Potential to boost decision-making capabilities and client retention rates help the nascent market expand
The Brazilian big data analytics market is not yet mature; only a few companies have invested in these solutions and measured the results. Although the market is in an initial phase, the hype around big data has grabbed the attention of companies in the country. By the end of 2015, more than 34 percent of Brazilian companies will have invested in big data analytics.
A new customer research study from Frost & Sullivan, Strategic Analysis of the Brazilian Companies Investments in ICT, details the findings from a survey of 313 Brazilian companies to understand the current adoption of and interest in information and communication technologies (ICT) such as security, cloud computing, mobility, big data analytics, telecom services and unified communication solutions.
"Only 10 percent of the interviewed companies use big data analytics, indicating that these solutions are low-priority investments compared to cloud computing and other technologies," said Frost & Sullivan ICT Industry Analyst Guilherme Campos. "The lack of consensus of what really is Big Data plus the fault of experts in the market are the current main challenges, which explains the high percentage of respondents (35 percent) that said they do not have an inkling of how to start the big-data-analytic deployment process."
Service providers' usage of different taxonomies for big data compounds this lack of understanding among customers. To rise above these circumstances, companies are availing consulting services to help them create a roadmap of what they need to do to start reaping the benefits of data analysis.
The market scenario will improve, with 29 percent of companies already intending to invest in big data analytics in 2015. Approximately 24 percent of these companies will be using big data analytics for the first time.
"In a country where most companies still make decisions based only on highly-experienced employees' opinions, big data analytics could make a world of difference," opined Campos. "With big data analytics, companies across Brazil can obtain data from different sources to fuel business decisions, retain their clients, and discover new opportunities that would not be possible without a powerful analytical tool."
As time-to-market becomes more aggressive each year, it is vital for companies to make decisions faster by using real-time analysis. With all the advantages of big data analytics coming to the fore, companies are beginning to perceive these solutions as a source of competitive advantage for them. The development of more user-friendly big data analytics, which are available in the cloud, has made it easier for departments such as marketing, sales and operations to use these solutions.