Main AI-related challenges for businesses in Latin America 2023

According to a 2023 survey, the main challenge related to artificial intelligence (AI) for businesses in Latin America was the lack of specialized AI talent, as highlighted by 20.6 percent of respondents. Implementation and maintenance costs followed, mentioned by nearly 12 percent of respondents.

The implementation of AI in Latin American is well on its way

The world is experiencing a boom in the AI revolution, and Latin America is no exception. While funding for startups focusing on AI in the region only amounted to three million U.S. dollars in the fourth quarter of 2023, far behind the nearly four billion U.S. dollars raised in the United States, South America ranked third in terms of weekly adoption of AI tools, with a rate of almost 75 percent. That year, Colombia was the Latin American country presenting the most potential related to AI according to business leaders active on the continent, followed by Mexico and Chile.

Concerning gaps in AI skills

In 2023, one of the fundamental challenges limiting the increased integration of AI in business is the shortage of skilled workers within the field, with nearly 40 percent of businesses reporting issues finding and hiring enough skilled workers such as data engineers, data scientists, and data architects. This difficulty in hiring educated and capable employees is expected to persist, with 80 percent of IT professionals reporting that demand for AI and machine learning skills will increase as the use of AI proliferates further.