The Year in Tech: Growth Driven by AI, Could, Cybersecurity

Mexico’s technology sector had a mixed 2024. AI has consolidated its position as the emerging technology of choice, and sectors like telecommunications, data centers, cloud services, and cybersecurity grew. While the sector is expected to continue growing, it is vulnerable to challenges related to the economic slowdown and lack of specialized talent.

In 2024, the technology industry in Mexico registered a cumulative growth of 4.9% year over year, outpacing the growth of the national GDP, but the sector also saw signs of slowdown compared to previous years, reports the consultancy firm Select. Factors such as persistent inflation, economic uncertainty, and geopolitical tensions have limited technological investment, especially affecting infrastructure and the adoption of advanced technologies.

The telecommunications and related cloud services segments stood out within the Information and Communications Technology (ICT) market, reaching an accumulated turnover of MX$270.7 million (US$13.3 million), reports Select according to El Economista. The firm projects a 7.4% growth for the ICT market in 2025, with a 12.6% increase in cloud services. 

However, the sector faces significant challenges, including funding constraints, energy supply chain issues, and political uncertainty. The transition to emerging technologies, such as Gen AI and quantum computing, requires significant investments in infrastructure and specialized talent, conditioning growth potential. This scenario highlights the need for collaborative strategies between public and private actors to overcome structural challenges and maximize technological opportunities in the Mexican market.

Cybersecurity in Mexico Evolves in 2024

In 2024, cybersecurity was essential to protect digital assets in an increasingly connected environment. With an estimated value of US$115.39 million in 2023 and projected growth at a compound annual growth rate of 8.5% through 2032, the sector faces both significant opportunities and structural challenges, says EMR.

The growth of cloud-based solutions and the expansion of data centers in Mexico have increased exposure to cyberthreats, requiring robust infrastructures and proactive strategies to minimize risks. According to Kaspersky, in the third quarter of 2024, Mexican companies faced 42.4 million cyberattacks, marking a 30% increase over the previous period.

As MBN previously reported, human error continues to be the main trigger, contributing to 43% of reported incidents. Sectors such as government, manufacturing, retail, healthcare, and education are the most targeted due to the sensitivity of their data, making them priority targets for cybercriminals. 

Phishing remains one of the main threats, with 81.8 million attempts blocked, an average of 224,000 per day, reports Karspersky. Simultaneously, 158,000 ransomware attacks were registered in the last year, equivalent to 433 incidents per day. Banking Trojans, designed to steal online banking credentials and facilitate financial fraud, are also proliferating, with over 85,000 attempts reported during the year.

Nearly half of Mexican companies experienced at least one cybersecurity incident in recent years, and 63% of these cases were classified as serious, reports Karspersky. Consequences include financial losses, reputational damage, and operational disruptions.

Companies such as Cisco Systems, IBM, Palo Alto Networks, and Fortinet dominate the cybersecurity market thanks to differentiating strategies and specialized solutions, including tools to optimize competitive strategies in the face of the entry of new players and substitutes, this according to EMR.

In 2025, cloud security and critical infrastructure protection will emerge as key investment priorities, driven by growing demand for scalable solutions, says EMR. Collaboration between the public and private sector, along with a strengthened regulatory framework, will be critical to consolidating the country's cyber resilience. However, challenges such as the shortage of specialized talent and the constant evolution of digital threats could limit the sector's growth.

AI: 2024 Balance Sheet and 2025 Outlook

While AI is gradually penetrating numerous industries, it is taking a major role in areas such as finance, healthcare, sustainability, and e-commerce. In addition, the implementation of regulatory frameworks such as the one approved by the European Union in 2024, which sets standards for the oversight, transparency, and robustness of AI systems, will mark a key milestone in the responsible adoption of these technologies throughout 2025

Microsoft predicts that AI will become an integral tool in the work environment and everyday life. According to the company, more advanced and specialized models are expected to emerge in 2025, driven by the use of synthetic data and post-training processes, enabling smaller-scale models to match the performance of their larger counterparts in specialized tasks. These advances will also enable AI models to handle complex workflows and optimize processes, such as comparing contract data or automating repetitive tasks.

Microsoft also predicts that autonomous AI agents, which it says are already used by 70% of Fortune 500 companies, will play a key role in automating repetitive processes. In 2025, these agents are expected to become more capable, incorporating multimodal skills that will enable them to perform more complex tasks. 

In Mexico, AI has steadily been adopted by the manufacturing, logistics, and e-commerce sectors, according to UNESCO's Technology Readiness and Governance report (2024). The country ranks 46th in technological readiness, with centers such as the Artificial Intelligence Innovation Center in Monterrey leading development. However, the deficit of specialized talent remains a significant challenge, while being an opportunity for companies to continue investing in its development by 2025, adds UNESCO.

AI adoption also presents ethical and governance challenges. Mexico lacks specific regulatory frameworks for data privacy and automation, so it will be crucial to strengthen public policies to ensure ethical and responsible implementation of AI.

Cloud and Data Centers: Pillars of Technological Progress 

Migration to the cloud has become a priority for Mexican companies. According to SNP Group data, half of organizations plan to run a significant proportion of their productive applications in the cloud by 2025, reflecting a shift toward more flexible and resilient infrastructures. The adoption of hybrid models, which combine the best of public and private clouds, has been key for sectors such as finance, manufacturing, and telecommunications.

About 45% of Mexican companies intensively used the cloud in 2024, a figure that could reach 58% by 2026, according to consulting firm Select, reports IT Seller. This growth has been driven by technologies such as AI, which allows processes to be optimized and services to be improved. The compound annual growth rate (CAGR) for cloud adoption in the region is 31.9%, according to IDC.

As migration to advanced platforms intensifies, organizations face challenges in cybersecurity, scalability, and regulatory compliance, especially in sectors such as fintech and healthcare, where data protection is crucial.

Mexico is also establishing itself as a key technology hub for data centers. Companies such as Microsoft, Google, and AWS expanded their infrastructure in the country during 2024, strengthening regional competitiveness. According to the Mexican Association of Data Centers (MEXDC), these facilities not only support business digitalization, but are also fundamental for the development of smart cities and efficient digital government. However, data centers face challenges associated with the energy transition and the shortage of specialized talent. 

Despite the challenges, Mexico is positioning itself as an attractive destination for technology development thanks to government support and foreign investment, as reported by MBN. While the country is positioned as a regional leader in the adoption of advanced technological solutions, the need for strategic investments, collaboration between sectors, and training of specialized talent will be essential to sustain its long-term growth.