Main telecommunications providers Latin America and the Caribbean 2023, by revenue

In 2023, América Móvil, which controls brands like Claro, had the biggest annual revenue in Latin America and the Caribbean among the telecommunication providers presented. The group, headquartered in Mexico City and led by Carlos Slim, generated around 40.3 billion U.S. dollars in revenue that year. The Latin American operation of Madrid-based Telefónica ranked second with a revenue of nearly 20 billion dollars.

Will 5G take over?

To satisfy the demands of a data-hungry digital economy, the telecommunications sector in Latin America has looked to invest in fifth-generation (5G) wireless, currently the most advanced mobile broadband technology. While only 28 wireless networks were using 5G technology across 13 countries in Latin America and the Caribbean as of June 2023, 5G subscriptions are expected to grow exponentially. Forecasts suggest there will be nearly 400 million 5G subscriptions in Latin America by 2028, up from just 19 million in 2022.

The rampant inequality problem

It remains to be seen whether these developments will benefit all Latin American countries equally. As of January 2023, the share of individuals with access to some form of internet connection exceeded 90 percent in markets such as Chile and Uruguay, while it fell just short of 39 percent in Haiti. Likewise, internet affordability varies greatly across the region, with countries like Colombia, Costa Rica, and Peru receiving internet Affordability Drivers Index (ADI) scores above 80 in 2021, while other countries like Guatemala, Nicaragua, and Belize scored below 40.