Latin American Big Data and Analytics Market, Forecast to 2023
The Latin American Big Data and Analytics (BDA) market generated revenues of US$2.992,5 million in 2017, and is expected to reach US$ 8.593,5 million by 2023, representing a CAGR of 19.2%.
Big Data and Analytics help organizations make proactive real-time decisions using data. This enables companies to improve customer experience, especially as customer loyalty is now low and access to information in high; better understand customers; and be able to quantify it crucial for competitive advantage. The BDA market is gaining traction in the Latin American region. Companies of all verticals are becoming more familiar with the concepts and the benefits of implementing BDA solutions.
The Latin American BDA market is still in its growth stage. Many industry verticals are already open to proofs of concept, integrating key applications, such as enterprise resource planning (ERP) and customer relationship management (CRM) software platforms, with a higher capacity of storage, processing, and analysis. The exponential growth of data has forced companies to rethink their capacity to use such data to make more intelligent decision in real time. This, in turn, has led to the implementation of new data solutions such as data forecast, visualization and dynamic data decision.
The Latin American BDA market has two distinguished aspects in terms of maturity. Business Intelligence solutions and general-purpose analytics software have seen widespread adoption and have increased the market size in 2017 (the base year of this study). Complex solutions, such as predictive analytics and machine learning, are not very widely implemented yet but will directly impact growth rates during the forecast period.
BDA Core Products and Services will be the most demanded service throughout the forecast period, but other categories will also gain momentum. The growth of user-friendly solutions, which do not require extensive technical knowledge, will affect the market positively. Even though these solutions have a lower price compared to complex platforms, their potential users base will grow within the companies.
Advanced analytics as perspective and cognitive are a reality worldwide, but the reality in Latin America tends toward more simple solutions such as descriptive and predictive analytics impacting the size of the market in the short term. The assumption is that this situation will change gradually in the coming years.
New technologies and business models will have an important role in the growth of the Big Data Analytics services market, especially those related to Internet of Things (IoT). Analytics can offer insights through predicting, monitoring, and scrutinizing the collected data through efficient mining algorithms. It is thus expected to improve efficiencies related to, for example, inventory management, sales, and continuous monitoring of devices.
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