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MEXICO: GLOBAL HUB FOR INNOVATION & TECHNOLOGY

Newsweek US

September 30, 2022

Mexico is experiencing a strong post-pandemic rebound bouncing back after a sharp contraction in 2020; the economy grew by 4.8% in 2021.

MEXICO: GLOBAL HUB FOR INNOVATION & TECHNOLOGY

The country's healthy and growing innovation landscape is seen as a major driver of this recovery and its increasing participation on the global stage.

Mexico's private sector has taken a leading role in growing the innovation culture in Mexico. Over the past decade, the country has taken key steps to foster innovation and entrepreneurship. However, it was the pandemic that acted as the catalyst for the digital transformation in the country.

Due to opportunities created by the restructuring of supply chains, changes in consumer habits, and the need to digitize financial transactions, Mexico has emerged as one of the most attractive markets to invest in.

THE COVID-19 PANDEMIC

Although the pandemic slowed Mexico's economic growth, it also sparked its digital and technological transformation. The impact on the country's socio-economic activities has accelerated the speed at which technology has been adopted across industries, as it is no longer seen as an advantage but a necessity. A recurring theme has been the installation of state-of-the-art facilities, world-class processes, and machinery. Despite the global decline in sales of industrial robots during the last two years, in 2021, Mexico registered a 6% increase in installations. An increase from nearly 5,500 in 2015 to over 9,000 industrial robotic sales in 2021.

The lockdowns reinforced the importance of digital growth and internet access. Although a large percentage of Mexicans continue to work in person, the pandemic accelerated shifts towards virtual work and learning. This has generated new demand in the digital service sector that tech companies are addressing. Other trends have seen increased willingness among consumers to invest through digital platforms and accelerated mobile/contactless payment. This cultural shift has opened the market to fintech companies wishing to capitalize on demand.