Brazilian big data and analytics market revenue will grow fourfold over the next four years, with many corporate firms looking for newer solutions to speed up their data processing. This market, which made $243.6 million in revenue in 2013, is set to reach $965 million by 2018, according to market analyst firm Frost and Sullivan.
While some businesses in Brazil are aware of big data, most do not know where and how to begin using it to their benefit. The report says service providers’ current offers are not clear enough to help clients understand the returns on investment. Moreover, differing taxonomy by various vendors to define big data make the different investment options all the more confusing.
The industry is still in its infancy but offers immense opportunities for new entrants and investments, because Brazilian companies are aggressively pursuing new solutions that can integrate data and run processes faster, the report notes.
“Most companies in the country are unprepared to process the briskly growing amount of internal and external data. In fact, data volume growth is so high that some routine and important processes in enterprises now take too much time to run with traditional solutions,” the report says.
“Big data projects enable firms to access relevant information that cannot usually be easily found or analyzed,” said Guilherme Campos, Frost and Sullivan’s ICT analyst. “Solutions structured to process big data also allow companies to act predicatively.”
As a result, the biggest user demand in this budding market is currently for consulting services on how to use big data and capitalize on its advantages. Service providers are also working with universities to train and create more experts while simultaneously developing user-friendly solutions.
“This will quicken adoption in verticals, such as finance, telecommunications, manufacturing and retail, that are already mature enough to implement big data analytics,” noted Campos. “Government investments in big data will grow exponentially due to projects that will bring more agility, security and transparency to governmental information.”