Domestic Robot Market Grows in Latin America: The Week in Tech

Mexico's e-commerce industry experienced an extraordinary boom in 2022, achieving a record-breaking milestone of US$35.5 billion in authorized sales. Meanwhile, Mordor Intelligence states that the home robotics market, valued at US$7.99 billion, is expected to reach US$18.9 billion dollars by 2026. Finally, Lenovo unveiled a three-year US$1 billion investment plan aimed at accelerating the implementation of AI-powered tools across multiple industries.

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Technology in Latin America and Mexico

Domestic Robot Market Grows Slowly in Latin America

The home robotics market, valued at US$7.99 billion, is expected to be valued at US$18.9 billion by 2026, according to Mordor Intelligence. Unfortunately, high maintenance and acquisition costs remain as the primary factors obstructing the growth of the domestic robot market, hindering Mexico’s full potential. However, Chilean company, Osoji Robotics, focuses on developing domestic robots that offer superior value at a more accessible price point, efficiently avoiding unnecessary luxuries that inflate production costs and consumer prices.

Mexico’s E-commerce Boom Fuels Fintech

Mexico's e-commerce industry experienced an extraordinary boom in 2022, achieving a record-breaking milestone of US$35.5 billion in authorized sales. This remarkable 23% surge propelled Mexico to become the second-largest online market in Latin America. The sector's significant contribution of about 6% to Mexico's Gross Domestic Product (GDP) highlights its growing importance in the country's economy. “Aside from serving as a regionally strategic gateway to the entire latín American market, the country has one of the fastest-growing e-commerce sectors in the world," says Christian Leon Trueba, Director of LATAM, Signifyd.

International News

Lenovo to Invest US$1 Billion in AI 

To bolster efficient AI adoption, Lenovo has unveiled an ambitious three-year US$1-billion investment plan, aimed at accelerating the implementation of AI-powered tools across these industries. The announcement follows Lenovo’s record-breaking annual revenue of over US$2 billion in AI infrastructure, achieved a month ago.

Meta Prepares to Release AI-Powered Chatbot 

Meta is preparing to launch a series of AI-powered chatbots integrated within its social media platform by September 2023. According to CEO Mark Zuckerberg, these AI bots will “improve everything that we do across both mobile apps and the metaverse." However, multiple users have expressed concerns regarding the digital privacy of their media information, as the new chatbots seem to allow the collection of specific users’ data.

Executive Perspectives 

The World That Is Coming

From the emergence of cable television and CDs to the rapid adoption of the internet and mobile phones, the world has witnessed significant changes and innovations. Predictions of the near future envision mobility and energy transforming through technology, digital IDs becoming prevalent, education evolving with a digital approach and digital currencies playing a central role in the economy. However, "all digital technology depends on two things: electricity and the goodwill of people," warns Oscar Luis de la Garza, CEO, Medpacom.