A few days ago, we were talking about Buk, the Chilean tech company that raised capital in the market and is halfway to becoming a unicorn. 

Well, HRtech—or human resources technology companies—are booming in Latin America. According to a study by the management strategy and market research firm International Market Analysis Research and Consulting Group (IMARC), the market for HR technology services in the region exceeded US$1 billion in 2022 and will grow at a compound annual growth rate of more than 8% through 2028, when it will reach a value of about US$1.7 billion.

What are the drivers of this growth? Mainly the growing challenges of managing the workforce and the need to automate processes.

Another factor is the extensive integration of artificial intelligence, machine learning, and analytical algorithms, which enables process optimization and reduces systemic risks, as well as the use of robotic process automation and chatbots to respond to employee requests.

https://www.imarcgroup.com/latin-america-human-resource-technology-market