The adoption of artificial intelligence is growing fast in Latin America, with businesses of all sizes deploying the technology to tackle critical issues despite the challenges faced by the regional ecosystem, according to a new report.
According to the study by MIT Technology Review produced in partnership with Genesys on trends in AI adoption and the current state and the future of data sharing in Latin America, "there are many opportunities for the region, if it moves quickly."
Latin firms are using AI to tackle critical regional issues, including food security, smart cities, natural resources, and unemployment, according to the study, with the level of sophistication of AI projects at almost the same level as other regions. About 80% of large businesses in the region reported having projects underway, with early benefits including increased operational efficiency and management decision-making. This compares with 87% in North America and 95% in Asia-Pacific.
The researchers predict that by 2022, AI projects are expected to accelerate, with almost two-thirds of respondents in Latin countries saying they expect 21%-40% of their processes to use AI three years from now, with the areas of fastest growth being logistics and supply chain management, as well as sales and marketing.
The report noted that all industry sectors in Latin America have been ramping up adoption of AI, mostly for customer service, cited by 55% of respondents. Banks and airlines in the region have been at the forefront, taking advantage of chatbots and virtual assistants to improve response times and lighten administrative loads. The report also noted the emergence of a number of AI customer service-focused startups in the region.
When it comes to applications of AI in other parts of the business beyond customer service, the study noted the use of the data-driven technologies is