in operation, have attracted over $500 million in investments during the 2022-2023 period, resulting in the creation of 11,273 jobs. This growth highlights the positive impact of AI on the Mexican labor market.

Dominant Sectors

Within the AI sector in Mexico, the most prominent subsegments are Business Intelligence & Analytics (32%), Machine Learning (23%), and RPA & Robotics (13%). These segments reflect a focus on process optimization and automation, key areas for innovation and efficiency in businesses.

Geographical Distribution

Mexico City leads with 53% of AI companies, followed by Jalisco and Nuevo León. This geographical distribution positions Mexico as an emerging hub for AI innovation in Latin America, driven by exponential growth and increasing interest in advanced technological solutions.

Artificial intelligence is reshaping the landscape for Mexico and Latin America, offering significant opportunities for economic development and innovation. With the report provided by Santander Mexico and Endeavor Mexico, the aim is to shed light on current and future steps in the innovation journey and encourage other institutions to explore and harness the transformative potential of AI.