A few days ago, we talked about Buk, the Chilean technology company that raised capital on 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 company 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 rate of more than 8% until 2028, when it will reach a value of around US$1.7 billion.

What are the drivers of this growth? Mainly the increasing difficulties in 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 automation processes and chatbots to respond to employee requests.

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