Latin American Big Data Market to Triple by 2022
In Latin America, the Big Data and Analytics (BDA) market is gaining pace and undergoing an intense evolution. Innovative business models such as Internet of Things and cloud computing are transforming the market and creating new ways to collect data and improve data storage processes. In addition, companies in the region are becoming more familiar with the concepts and benefits of adopting and implementing BDA solutions.
“Exponential data growth fuelled by connected devices has compelled organizations to revisit their ability to use Big Data to make more intelligent, real-time decisions. Considering the hyper-competitive business environment, this critical need has given rise to a new breed of analytics solutions focused on prediction, data visualization, and dynamic decision making,” said Frost & Sullivan Digital Transformation Consulting and Research Director Renato Pasquini. “Technology providers such as IBM, Oracle, SAP, SAS and Teradata are market leaders and have focused on providing solutions for real-time analysis in the Latin American BDA market.”
Latin America Big Data and Analytics Market, Forecast to 2022, is part of Frost & Sullivan’s IT Services & Applications Growth Partnership Subscription. The total BDA market in Latin America earned $2.48 billion in revenues in 2016. Led by Brazil and Mexico, and driven by digital transformation, the market is expected to reach $7.41 billion in 2022.
Integrating a secure BDA solution into existing legacy infrastructure remains a key challenge, along with acquiring and sourcing talent for analytical and technical skills. Nevertheless, companies are realizing that they need to invest in BDA solutions and find innovative solutions to overcome these challenges in order to remain competitive in a dynamically evolving ecosystem.
Other developments include:
- The Latin America market represents approximately 5.1% of the global BDA market.
- In 2016, the Brazilian market represented 46.8% of the BDA market in Latin America. It is the most mature and generates revenues of $1.16 billion.
- Financial services, retail and telecommunications are key verticals making significant investments in BDA.
- Improving customers’ experience is the main reason for investing in BDA solutions.
“Hadoop is becoming the standard for the majority of Big Data projects. This is due to its disruptive characteristics such as open source, free, scalable, low cost and fault tolerance. Once cloud and Hadoop are compatible it would make sense to run them together as they both focus on reliability and scalability at a reasonable price point, which is essential for BDA solutions,” noted Pasquini.
(Source: Frost & Sullivan)