This month, C Minds had the opportunity to speak at the MITA conference in Jalisco, sharing with the region’s investors and Venture Capitalists how Mexico can harness the AI revolution.
Jalisco is Mexico’s Silicon Valley, becoming a hub for startups and big tech players such as IBM and Hewlett Packard, making it an ideal location to discuss the power of data and AI’s forthcoming impact within the country. Our discussion not only touched on defining the data revolution, but also delved into steps and policies that the Mexican government could implement and academia’s role in pushing forward innovation.
As many in attendance were from the private sector, we presented some findings about the benefits of AI for industry that included, but were not limited to:
Financial growth within AI business: In 2017, the average Latin American AI company sold USD $1.1 billion of products and services. That number is expected to rise to USD $1.64 billion by the end of 2018. This rise in sales will double the rates of economic growth within the region for the year 2035.
Data revolution propelling competition: According to McKinsey, big data will help companies outperform their competitors. In their report, McKinsey writers state "We estimate that a retailer embracing big data has the potential to increase its operating margin by more than 60%.”
A strong market for Robot Process Automation: Big tech companies, such as IBM, are teaming up with robotic automation startups. Almost 60% of companies with a revenue of more than USD $1 billion have launched pilot programs that utilize this technology. These collaborations are proving to be fruitful, leading to a market for robot software that will triple in revenue by 2021. Two of the leading Robot Process Automation startups, UiPath and Automation Anywhere, are already projected to be worth more than $1 billion.
Mexico is poised to position itself as a leader in the AI revolution. C Minds has set the groundwork for framing a national AI policy, offering use cases and recommendations for relevant stakeholders in its report, Towards an AI Strategy in Mexico: Harnessing the AI Revolution. We will continue to be at the forefront of this conversation while encouraging the implementation and use of ethical AI policies for a more inclusive Fourth Industrial Revolution in Mexico.