Top 5 Trends in Caribbean Tech to Watch in 2023

Yes, we’re already in month number two of 2023, we blinked and here we are. That said, we are excited about the fact that Caribbean Tech is still brewing some good things and we wanted to just share with you the top 5 Caribbean Tech Trends To Watch this Year.

1. Digital Transformation – Many Caribbean businesses are adopting digital technologies to streamline operations and improve efficiency. Those two words have been a buzzword even more so after the pandemic shows up company inefficiencies and a change in consumer behaviour towards all things digital.
2. FinTech – There is a growing interest in financial technology solutions in the Caribbean, as more people look for ways to manage their money online. This is understandable, especially when an IDB 2022 study revealed that Fintech Industry doubled in Size in Three Years in Latin America and the Caribbean.
3. E-commerce – The Caribbean is seeing an increase in online shopping and the growth of e-commerce platforms that cater to the region. It has been projected by Statista that Caribbean eCommerce revenue will reach over US$5.07bn in 2023. And according to First Atlantic Commerce the digital payments company that tracks over 70% of Caribbean e-commerce traffic, the top 5 Caribbean eCommerce Nations are Jamaica, Trinidad, Bahamas, Cayman, and Barbados. And yes in that order.
4. 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 have not heard of ChapGPT and now Bard from Google, you need to sit yo self down and get very acquainted with this new technology, it’s changing many things across many industries and you need to keep up.
5. Renewable Energy – Caribbean nations 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 kinda self-explanatory, our largely sunshine nations, which sit at times along windy Belts, need to leverage our unfair advantages in this area.

In short, expect more innovation, startups, and investments pouring into these Caribbean Tech Trends.

Also if you to keep up on the rising Caribbean fintech news, trends & updates, subscribe to our new free weekly newsletter – The Future of Caribbean Money Insider ( The Fi).

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