In the next 2 years, Mexico will be the leading country in Latin America in growth to the investment in Internet of things, with an annual compound rate of 28.3 percent.
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The pressure that has been created by the rapid evolution of things and the change introduced by the Fourth Industrial Revolution (4IR) can unleash the creation or findings of great treasures.
In this context, the time has come for Mexico to develop a new type of growth and thereby take advantage of the opportunities offered by this new revolution and one of them is the opportunity for one of the 20 most important economies in the world to enter its next growth phase and show your leadership in the evolution of the world.
In the next 2 years, Mexico will be the leading country in Latin America in growth to the investment in Internet of things, with an annual compound rate of 28.3%. In 2018, the country joined some of the most technologically advanced and ambitious nations in the world, such as the United Kingdom, Singapore, China and France, by launching a national artificial intelligence (AI) strategy, and the first in Latin America, to provide recommendations to take advantage of this technology and boost economic growth and social welfare.
Mexico's greatest asset is its people and its impetus to address social problems in an innovative way. The country can be a pioneer in technical innovations not only for having the largest Fintech ecosystem in Latin America, but also thanks to its demographic growth, infrastructure development, middle class growth, women's contribution to the economy, and a entrepreneur culture that continues to expand.
Cities like Mexico City, Guadalajara and Monterrey are building multiple startup hubs that are incubating contributions to emerging technologies such as electric cars, smart green homes and smart medical devices. Since 2010, the number of new Mexican technology companies has tripled. The public and private sectors are already beginning to adapt to technological changes, such as piloting blockchain to track public contract offers and implement smart city technologies for mobility and air quality.
Mexico's investment in fintech and emerging technologies could reap benefits in the coming years if progress continues. Smart city technologies have the potential to improve citizen safety, reduce pollution levels, reduce congestion and transform the experience of our cities. To move towards this future, a large amount of data is required, the oxygen of this Fourth Industrial Revolution.
From its use for applications of Artificial Intelligence and gene sequencing, to robotics and improvement of agricultural yields, the data increases in value the more they are shared. But this opportunity still requires efforts to accelerate new industries and combat challenges such as privacy protection, access and data management in an inclusive and secure manner. If Mexico acts quickly, it could be at the forefront of this data exchange industry.
The disruptive changes of the Fourth Industrial Revolution are reshaping public and private systems and run the risk of leaving many players behind if they fail to keep up. Leadership in the Fourth Industrial Revolution requires actors to apply an unusual combination of skills to mobilize large-scale actions. Collaboration between companies and government leaders is needed to jointly identify the best strategies to accelerate the adoption of technologies such as autonomous mobility and the exchange of data in a safe, ecological and inclusive way.
Mexico has already begun this process by increasing investment in research and technological development, reforms and dynamic policies that promote a culture of innovation and have resulted in increased investment in this sector. However, the road to sustainable and responsible innovation is long.