Latin America Machine Learning Market Size & Outlook
Latin America machine learning market, 2018-2030 (US$M)
Related Markets
Latin America machine learning market highlights
- The Latin America machine learning market generated a revenue of USD 5,630.8 million in 2023.
- The market is expected to grow at a CAGR of 38.9% from 2024 to 2030.
- In terms of segment, services was the largest revenue generating component in 2023.
- Services is the most lucrative component segment registering the fastest growth during the forecast period.
- Country-wise, Brazil is expected to register the highest CAGR from 2024 to 2030.
Latin America data book summary
| Market revenue in 2023 | USD 5,630.8 million |
| Market revenue in 2030 | USD 56,170.3 million |
| Growth rate | 38.9% (CAGR from 2023 to 2030) |
| Largest segment | Services |
| Fastest growing segment | Services |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Solution, Services |
| Key market players worldwide | Amazon.com Inc, Baidu Inc ADR, Alphabet Inc Class A, Hewlett Packard Enterprise Co, Intel Corp, International Business Machines Corp, Microsoft Corp, SAS, SAP SE |
Other key industry trends
- In terms of revenue, Latin America region accounted for 10.8% of the global machine learning market in 2023.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 191,866.5 million by 2030.
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Machine Learning Market Scope
Machine Learning Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
Latin America machine learning market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to machine learning market will help companies and investors design strategic landscapes.
Services was the largest segment with a revenue share of 52.7% in 2023. Horizon Databook has segmented the Latin America machine learning market based on solution, services covering the revenue growth of each sub-segment from 2018 to 2030.
The expansion of the machine learning market in Latin America is fueled by initiatives taken by private organizations and the increasing number of startups founded in the region. For example, The Not Company in Chile uses ML algorithms to develop plant-based versions of typically animal-based food products by examining the molecular makeup of animal proteins and correlating them with human senses of smell and taste.
A significant cyberattack involving site defacement was launched in Panama by hackers, accounting for 27% of all cyberattacks in the nation. The CSIRT-Panama, the nation's national incident response team that uses ML algorithms, successfully stopped attacks.
The increasing frequency of cyberattacks across several Latin American nations presents enormous prospects for implementing AI & ML, consequently fostering the expansion of the machine learning market in this region.
Dell Technologies, Inc. is a company in the information technology (IT) sector that provides a wide range of goods, including PCs, tablets, networking solutions, storage, servers, software, and security, as well as mobility and mobility-related products. It sells its goods under Dell, SecureWorks, RSA, Pivotal, VMWare, and Virtustream. Customers who use Dell EMC Solutions from the corporation can quickly deploy and take advantage of machine and deep learning capabilities. Latin America, Asia, Europe, North America, the Middle East, and other regions are all served by Dell Technologies.
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Horizon Databook provides a detailed overview of continent-level data and insights on the Latin America machine learning market , including forecasts for subscribers. This continent databook contains high-level insights into Latin America machine learning market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Latin America machine learning market size, by country, 2018-2030 (US$M)
Latin America Machine Learning Market Outlook Share, 2023 & 2030 (US$M)
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