Executives from Santander and Endeavor assured that Mexico will have no problem finding the funding and talent needed to bring the technology projects to life.
Within the framework of the presentation of the study „Megatrends: a guide to the technologies that will revolutionize in 2024”, after 2023, managers promised that 2024 will be a turning point for the development of new technological projects. Reduced high rounds for startups.
Reporting that artificial intelligence is a technology that Santander is most interested in, Matias Núñez Castro, Deputy General Director of Digital, Innovation and Channels at Santander México, commented: “Banco Santander's adaptation and integration with the fintech ecosystem through Innovation Open is key to the meeting. Dynamic demands of society. So, if we want to go far, we must go together with the skills and assets that allow us to accelerate change collaboratively, creating products and services that adapt to this new reality.
For his part, Vincent Speranza, Managing Director and LATAM Regional Advisor of Endeavor Mexico, said: “Science fiction ideas are now part of everyday life, which represents significant changes in Mexico and globally. „Innovation is redefining how we live, work and communicate, connecting the future with our present.”
The Megatrends study identified five technologies as the most viable for the country: artificial intelligence, gaming, metaverse, cleantech and biohacking.
The research was sampled through a series of interviews with leaders and experts in technology and innovation and social listening on various social networks. This is 2024.
Created by Endeavor in collaboration with Banco Santander Mexico, the study highlights that Latin America and the Caribbean (ECLAC), currently ranks fifth among the twelve countries that make up the Economic Commission for the Future Mexico's Latin American Artificial Intelligence Index. The technology looks brilliant.
Artificial Intelligence (AI)
As for the AI panorama, the Megatrends report indicates that it will be the preferred technology in 2024, not only because of the growth it has seen so far, but will continue to grow exponentially over the next 12 years. months.
Of the 332 active AI companies in Mexico, each creating an average of 30 jobs, 55% were founded in the last five years, making it the most integrated sector of the six industries analyzed in this study.
In 2019, the sector created 3,980 jobs and by 2022 it is expected to reach 6,756. By 2025, a growth of 55% is expected, and more than 13 thousand professionals are employed.
In terms of capital rounds around the sector, they each received around $20 million in funding and have generated more than a billion dollars in capital since 2016. 39% of this capital was raised through machine learning solutions (ML). AI startups in Mexico specializing in business intelligence & analytics; Machine learning and robotics.
Endeavor estimates that the ecosystem will grow at a rate of 5% annually through 2025, making Mexico well-positioned to attract investment and talent in these ever-expanding technology areas. In 2024 it is important to focus on solutions like generative and adaptive AI.
With a market that includes more than 70 million players in the country, Mexican companies are diversifying their approaches beyond traditional entertainment, demonstrating a growing impact in areas such as education through the use of gaming technology. 9% of solutions focus on educational content simulators, showing the versatility and ability of these startups to address both fun and education through gaming technology.
A total of 67 companies have been identified in this sector, but it is still a growing industry with 51% of companies founded in the last five years and $3 million in funding.
The country currently has 26 startups focused on renewable energy and sustainable building materials, but despite their relatively small size, annual growth of 30% is expected by 2025. Rounds are reserved for renewable energy projects. 64% of the ecosystem focuses on providing solutions around renewable energies and sustainable building materials.
Although it is an industry in its early stages of development, it already has a growing ecosystem of 19 companies that have created more than 170 jobs. These companies focus on providing Virtual Reality (VR) and Augmented Reality (AR) services in sectors ranging from healthcare and retail, to tourism and financial services. Also, consumer interest shows positive numbers, with nearly 60% interested in moving at least one daily activity to Metaverse.
It is a concept that unites the open banking, open finance and open data industries, aiming to achieve integration and collaboration of user data and information to provide more and better services. Although the number of specialized institutions is 14, they have demonstrated a strong presence in the market with more than $76 million in capital raised, mainly driven by the open banking sub-industry. This industry represents a new way of doing various tasks in the financial sector; Growing at an estimated CAGR of 26.8% during the forecast period.
In total, 114 ventures dedicated to this industry were identified in Mexico with a capital of 29 million dollars. With 52% of solutions focused on research and development, personal genetics and synthetic biology, the ecosystem is still nascent compared to the global scenario, but an annual growth potential of 8% is seen by 2025. 5,000 jobs.
These findings provide the potential to explore new perspectives on addressing issues related to health and well-being, which becomes especially relevant in a country where 39% of the population does not have access to adequate health services, according to the National Council for Social Assessment. Development Policy (CONEVAL).