Brazil could be on its way to become the biggest innovation hub in Latin America, according to the Oxford Insights’ AI Readiness Index 2019. The report ranked Brazil in the 40 position out of 192 as to how ready it was to take benefit from AI technologies, reported Bruno Henriques, VP of Growth and AI at iFood for the media outlet Venture Beat.
With a tech-savvy population, Brazil was highlighted by the recent banking revolution that opened room for neobanks, such as the decacorn Nubank, and is rebuilding the systems in the country by reducing bureaucracy, taxes, and increasing the offer of online services. But it isn’t the only sector to take advantage of AI technologies, e-commerce, on-demand delivery, logistics, and digital media are some of the other sectors that are also using new algorithms to improve its services in the country, according to Henriques.
And the future seems to look even brighter, according to 2019 AI Index report created by the Stanford University, is the last four years, Brazil has become one of the 5 fast-growing countries in AI hirings. It gets even better considering the forecasts made by Accenture that have pointed out AI as responsible for increasing the annual GDP rates by 1% in South America until 2035.
Regarding this forecast, Brazil would be able to add $432 billion on its GDP by investing in AI, meaning an increase by 0.9 percentual point in the final number, followed by three other Latin American countries that are also highlighted as promises in the AI sector, Colombia with potential to add $78 billion, $63 billion in Chile, and $59 billion in Argentina.