Big data and analytics market in Brazil will reach $965 million in 2018 from $243.6 million in 2013, said Frost & Sullivan.
Frost & Sullivan said 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. Brazilian companies are pursuing new solutions that can integrate data and run processes faster, widening the potential for the big data and analytics market.
“Big data projects enable firms to access relevant information that cannot usually be easily found or analyzed,” said Frost & Sullivan Information and Communication Technologies Industry Analyst Guilherme Campos.
While some businesses in Brazil are aware of big data, most do not know where and how to begin using it to their benefit. Service providers’ current offers are not clear enough to help clients understand the returns on investment. Differing taxonomy by various vendors to define big data make the various investment options all the more confusing.
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 too are 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. Government investments in big data will grow exponentially due to projects that will bring more agility, security and transparency to governmental information.”
Stratecast estimated the global market for Big Data, Analytics, and Business Intelligence (BI) solutions at $22 billion for 2012. Stratecast forecasts the market to expand at a cumulative annual growth rate (CAGR) of approximately 12.7 percent to reach $40 billion by 2017.
Stratecast has identified 20-25 large providers in this area who control most of the market.
“There is still significant headroom in the market for smaller players, in part due to varying degrees of specialization, but more significantly because large providers seem content to offer solutions best suited to large enterprises,” said Jeff Cotrupe, Stratecast Industry Director, Big Data & Analytics (BDA).
One challenge to the growth of this market is the IT glass walls phenomenon: at present it still requires considerable specialized expertise, in the form of the Data Scientist or CIO and team, for business users to get the data they need. Vendors need to adopt the principles of self-service, business-user-friendly big data implementations.