Yes, we are already in the second month of 2023, we closed our eyes and here we are. That said, we’re excited that Caribbean Tech is still creating some cool stuff, and we wanted to share with you the top 5 Caribbean tech trends to watch this year.
- Digital Transformation – Many Caribbean businesses are adopting digital technologies to streamline operations and improve efficiency. These two words have been a key word even more so as the pandemic shows company inefficiencies and a change in consumer behavior towards all things digital.
- FinTech – There is a growing interest in fintech solutions in the Caribbean as more people look for ways to manage their money online. This is understandable, especially when an IDB 2022 study found that the Fintech Industry doubled in size in three years in Latin America and the Caribbean.
- Ecommerce – The Caribbean is seeing an increase in online shopping and the growth of e-commerce platforms that cater to the region. It is predicted by Statista that Caribbean e-commerce revenue will reach over $5.07 billion in 2023. And according to First Atlantic Commerce, the digital payments company that tracks over 70% of e-commerce traffic in the Caribbean, the top 5 countries The Caribbean’s best e-commerce destinations are Jamaica. Trinidad, Bahamas, Cayman and Barbados. And in that order.
- Artificial Intelligence and Machine Learning – AI and ML are being used in a variety of industries, from healthcare to financial services, to help automate processes and improve decision-making. Well, if you haven’t heard of ChapGPT and now Bard from Google, you need to sit down and get very familiar with this new technology, it’s changing a lot of things in a lot of industries and you need to keep up.
- Renewable Energy – Caribbean countries are increasingly investing in renewable energy sources such as solar and wind power as a way to reduce their dependence on fossil fuels and support sustainable development. This is somewhat self-explanatory, our mostly sunny nations, which sometimes sit along windy belts, must take advantage of our unfair advantage in this area.
In short, expect more innovations, startups and investments to pour into these Caribbean Tech Trends.
Also, if you want to keep up with growing Caribbean tech news, trends and updates, subscribe to our new free weekly newsletter – The Future of Caribbean Money Insider (The Fi).
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