"LatAm Does it Best" – 2024 Atlantico Latin America Digital Transformation Report
In the report's 5th annual edition we explore how Latin America produced some of the world's best tech companies
On May 4th of this year, pop legend Madonna played to 1.6 million people on the beach of Copacabana in Rio de Janeiro, Brazil. The show was the biggest of Madonna's 40-year career. A few days before the epic show, Madonna posted a meme on Instagram with a picture of the Christ the Redeemer statue in Rio wearing a t-shirt with the words "Brazilians do it better."
In the theme of this year's Latin America Digital Transformation Report we borrow from Madonna and exclaim "LatAm does it best" to show that the region has the potential to be a global player not only in cultural matters but also when it comes to producing world-class technology companies.
Greatness is forged in trying conditions. Adversity breeds resilience.
LatAm is hard. Capital is costly, talent is thin, and bureaucracy is bountiful. Those able to command these scarce resources are disproportionately rewarded. Thriving in this arid terrain has empowered entrepreneurs to build some of the world’s very best companies. Historically, those who win here win bigger and win for longer. Now history is rhyming for tech companies, and the same pattern explains why in some cases LatAm does it best.
In this year's report we discuss why market dynamics trump market size, and how these dynamics have led to the rise of the "Triumphant Three" – a trio of Latin American technology companies that are the world's very best companies in what they do. They include Latin America's largest company, Mercado Libre at over $100B in market value, Nubank, which is the world's largest digital bank, and iFood which is perhaps the world's best delivery company.
We then dedicate the majority of this year's research exploring where the next triumphant three (or four, or five…) will come from, highlighting areas where we believe Latin America has a "right to win" given its global leadership.
These areas include the ubiquitous usage of WhatsApp, leading penetration and influence of independent digital creators, fintech, and the green energy transition. We also explore how "tectonic shifts" (last year's theme) like artificial intelligence and regulatory tailwinds can intersect with these areas in myriad ways and generate truly innovative and breakthrough businesses. "Everything, everywhere, all at once" captures the potential for innovation that is possible in LatAm today.
This year's research spans nearly 200 slides full of original analysis, primary research, and case studies that use data to tell the story of Latin America's achievements. If you like what you read, we hope you will forward this message to colleagues and friends and help us get the message out on social media.
Join us by checking out this year's Latin America Digital Transformation Report.