In this piece, we will take a look at the 5 most technologically advanced countries in Latin America. For more countries, head on over to the 12 most technologically advanced countries in Latin America.
5. Argentina
Insider Monkey Tech Advancement Score: 43.6
Despite the amazing potential for Argentina’s tech industry, economic woes have resulted in it not being ranked as high as it potentially should be among the most technologically advanced countries in Latin America. However, the country has realized the potential of growth and development in the the tech sector, and the government has increased investment in this area in a bid to accelerate growth. Additionally, the country’s highly educated population allows for a large pool of talented candidates for tech companies.
4. Colombia
Insider Monkey Tech Advancement Score: 44.2
Colombia’s tech industry is majorly influencing the business environment in the country, and the impact is being seen in many industries, with audiovisual projects generating close to 50,000 jobs in 2019, a double digit increase as compared to 2015. Data processing is another industry which has seen significant growth, as over 20 data processing centers have been established while also committing to energy transition. Even the shared services center industry has been positively impacted, and is one of the leading countries in Latin America for shared service centers.
3. Mexico
Insider Monkey Tech Advancement Score: 53.3
While the U.S. has seen tens of thousands of layoffs, tech hiring in Mexico has been booming, as companies move to cheaper labor while still being close the U.S. Merida is also becoming a leading tech hub in the country, cementing the country’s position among the most technologically advanced countries in Latin America. However, the United Nations has urged for greater equality in Mexico in terms of digital access, especially for girls and women, as this gap could result in the country not being able to fully realize its potential.
2. Chile
Insider Monkey Tech Advancement Score: 56.1
The IT sector is one of Chile’s fastest growing and among the most important industries in the nation, with the total market worth nearly $9 billion in 2021, which itself was a huge growth of 35% as compared to 2020. In 2021, the IT industry accounted for nearly 3% of the country’s total GDP. Chile has one of the highest mobile connections in the entire region at 137% and launched 5G in 2021, with more than $3.5 billion being invested for this launch, which is expected to heavily improve business in the country. Currently, there are more than 8,000 IT companies in Chile though many are very small in size and focused on B2B and software development.
1. Brazil
Insider Monkey Tech Advancement Score: 59.3
Blowing away the competition to take first spot among the 7 most technologically advanced countries in Latin America is Brazil. According to the International Trade Administration, Brazil’s IT industry was expected to grow more than 8% in 2022, and is said to rank 10th in the world in the IT market, while accounting for around 40% of the total Latin American IT market. According to a study by Omdia and Nokia, 5G deployment in Brazil could lead to an economic improvement of over $1.2 trillion while productivity could increase to $3 trillion by 2035, signifying how lucrative the tech industry in the country could be in the next decade. Brazil has already been heavily involved in the artificial intelligence sector.
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