There are 1 Companies in Venezuela
that provide Machine Learning Services!

Venezuela is probably not the best example of a well-developed IT hub with lots of web agencies and IT firms, but it was not always like that. Since 2019 the country started to confront the political crisis which automatically transformed into an economic, social, and migration crisis. The political transformations were not accepted by local society nor by the western international community, the oil price went low down to historical records, and the local currency - Venezuelan Bolivar, also depreciated drastically compared to the USD. 

And if 2019 wasn’t enough, in 2020 the pandemic hit the country and caused heavy casualties to the country that struggles to rebuild its economy and society. 

Why you should work with IT companies from Venezuela

But before all this happened, Venezuela was one of the most competitive countries in IT in the region, leading even several positions on the regional market. Skilled professionals made the country a great BPO destination for foreign companies and Data Mining was at its highest in Latin America. 

Right now, Venezuelan IT companies are struggling to attract new customers from the region, and support the national economy by providing a decent level of living standards to its workers. Even compared to other countries, the average hourly rate of a web project is lower: ~5,26 USD. And the yearly average wage inside the industry is $11,113 according to PayScale data.

At the same time, the quality and performance of web agencies from Venezuela remains average, and this is just one more reason why to choose Venezuelan-based agencies for outsourcing, or even for a business of your own.

What to pay attention to when working with Venezuelan agencies

The political transformation and institutional changes in Venezuela, made the country unstable and presents certain risks for potential investors and clients, but as well to IT companies that still selected the country as their operational center. High taxes, nationalization of private property, international restrictions, and low economic growth are only a few of the challenges the IT sector in Venezuela faces. All these lead to poverty conditions and make companies rethink their strategy or even to move out of the country. 

However, Venezuelan IT companies are unattractive just because the country is changing not in the best way. And also the skilled workers’ shortage, that got even worse - more than 1.3 million people fled the country in 2019-2020. 

How reliable are Venezuelan IT companies

Regarding the trust level of Venezuelan IT companies - it’s lower than ever, but still, they manage to survive mainly due to the few remaining BPO centers in the country. Other companies based in the neighborhood are a way better alternative due to economic stability and well-developed IT industry. 

All in all,  right now Venezuela faces an unprecedented crisis, but it still has the chance to emerge as one of the region’s leaders in information technology.  Like we’ve seen in other cases, the IT market is unpredictable and can power up an entire country’s economy and transforming it into a digital leader out of nowhere. But it all depends on the moves the government will take further. 

Machine Learning is a branch of artificial intelligence, that uses data and algorithms in order to imitate human intelligence. It's like teaching computers to learn from examples and once the computer learns, it can help with all sorts of tasks, like:

• Classifying data into different categories: spam or ham/  healthy or unhealthy etc.

• Predicting outcomes,  predicting future events, such as product demand, or financial risk.

• Recommending products or services to customers based on their past behavior or preferences.

• Optimizing processes, such as supply chain management or customer service.

Machine learning is part of many AI applications such as recommendation systems, spam filtering, image recognition, natural language processing, and fraud detection.

According to a recent report by Gartner, the global market for machine learning is expected to reach $119.5 billion by 2024. This growth is being driven by the increasing adoption of machine learning in a wide range of industries, including healthcare, finance, retail, and manufacturing.

Who provides machine learning services?

As we see, machine learning is a complex field and we know that a variety of professionals are involved. Here are a few of them:

• Machine learning engineers who develop and deploy machine learning algorithms.

• Data scientists who collect, clean, and analyze data for machine learning applications.

• AI consultants that help businesses adopt machine learning technologies.

We invite you to discover which are the best ML companies in 2023 on our blog and find the best ML service providers on Techbehemoths using the filter or submitting your project and we will help to choose your perfect match. There are more than 530 companies that provide machine learning solutions.

Also, we invite you to read how AI and Machine Learning are revolutionizing the written word and what is the role of machine learning in smart city life.