The world is experiencing a new technological revolution and all of us are privileged witnesses to the boom in cutting-edge technologies such as blockchain, the cloud and artificial intelligence. As for dimensioning it, the International Market Analysis Consulting and Research Group (IMARC Group), reported that the size of the artificial intelligence market in Latin America reached US$2.9 billion in 2022 and they estimate that the market will reach US$13.3 billion in 2028, exhibiting a growth rate of 27.4% during that period.
In this context, incredible opportunities and innovations arise to improve the productivity of organizations, the well-being of workers and the user experience. Artificial intelligence will help people quickly extract insights from data, boost creativity, and empower human-centric interfaces to solve problems.
Latin America all-in
In this revolution, Latin America is also a protagonist. According to the Inter-American Development Bank (IDB), the region can expect growth of up to 5% of its GDP by 2030 as a result of the implementation of AI. Similarly, Accenture predicts that by 2030 AI will add one percentage point to the GDP of the main economies of Latin America (Argentina, Brazil, Chile, Colombia, and Peru).
This growth will be the consequence that, with the use of artificial intelligence, organizations will be able to automate processes, optimize costs and performance, and improve decision-making by improving the experience of their customers. However, this landscape also creates several new challenges in terms of security, sovereignty, and data management. Organizations’ response to these challenges will be critical to their success. Some clear examples of this momentum for innovation are Oracle’s recent partnerships with leading companies like Cohere and NVIDIA to deliver the power of AI to companies of all industries and sizes, while protecting their security and boosting their productivity.
The so-called Large Language Models (LLMs) required for generative AI need an incredible amount of computing power. For this reason, Oracle together with NVIDIA designed the world’s fastest supercomputer on its cloud (Oracle Cloud Infrastructure – OCI) that is ideal for training generative AI, including conversational applications and diffusion models.
On the other hand, data today is the most asset of a company. Therefore, it is critical for organizations to secure and safeguard their information on their journey to the cloud, and the ability to deploy their own private generative AI models ensures that privacy.
It is not new that AI is changing the way we interact with the world, but the possibilities for harnessing it are still endless. We, at Oracle, are committed to helping our customers take advantage of even more of these opportunities, and I cannot wait to see what we achieve together.
