By Narayan Ammachch, Nearshore Americas
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.”